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Company registration number: 10872466
Patian Properties Ltd
Unaudited filleted financial statements
31 July 2022
Patian Properties Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Patian Properties Ltd
Directors and other information
Director Mr Ian William Eames
Company number 10872466
Registered office 246 Longedge Lane
Chesterfield
S42 6PS
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers Lloyds Bank
Patian Properties Ltd
Statement of financial position
31 July 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 358,259 358,417
_______ _______
358,259 358,417
Current assets
Debtors 6 167 -
Cash at bank and in hand 11,316 6,827
_______ _______
11,483 6,827
Creditors: amounts falling due
within one year 7 ( 361,611) ( 363,178)
_______ _______
Net current liabilities ( 350,128) ( 356,351)
_______ _______
Total assets less current liabilities 8,131 2,066
_______ _______
Net assets 8,131 2,066
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,031 1,966
_______ _______
Shareholders funds 8,131 2,066
_______ _______
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 August 2022 , and are signed on behalf of the board by:
Mr Ian William Eames
Director
Company registration number: 10872466
Patian Properties Ltd
Notes to the financial statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 246 Longedge Lane, Chesterfield, S42 6PS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2020. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 August 2021 and 31 July 2022 358,237 1,770 360,007
_______ _______ _______
Depreciation
At 1 August 2021 - 1,590 1,590
Charge for the year - 158 158
_______ _______ _______
At 31 July 2022 - 1,748 1,748
_______ _______ _______
Carrying amount
At 31 July 2022 358,237 22 358,259
_______ _______ _______
At 31 July 2021 358,237 180 358,417
_______ _______ _______
Investment property
Investments properties are revalued annually by the director of the company, who does not have any formal qualifications in respect of the valuation of property. The director has based his valuation on his knowledge of the market. The director is satisfied that the value is not less than the aggregate amount at which they are stated in the accounts.
6. Debtors
2022 2021
£ £
Other debtors 167 -
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax 1,929 437
Other creditors 359,682 362,741
_______ _______
361,611 363,178
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Ian William Eames ( 361,803) 3,059 ( 358,744)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Ian William Eames ( 191,393) ( 170,410) ( 361,803)
_______ _______ _______
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2020.
Reconciliation of equity
At 1 August 2020 At 31 July 2021
Previously stated Effect of transition FRS 102 (restated) Previously stated Effect of transition FRS 102 (restated)
£ £ £ £ £ £
Fixed assets 177,073 - 177,073 342,669 15,748 358,417
Current assets 1,720 - 1,720 6,827 - 6,827
Creditors amounts falling due within 1 year ( 192,336) - ( 192,336) ( 363,178) - ( 363,178)
_______ _______ _______ _______ _______ _______
Net current liabilities ( 190,616) - ( 190,616) ( 356,351) - ( 356,351)
_______ _______ _______ _______ _______ _______
Total assets less current liabilities ( 13,543) - ( 13,543) ( 13,682) 15,748 2,066
_______ _______ _______ _______ _______ _______
Net (liabilities)/assets ( 13,543) - ( 13,543) (13,682) 15,748 2,066
_______ _______ _______ _______ _______ _______
Equity ( 13,543) - ( 13,543) ( 13,682) 15,748 2,066
_______ _______ _______ _______ _______ _______
Reconciliation of profit or loss for the year
At 31 July 2021
Previously stated Effect of transition FRS 102 (restated)
£ £ £
Turnover 9,150 - 9,150
_______ _______ _______
Gross profit 9,150 - 9,150
Administrative expenses ( 8,852) 4,875 ( 3,977)
_______ _______ _______
Operating profit 298 4,875 5,173
Tax on Profit ( 437) - ( 437)
_______ _______ _______
Profit after taxation ( 139) 4,875 4,736
_______ _______ _______
Profit for the financial year ( 139) 4,875 4,736
_______ _______ _______
As a result of the transition to FRS102, the company no longer depreciates freehold properties.