Company registration number 11114933 (England and Wales)
PATRICK PROPERTIES STRATEGIC LAND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PATRICK PROPERTIES STRATEGIC LAND LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PATRICK PROPERTIES STRATEGIC LAND LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Current assets
Stocks
1
2,668,140
Debtors
4
11,316
33,504
Cash at bank and in hand
3,405
8,268
14,722
2,709,912
Creditors: amounts falling due within one year
5
(2,873,901)
(1,173,765)
Net current (liabilities)/assets
(2,859,179)
1,536,147
Creditors: amounts falling due after more than one year
6
-
0
(1,672,817)
Net liabilities
(2,859,179)
(136,670)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,859,180)
(136,671)
Total equity
(2,859,179)
(136,670)

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 number 11114933 (England and Wales)
PATRICK PROPERTIES STRATEGIC LAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information

Patrick Properties Strategic Land 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

The ultimate controlling party has confirmed that they will financially support the company in order to meet any day to day financial commitments as they fall due.

 

Given the financial support confirmed by the ultimate controlling party, the directors have continued to adopt the going concern basis 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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PATRICK PROPERTIES STRATEGIC LAND 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Controlling party

The immediate parent of the company is Patrick Properties Topco Investments Limited whose registered office is Hamilton House, Church Street, Altrincham, United Kingdom, WA14 4DR. The ultimate controlling party is Brian Kennedy.

PATRICK PROPERTIES STRATEGIC LAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
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
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,000
23,500
Other debtors
1,316
10,004
11,316
33,504
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
11,277
26,956
Amounts owed to group undertakings
2,861,624
1,146,103
Other creditors
1,000
706
2,873,901
1,173,765
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
-
0
1,672,817

The prior year other creditors balance related to a loan due to the ultimate controlling party. This loan was unsecured and there was no interest charged on the loan. This has been loan has been hived up in to Patrick Properties Group (a fellow group entity) and has been replaced by an intercompany loan.

PATRICK PROPERTIES STRATEGIC LAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
7
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
Date of audit report:
23 September 2024
8
Events after the reporting date

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

9
Related party transactions

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

10
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Notes to reconciliation

The land historically held as investment property, was acquired with the intention of achieving a successful planning application for housing, allowing the company to sell the land to a housing developer.

 

Therefore, the original accounting treatment of this acquisition has been restated from investment property to stock in line with this intention.

 

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