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Registered Number: 11812357
England and Wales

 

 

 

PATRICK NICHOLAS PROPERTIES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2022

End date: 30 June 2023
Report to the directors on the preparation of the unaudited statutory accounts of Patrick Nicholas Properties Ltd for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Patrick Nicholas Properties Ltd for the year ended 30 June 2023 which comprise of the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Patrick Nicholas Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Patrick Nicholas Properties Ltd and state those matters that we have agreed to state to the Board of Directors of Patrick Nicholas Properties Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Patrick Nicholas Properties Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Patrick Nicholas Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Patrick Nicholas Properties Ltd. You consider that Patrick Nicholas Properties Ltd is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of Patrick Nicholas Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 June 2023



....................................................
Kirkpatrick and Hopes Limited
Merlin House
Brunel Road
Theale, Reading
Berkshire
RG7 4AB
29 November 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 517,606    517,607 
517,606    517,607 
Current assets      
Debtors 540,726    779,291 
Cash at bank and in hand 92,499    22,740 
633,225    802,031 
Creditors: amount falling due within one year (418,991)   (527,871)
Net current assets 214,234    274,160 
 
Total assets less current liabilities 731,840    791,767 
Provisions for liabilities (38,693)   (38,693)
Net assets 693,147    753,074 
 

Capital and reserves
     
Called up share capital 100    100 
Reserves 4 203,646    203,646 
Profit and loss account 489,401    549,328 
Shareholder's funds 693,147    753,074 
 


For the year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 29 November 2023 and were signed on its behalf by:


-------------------------------
N Tompkins
Director
2
General Information
Patrick Nicholas Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 11812357, registration address Unit 4A Waterside Park, Cookham Road , Bracknell, Berkshire, RG12 1RB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.

Investment properties are recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
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 subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 4 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 July 2022 517,606    517,606 
Additions  
Disposals  
At 30 June 2023 517,606    517,606 
Depreciation
At 01 July 2022  
Charge for year  
On disposals  
At 30 June 2023  
Net book values
Closing balance as at 30 June 2023 517,606    517,606 
Opening balance as at 01 July 2022 517,607    517,607 

Fair value at 30 June 2023 is represented by:   2023
£
valuation in 2022 517,606 


4.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Trade Debtors 15,727  254,083 
Prepayments and Accrued Income 208 
Other Debtors 524,999  525,000 
540,726  779,291 

5.

Creditors: amounts falling due within one year

.   2023
£
  2022
£
Trade Creditors 1,506 
Bank Loans & Overdrafts (secured) 411,977  435,685 
Corporation Tax 3,019  84,908 
Accrued Expenses 1,999  3,849 
VAT 1,996  1,923 
418,991  527,871 

6.

Sedured debts

There is a fixed charge over the freehold property in favour of Barclays Security Trustee Limited.
3