Caseware UK (AP4) 2016.0.208 2016.0.208 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2017-05-22 10782067 2017-05-21 10782067 2017-05-22 2018-03-31 10782067 2018-03-31 10782067 c:Director1 2017-05-22 2018-03-31 10782067 d:FreeholdInvestmentProperty 2017-05-22 2018-03-31 10782067 d:FreeholdInvestmentProperty 2018-03-31 10782067 d:CurrentFinancialInstruments 2018-03-31 10782067 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 10782067 d:ShareCapital 2018-03-31 10782067 d:RetainedEarningsAccumulatedLosses 2018-03-31 10782067 c:FRS102 2017-05-22 2018-03-31 10782067 c:AuditExempt-NoAccountantsReport 2017-05-22 2018-03-31 10782067 c:FullAccounts 2017-05-22 2018-03-31 10782067 c:PrivateLimitedCompanyLtd 2017-05-22 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 10782067
















PATRICK INVESTMENT (DEVON) LIMITED


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2018

































PATRICK INVESTMENT (DEVON) LIMITED
REGISTERED NUMBER:10782067

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2018

2018
Note
£

FIXED ASSETS
  

Investment property
 4 
1,818,071

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
252,232

Cash at bank and in hand
  
611,691

  
863,923

Creditors: amounts falling due within one year
 6 
(2,704,489)

NET CURRENT (LIABILITIES)
  
 
 
(1,840,566)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(22,495)

  

NET (LIABILITIES)
  
(22,495)


CAPITAL AND RESERVES
  

Called up share capital 
 7 
100

Profit and loss account
  
(22,595)

  
(22,495)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Mr A M Patrick
Director

Date: 6 November 2018

The notes on pages 2 to 4 form part of these financial statements.

Page 1


PATRICK INVESTMENT (DEVON) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018

1.


GENERAL INFORMATION

The company is a private limited company, limited by shares and registered in England and Wales. The registered number of the company is 10782067. The registered office of the company is 5th Floor, Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth Devon, PL4 0BN.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company made a loss in the period of £22,595 and has net liabilities of £22,495 as at 31 March 2018. Based on the forecast profitability and cashflows of the company the Directors' have concluded that the accounts should be prepared on the going concern basis.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

FINANCE COSTS

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

Page 2


PATRICK INVESTMENT (DEVON) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018

2.ACCOUNTING POLICIES (continued)

 
2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

FINANCIAL INSTRUMENTS

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 2.


4.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


Additions at cost
1,818,071



AT 31 MARCH 2018
1,818,071

The 2018 valuations were made by the directors, on an open market value for existing use basis.




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2018
£


Historic cost
1,818,071

Page 3


PATRICK INVESTMENT (DEVON) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018

5.


DEBTORS

2018
£


Other debtors
247,732

Prepayments and accrued income
4,500

252,232



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018
£

Trade creditors
4,115

Other taxation and social security
3,500

Other creditors
2,688,463

Accruals and deferred income
8,411

2,704,489



7.


SHARE CAPITAL

2018
£
ALLOTTED, CALLED UP AND FULLY PAID


100 Ordinary shares of £1 each
100


On incorporation the company issued 100 Ordinary £1 shares at par.  


8.


RELATED PARTY TRANSACTIONS

At the year end, the director's were owed £2,664,463 from the company. 

 
Page 4