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COMPANY REGISTRATION NUMBER: 04870500
Pat Mullen Properties Limited
Filleted Unaudited Financial Statements
30 April 2023
Pat Mullen Properties Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
10,517,407
8,489,796
Current assets
Debtors
5
46,607
124,681
Cash at bank and in hand
1,552,539
450,644
------------
---------
1,599,146
575,325
Creditors: amounts falling due within one year
6
127,071
154,430
------------
---------
Net current assets
1,472,075
420,895
-------------
------------
Total assets less current liabilities
11,989,482
8,910,691
Provisions
Taxation including deferred tax
714,066
251,976
-------------
------------
Net assets
11,275,416
8,658,715
-------------
------------
Pat Mullen Properties Limited
Statement of Financial Position (continued)
30 April 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Revaluation reserve
2,927,593
1,339,174
Profit and loss account
8,347,821
7,319,539
-------------
------------
Shareholders funds
11,275,416
8,658,715
-------------
------------
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.
For the year ending 30 April 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 1 February 2024 , and are signed on behalf of the board by:
P J Mullen
Director
Company registration number: 04870500
Pat Mullen Properties Limited
Notes to the Financial Statements
Year ended 30 April 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 Unit 7, Napier Road, Elm Farm Industrial Estate, Bedford, MK41 0RB.
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.
Revenue recognition
The turnover shown in the profit and loss account represents rental income derived from the property investments.
Deferred taxation
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.
Tangible assets
All fixed assets are initially recorded at cost except at market value for those assets transferred to the company from Mullen Electrical Limited.
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:
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 May 2022
8,479,921
15,800
8,495,721
Revaluations
2,030,079
2,030,079
-------------
--------
-------------
At 30 April 2023
10,510,000
15,800
10,525,800
-------------
--------
-------------
Depreciation
At 1 May 2022
5,925
5,925
Charge for the year
2,468
2,468
-------------
--------
-------------
At 30 April 2023
8,393
8,393
-------------
--------
-------------
Carrying amount
At 30 April 2023
10,510,000
7,407
10,517,407
-------------
--------
-------------
At 30 April 2022
8,479,921
9,875
8,489,796
-------------
--------
-------------
Tangible assets held at valuation
The director reviews the values of the properties at each year end, and revalues the properties where appropriate.
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2
2
Other debtors
46,605
124,679
--------
---------
46,607
124,681
--------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
12,238
5,116
Corporation tax
38,940
59,700
Social security and other taxes
8,203
11,494
Other creditors
67,690
78,120
---------
---------
127,071
154,430
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P J Mullen
119,733
42,306
( 119,733)
42,306
---------
--------
---------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P J Mullen
( 86)
119,819
119,733
----
---------
----
---------
The directors loan was repaid on 1 December 2023.
8. Controlling party
The ultimate parent company is Mullen Holdings Limited a company registered in England and Wales. The ultimate controlling party is the director, P J Mullen , by virtue of his 100% share holding in Mullen Holdings Limited.