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COMPANY REGISTRATION NUMBER: 08512191
PATCHETT HOMES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
PATCHETT HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
385,293
130,972
CURRENT ASSETS
Stocks
6
24,622
25,662
Debtors
7
309,722
396,697
Cash at bank and in hand
94,521
97,447
----------
----------
428,865
519,806
CREDITORS: amounts falling due within one year
8
321,847
345,103
----------
----------
NET CURRENT ASSETS
107,018
174,703
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
492,311
305,675
CREDITORS: amounts falling due after more than one year
9
226,407
59,759
PROVISIONS
Taxation including deferred tax
11
36,053
24,874
----------
----------
NET ASSETS
229,851
221,042
----------
----------
PATCHETT HOMES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
229,751
220,942
----------
----------
SHAREHOLDERS FUNDS
229,851
221,042
----------
----------
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:
J E Patchett
Director
Company registration number: 08512191
PATCHETT HOMES 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 House, 180 Highgate Road, Queensbury, Bradford, 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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered for property management, 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.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred 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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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 & Machinery
-
10% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
3 years straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 15 (2022: 18 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
217,736
136,508
24,642
378,886
Additions
209,337
90,160
3,120
302,617
Disposals
( 10,150)
( 10,150)
----------
----------
---------
----------
At 30 June 2023
427,073
216,518
27,762
671,353
----------
----------
---------
----------
Depreciation
At 1 July 2022
145,534
78,450
23,930
247,914
Charge for the year
27,652
16,860
1,175
45,687
Disposals
( 7,541)
( 7,541)
----------
----------
---------
----------
At 30 June 2023
173,186
87,769
25,105
286,060
----------
----------
---------
----------
Carrying amount
At 30 June 2023
253,887
128,749
2,657
385,293
----------
----------
---------
----------
At 30 June 2022
72,202
58,058
712
130,972
----------
----------
---------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 June 2023
85,513
126,549
212,062
---------
----------
----------
At 30 June 2022
33,961
61,268
95,229
---------
----------
----------
6. STOCKS
2023
2022
£
£
Raw materials and consumables
24,622
25,662
---------
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
171,953
69,290
Other debtors
137,769
327,407
----------
----------
309,722
396,697
----------
----------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
145,486
207,747
Corporation tax
7,392
Social security and other taxes
17,402
32,605
Other creditors
148,959
87,359
----------
----------
321,847
345,103
----------
----------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
Other creditors
207,240
30,592
----------
---------
226,407
59,759
----------
---------
10. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
73,801
58,367
Later than 1 year and not later than 5 years
148,921
20,212
----------
---------
222,722
78,579
Less: future finance charges
( 35,251)
( 2,870)
----------
---------
Present value of minimum lease payments
187,471
75,709
----------
---------
11. PROVISIONS
Deferred tax (note 12)
£
At 1 July 2022
24,874
Additions
71,450
Unused tax losses
( 60,271)
---------
At 30 June 2023
36,053
---------
12. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 11)
36,053
24,874
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
36,053
24,874
---------
---------
13. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
6,406
6,406
Later than 1 year and not later than 5 years
3,203
9,609
-------
---------
9,609
16,015
-------
---------
14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had an unsecured interest free loans with the company. The directors loan accounts were in credit throughout the year and are repayable on demand.
15. RELATED PARTY TRANSACTIONS
During the year, the company had an unsecured interest free loan with Patchett Joinery Limited. The balance owing to the company as at 30 June 2023 was £84,791 (2021 - £193,191). This balance is repayable on demand. Patchett Joinery Limited is a company in which several of the directors are also directors.