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Registered number: 11606147
Pasteg Properties Ltd
Financial Statements
For The Year Ended 31 October 2023
RITA HOLDINGS LIMITED
Chartered Tax Advisers
310 Lakes Innovation Centre
Lakes Road
Braintree
CM7 3AN
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11606147
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 1,374,689 688,121
1,374,689 688,121
CURRENT ASSETS
Debtors 4 2,872 -
Cash at bank and in hand 19,173 33,807
22,045 33,807
Creditors: Amounts Falling Due Within One Year 5 (227,211 ) (245,811 )
NET CURRENT ASSETS (LIABILITIES) (205,166 ) (212,004 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,169,523 476,117
Creditors: Amounts Falling Due After More Than One Year 6 (912,084 ) (540,681 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (75,240 ) -
NET ASSETS/(LIABILITIES) 182,199 (64,564 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Fair Value Reserve 8 320,760 -
Profit and Loss Account (138,562 ) (64,565 )
SHAREHOLDERS' FUNDS 182,199 (64,564)
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr. Adetoro Adegoke
Director
30th July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the letting of investment property.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 20% reducing balance
1.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2022: 1)
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3. Tangible Assets
Investment Properties Computer Equipment Total
£ £ £
Cost or Valuation
As at 1 November 2022 687,386 1,149 688,535
Additions 290,260 455 290,715
Revaluation 396,000 - 396,000
As at 31 October 2023 1,373,646 1,604 1,375,250
Depreciation
As at 1 November 2022 - 414 414
Provided during the period - 147 147
As at 31 October 2023 - 561 561
Net Book Value
As at 31 October 2023 1,373,646 1,043 1,374,689
As at 1 November 2022 687,386 735 688,121
4. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 2,872 -
2,872 -
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 8,000 29,333
Other creditors 2,579 -
Accruals and deferred income 1,620 1,620
Director's loan account 215,012 214,858
227,211 245,811
6. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Mortgages 898,750 540,681
Bank loan 13,334 -
912,084 540,681
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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8. Reserves
Fair Value Reserve
£
Movements in fair value reserve 320,760
As at 31 October 2023 320,760
9. General Information
Pasteg Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11606147 . The registered office is 317 Golden Hill Lane, Leyland, Lancashire, PR25 2YJ.
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