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Registration number: 14454786

Patton Limited

Unaudited Filleted Financial Statements

for the Period from 1 November 2022 to 30 November 2023

 

Patton Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Patton Limited

Company Information

Directors

Mr Murray Hamilton

Mr Patrick O'Grady

Registered office

37 Market Square
Witney
Oxon
OX28 6RE

Accountants

ReesRussell LLP
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Patton Limited

(Registration number: 14454786)
Balance Sheet as at 30 November 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

349,680

Current assets

 

Cash at bank and in hand

 

50,360

Total assets less current liabilities

 

400,040

Creditors: Amounts falling due after more than one year

6

(399,040)

Net assets

 

1,000

Capital and reserves

 

Called up share capital

7

1,000

Shareholders' funds

 

1,000

For the financial period ending 30 November 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr Murray Hamilton
Director

 

Patton Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
37 Market Square
Witney
Oxon
OX28 6RE

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Patton Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

Additions

349,680

349,680

At 30 November 2023

349,680

349,680

Depreciation

Carrying amount

At 30 November 2023

349,680

349,680

Included within the net book value of land and buildings above is £349,680 in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

 

-

 

Patton Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 November 2023

6

Creditors

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

8

399,040

7

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary Shares of £1 each

1,000

1,000

   

8

Loans and borrowings

Non-current loans and borrowings

2023
£

Other borrowings

399,040

Other borrowings

Directors' loans is denominated in £ with a nominal interest rate of 0%. The carrying amount at period end is £399,040 ( - £Nil).

The loans are unsecured and interest free and are only repayable with a minimum of 12 months notice. Such notice had not been given at the year end.

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances from director
£

Repayments by director
£

At 30 November 2023
£

Directors loan

-

400,040

(1,000)

399,040