Company registration number 06799652 (England and Wales)
PATRICK PROPERTIES STERLING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PATRICK PROPERTIES STERLING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PATRICK PROPERTIES STERLING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,822,258
4,554,567
Investment property
5
21,067,782
21,067,782
Investments
6
410
410
33,890,450
25,622,759
Current assets
Debtors
7
18,557,913
17,186,436
Creditors: amounts falling due within one year
8
(21,549,899)
(13,007,540)
Net current (liabilities)/assets
(2,991,986)
4,178,896
Total assets less current liabilities
30,898,464
29,801,655
Creditors: amounts falling due after more than one year
9
(8,672,700)
(8,501,067)
Provisions for liabilities
10
(1,235,977)
(1,235,977)
Net assets
20,989,787
20,064,611
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
20,989,677
20,064,501
Total equity
20,989,787
20,064,611

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr J R Kennedy
Director
Company Registration No. 06799652
PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information

Patrick Properties Sterling Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hamilton House, Church Street, Altrincham, WA14 4DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover relates to rental income net of VAT for the period and recognised on a straight line basis. Operating lease incentives are taken into account and spread up to the earliest break-clause of the lease where applicable.

 

The company received dilapidation income during the course of the prior year. The dilapidation receipt was paid by the previous tenant upon their vacating the property at the end of their lease term, this was recognised as Revenue as per Section 23 of FRS 102.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9

Parent company

Patrick Properties Sterling Limited is a wholly owned subsidiary of Patrick Properties Group Limited and the results of Patrick Properties Sterling Limited are included in the consolidated financial statements of Patrick Properties Group Limited which are available from its registered office at Hamilton House, Church Street, Altrincham, United Kingdom, WA14 4DR. The ultimate controlling party is Brian Kennedy.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2022
2021
Number
Number
Total
-
0
-
0
PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
4
Tangible fixed assets
Assets under construction
£
Cost
At 1 October 2021
4,554,567
Additions
8,267,691
At 30 September 2022
12,822,258
Depreciation and impairment
At 1 October 2021 and 30 September 2022
-
0
Carrying amount
At 30 September 2022
12,822,258
At 30 September 2021
4,554,567

Assets under construction relate to the land at Stakehill which continued to be in development at the year end.

5
Investment property
2022
£
Fair value
At 1 October 2021 and 30 September 2022
21,067,782

Investment property comprises £21,067,782 land and building (2021: £21,067,782) The fair value of the investment property has been arrived at on the basis of a valuation carried out within 12 months of the year end by an internal Chartered Surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
410
410

Investments in subsidiaries comprise of the value of the shares which the Group holds in its subsidiary undertakings. These shares are held at cost.

 

PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
(1)
38,503
Amounts owed by group undertakings
17,257,233
15,834,877
Other debtors
1,300,681
1,313,056
18,557,913
17,186,436
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
-
0
171,633
Trade creditors
47,382
17,556
Amounts owed to group undertakings
21,420,087
12,220,417
Corporation tax
13,571
183,724
Other creditors
68,859
414,210
21,549,899
13,007,540

With regard to bank loans there are no amounts payable within 12 months as all amounts are payable more than 12 months from the balance sheet date.

9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
8,672,700
8,501,067

There were no amounts payable more than 5 years.

The loan is a 5 year term with fixed interest rates payable quarterly by reference to SONIA base rate and margin of 1.7%. The bank holds fixed charges over the investment property assets and assets under construction of the Company.

10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Revaluations
1,235,977
1,235,977
There were no deferred tax movements in the year.
PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
10
Deferred taxation
(Continued)
- 7 -

The deferred tax liability has arisen on the revaluation gain on one of the properties.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Nathaniel Davidson BA(Hons) ACA
Statutory Auditor:
Lopian Gross Barnett & Co
12
Events after the reporting date

There were no post balance sheet events which require disclosure at the balance sheet date.

13
Related party transactions

There were no related party transactions which require disclosure under FRS 102 Section 1A.

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