Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01No description of principal activityfalse22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 3031047 2022-05-01 2023-04-30 3031047 2021-05-01 2022-04-30 3031047 2023-04-30 3031047 2022-04-30 3031047 c:CompanySecretary1 2022-05-01 2023-04-30 3031047 c:Director1 2022-05-01 2023-04-30 3031047 c:Director2 2022-05-01 2023-04-30 3031047 c:RegisteredOffice 2022-05-01 2023-04-30 3031047 d:FurnitureFittings 2023-04-30 3031047 d:FurnitureFittings 2022-04-30 3031047 d:FreeholdInvestmentProperty 2023-04-30 3031047 d:FreeholdInvestmentProperty 2022-04-30 3031047 d:CurrentFinancialInstruments 2023-04-30 3031047 d:CurrentFinancialInstruments 2022-04-30 3031047 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 3031047 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 3031047 d:ShareCapital 2023-04-30 3031047 d:ShareCapital 2022-04-30 3031047 d:RetainedEarningsAccumulatedLosses 2023-04-30 3031047 d:RetainedEarningsAccumulatedLosses 2022-04-30 3031047 c:FRS102 2022-05-01 2023-04-30 3031047 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 3031047 c:FullAccounts 2022-05-01 2023-04-30 3031047 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 3031047 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 3031047 d:TaxLossesCarry-forwardsDeferredTax 2022-04-30 iso4217:GBP xbrli:pure
Company registration number: 3031047







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023


PATEL AND TAYLOR LIMITED






































img757e.png                        

 


PATEL AND TAYLOR LIMITED
 


 
COMPANY INFORMATION


Directors
P H Patel 
A R Taylor 




Company secretary
A R Taylor



Registered number
3031047



Registered office
48 Rawstorne Street
London

EC1V 7ND




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


PATEL AND TAYLOR LIMITED
REGISTERED NUMBER:3031047



STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
7,410,000
7,410,000

  
7,410,000
7,410,000

Current assets
  

Debtors: amounts falling due within one year
 6 
2,800,954
2,776,968

Cash at bank and in hand
  
3,797,778
4,905,147

  
6,598,732
7,682,115

Creditors: amounts falling due within one year
 7 
(5,204,589)
(6,595,884)

Net current assets
  
 
 
1,394,143
 
 
1,086,231

Total assets less current liabilities
  
8,804,143
8,496,231

Provisions for liabilities
  

Deferred tax
 8 
(715,000)
(715,000)

Net assets
  
8,089,143
7,781,231


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
8,089,043
7,781,131

  
8,089,143
7,781,231


Page 1

 


PATEL AND TAYLOR LIMITED
REGISTERED NUMBER:3031047


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

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 year in question in accordance with section 476 of the 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: 



A R Taylor
Director

Date: 6 November 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Patel and Taylor Limited is a private company, limited by shares, registered in England and Wales, registration number 3031047. The registered office and principal place of business is 48 Rawstorne Street, London, EC1V 7ND.

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

Turnover

Turnover comprises rents receivable and is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors in consultation with 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 profit or loss.

Page 3

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.5

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 ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2022
23,235



At 30 April 2023

23,235



Depreciation


At 1 May 2022
23,235



At 30 April 2023

23,235



Net book value



At 30 April 2023
-



At 30 April 2022
-

Page 4

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
7,410,000



At 30 April 2023
7,410,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
15,133
34,560

Other debtors
2,736,196
2,726,974

Prepayments and accrued income
49,625
15,434

2,800,954
2,776,968



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
842,194

Trade creditors
9,315
10,107

Corporation tax
74,466
70,017

Other creditors
5,116,808
5,663,233

Accruals and deferred income
4,000
10,333

5,204,589
6,595,884


The bank loan totalling £nil (2022 - £842,194) was secured on an investment property owned by the company.

Page 5

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


Deferred taxation




2023


£






At beginning of year
(715,000)



At end of year
(715,000)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation surplus on investment property
(715,000)
(715,000)

(715,000)
(715,000)


9.


Profit and loss account

The profit and loss account reserve includes £3,354,125 (2022: £3,354,125) which is not currently distributable to the shareholders. 


10.


Related party transactions

At year end, there was an amount of £1,525 (2022: £2,525) owed to the director Mr A Taylor. Amounts advanced during the year were £38,000 and amounts drawn during the year were £39,000. This loan is interest free.
At year end, there was an amount of £1,013 (2022: £2,013) owed to the director Mr P Patel. Amounts advanced during the year were £38,000 and amounts drawn during the year were £39,000. This loan is interest free.


11.


Transactions with Directors

Included within other debtors is a balance due from Mr A Taylor of £nil (2022: £nil) and balance due from Mr P Patel of £nil (2022: £nil). Amounts advanced during the year totalled £nil (2022: Nil) and amounts repaid in the year totalled £nil (2022: £4,801,730). Interest, charged using the official rate of interest, is calculated to be £nil         (2022: £47,360).

Page 6