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COMPANY REGISTRATION NUMBER: 3201649
PATCHETT DEVELOPMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
PATCHETT DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
CURRENT ASSETS
Stocks
1,800,875
1,702,570
Debtors
4
3,198
8,675
Cash at bank and in hand
215,568
337,649
-------------
-------------
2,019,641
2,048,894
CREDITORS: amounts falling due within one year
5
43,668
18,907
-------------
-------------
NET CURRENT ASSETS
1,975,973
2,029,987
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,975,973
2,029,987
-------------
-------------
NET ASSETS
1,975,973
2,029,987
-------------
-------------
PATCHETT DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
6
350,000
350,000
Profit and loss account
1,625,973
1,679,987
-------------
-------------
SHAREHOLDERS FUNDS
1,975,973
2,029,987
-------------
-------------
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 income and retained earnings has not been delivered.
For the year ending 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:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
C E S Patchett
Director
Company registration number: 3201649
PATCHETT DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ryefield Works, Clayton Heights, Queensbury, West Yorkshire, BD13 1DS.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of property net of Value Added Tax where applicable. Revenue from the sale of a development is recognised when the significant risks and rewards of ownership of the property or lease have transferred to the buyer or lease, usually on exchange of contracts or signing of a lease and the amount of revenue can be measured reliably and 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.
Current tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stocks are valued as follows, after making due allowance for obsolete and slow moving items. Land and buildings for development - at cost plus attributable overheads
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
4. DEBTORS
2023
2022
£
£
Trade debtors
1,020
Other debtors
3,198
7,655
-------
-------
3,198
8,675
-------
-------
5. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
34,334
7,135
Corporation tax
2,751
Other creditors
6,583
11,772
---------
---------
43,668
18,907
---------
---------
6. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
35,000
35,000
35,000
35,000
Ordinary B shares of £ 1 each
35,000
35,000
35,000
35,000
Ordinary C shares of £ 1 each
140,000
140,000
140,000
140,000
Ordinary D shares of £ 1 each
140,000
140,000
140,000
140,000
----------
----------
----------
----------
350,000
350,000
350,000
350,000
----------
----------
----------
----------
The "A", "B", "C" and "D" ordinary £1 shares rank pari passu except that the "C" and "D" ordinary £1 shares are not entitled to receive notice of, attend or vote at any general meeting of the company. Only directors of the company are entitled to hold "A" and "B" ordinary £1 shares. In the event that the holder of "A" or "B" ordinary £1 shares, gifts in his lifetime or by will or transfer to a qualifying member who is not a director, they shall convert to "C" or "D" ordinary £1 shares.