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REGISTERED NUMBER: 12501692 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

L PETRIELLO PROPERTIES LTD

L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


L PETRIELLO PROPERTIES LTD

COMPANY INFORMATION
For The Year Ended 31 March 2024







DIRECTORS: L C Petriello
S A Petriello





REGISTERED OFFICE: 4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX





REGISTERED NUMBER: 12501692 (England and Wales)





ACCOUNTANTS: TC CH Limited
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 11 11
Investment property 5 296,972 301,000
296,983 301,011

CURRENT ASSETS
Debtors 6 294 248
Cash at bank 2,007 3,262
2,301 3,510
CREDITORS
Amounts falling due within one year 7 44,264 39,417
NET CURRENT LIABILITIES (41,963 ) (35,907 )
TOTAL ASSETS LESS CURRENT LIABILITIES 255,020 265,104

CREDITORS
Amounts falling due after more than one
year

8

(202,775

)

(202,775

)

PROVISIONS FOR LIABILITIES 10 (4,106 ) (4,866 )
NET ASSETS 48,139 57,463

CAPITAL AND RESERVES
Called up share capital 11 10 10
Revaluation reserve 12 17,610 25,610
Retained earnings 12 30,519 31,843
SHAREHOLDERS' FUNDS 48,139 57,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

BALANCE SHEET - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





L C Petriello - Director


L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2024


1. STATUTORY INFORMATION

L Petriello Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 11
NET BOOK VALUE
At 31 March 2024 11
At 31 March 2023 11

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 301,000
Additions 3,972
Impairments (8,000 )
At 31 March 2024 296,972
NET BOOK VALUE
At 31 March 2024 296,972
At 31 March 2023 301,000

The investment property at 13 Lake Way, Somersham, PE28 3JN was valued on an open market basis on 31 March 2023 by the directors.

L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


5. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2022 22,610
Valuation in 2023 3,000
Valuation in 2024 (8,000 )
Cost 279,362
296,972

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 275,390 275,390

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments 294 248

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 42,013 37,205
Corporation tax - 205
Directors' current accounts 350 350
Accruals and deferred income 1,000 900
Accrued expenses 901 757
44,264 39,417

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 202,775 202,775

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 202,775 202,775

L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 202,775 202,775

The mortgage provided by Paragon Bank Plc, holds a charge over the property 13 Lakeway, Somersham PE28 3JN.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,106 4,866

Deferred
tax
£   
Balance at 1 April 2023 4,866
Provided during year (760 )
Balance at 31 March 2024 4,106

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary 1 10 10

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 31,843 25,610 57,453
Deficit for the year (9,324 ) (9,324 )
Revaluation Reserve 8,000 (8,000 ) -
At 31 March 2024 30,519 17,610 48,129

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end included in other creditors is a loan from the directors to the company of £350 [2021:£350]. This loan is interest free and payable on demand.

14. RELATED PARTY DISCLOSURES

Included in other creditors in amount owed to group undertaking is £42,012 owed to L Petriello Groundwork Contractors Limited [2023:£27,204] and £1 to L Petriello Developments Limited [2023:1]

L PETRIELLO PROPERTIES LTD (REGISTERED NUMBER: 12501692)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 March 2024


15. ULTIMATE CONTROLLING PARTY

L Petriello, by virtue of his 60% share holding has an ultimate control of the company.