Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03031047 2023-05-01 2024-04-30 03031047 2022-05-01 2023-04-30 03031047 2024-04-30 03031047 2023-04-30 03031047 c:CompanySecretary1 2023-05-01 2024-04-30 03031047 c:Director1 2023-05-01 2024-04-30 03031047 c:Director2 2023-05-01 2024-04-30 03031047 c:RegisteredOffice 2023-05-01 2024-04-30 03031047 d:FurnitureFittings 2024-04-30 03031047 d:FurnitureFittings 2023-04-30 03031047 d:FreeholdInvestmentProperty 2024-04-30 03031047 d:FreeholdInvestmentProperty 2023-04-30 03031047 d:FreeholdInvestmentProperty 2 2023-05-01 2024-04-30 03031047 d:CurrentFinancialInstruments 2024-04-30 03031047 d:CurrentFinancialInstruments 2023-04-30 03031047 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03031047 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03031047 d:ShareCapital 2024-04-30 03031047 d:ShareCapital 2023-04-30 03031047 d:RetainedEarningsAccumulatedLosses 2024-04-30 03031047 d:RetainedEarningsAccumulatedLosses 2023-04-30 03031047 c:FRS102 2023-05-01 2024-04-30 03031047 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03031047 c:FullAccounts 2023-05-01 2024-04-30 03031047 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03031047 d:TaxLossesCarry-forwardsDeferredTax 2024-04-30 03031047 d:TaxLossesCarry-forwardsDeferredTax 2023-04-30 03031047 d:OtherDeferredTax 2024-04-30 03031047 d:OtherDeferredTax 2023-04-30 03031047 6 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Company registration number: 03031047







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024


PATEL AND TAYLOR LIMITED






































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PATEL AND TAYLOR LIMITED
 


 
COMPANY INFORMATION


Directors
P H Patel 
A R Taylor 




Company secretary
A R Taylor



Registered number
03031047



Registered office
48 Rawstorne Street
London

EC1V 7ND




Accountants
Menzies LLP
Chartered Accountants

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


PATEL AND TAYLOR LIMITED
REGISTERED NUMBER:03031047



STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
4,670,381
-

Investment property
 6 
6,750,000
7,410,000

  
11,420,381
7,410,000

Current assets
  

Debtors: amounts falling due within one year
 7 
2,757,808
2,800,954

Cash at bank and in hand
  
154,293
3,797,778

  
2,912,101
6,598,732

Creditors: amounts falling due within one year
 8 
(5,374,225)
(5,204,589)

Net current (liabilities)/assets
  
 
 
(2,462,124)
 
 
1,394,143

Total assets less current liabilities
  
8,958,257
8,804,143

Provisions for liabilities
  

Deferred tax
 9 
(634,000)
(715,000)

Net assets
  
8,324,257
8,089,143


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
8,324,157
8,089,043

  
8,324,257
8,089,143


Page 1

 


PATEL AND TAYLOR LIMITED
REGISTERED NUMBER:03031047


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



A R Taylor
Director

Date: 23 October 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Patel and Taylor Limited is a private company, limited by shares, registered in England and Wales, registration number 03031047. The registered office and principal place of business is 48 Rawstorne Street, London, EC1V 7ND.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises rents receivable and is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the directors in consultation with external valuers 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. Changes in fair value are recognised in profit or loss.

Page 3

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2023
23,235



At 30 April 2024

23,235



Depreciation


At 1 May 2023
23,235



At 30 April 2024

23,235



Net book value



At 30 April 2024
-



At 30 April 2023
-

Page 4

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Listed investments

£



Cost or valuation


Additions
6,987,969


Disposals
(2,625,735)


Revaluations
308,147



At 30 April 2024
4,670,381





6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
7,410,000


Deficit on revaluation
(660,000)



At 30 April 2024
6,750,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£


Trade debtors
-
15,133

Other debtors
2,737,270
2,736,196

Prepayments and accrued income
20,538
49,625

2,757,808
2,800,954


Page 5

 


PATEL AND TAYLOR LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
14,814
9,315

Corporation tax
168,545
74,466

Other creditors
5,186,866
5,116,808

Accruals and deferred income
4,000
4,000

5,374,225
5,204,589



9.


Deferred taxation




2024


£






At beginning of year
(715,000)


Charged to profit or loss
81,000



At end of year
(634,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation surplus on investment property
(550,000)
(715,000)

Revaluation on fixed assets investments
(84,000)
-

(634,000)
(715,000)


10.


Profit and loss account

The profit and loss account reserve includes £3,109,831 (2023: £3,354,125) which is not currently distributable to the shareholders. 


11.


Related party transactions

At year end, there was an amount of £530 (2023: £1,525) owed to the director Mr A Taylor. Amounts advanced during the year were £38,005 and amounts drawn during the year were £39,000. This loan is interest free.
At year end, there was an amount of £18 (2023: £1,013) owed to the director Mr P Patel. Amounts advanced during the year were £38,005 and amounts drawn during the year were £39,000. This loan is interest free.

Page 6