Company Registration No. 10629072 (England and Wales)
PATEL PATH SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PATEL PATH SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PATEL PATH SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
46,526
56,518
Investment properties
5
1,464,264
1,464,264
1,510,790
1,520,782
Current assets
Debtors
6
436,536
413,636
Cash at bank and in hand
23,701
11,275
460,237
424,911
Creditors: amounts falling due within one year
7
(600,527)
(639,885)
Net current liabilities
(140,290)
(214,974)
Total assets less current liabilities
1,370,500
1,305,808
Creditors: amounts falling due after more than one year
8
(906,565)
(902,467)
Provisions for liabilities
(41,788)
(42,988)
Net assets
422,147
360,353
Capital and reserves
Called up share capital
10
500
500
Profit and loss reserves
421,647
359,853
Total equity
422,147
360,353
PATEL PATH SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 31 October 2024 and are signed on its behalf by:
Dr C Patel
Dr K Sidhu
Director
Director
Company Registration No. 10629072
PATEL PATH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Patel Path Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Elm Close, Spennymoor, United Kingdom, DL16 6UX.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received and receivable for property rental services provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures, fittings and equipment
20% reducing balance
IT equipment
33% straight line
Motor vehicles
20% reducing balance
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. Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
PATEL PATH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
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, 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.
1.8
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.
1.9
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
2
2
PATEL PATH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
20,661
3,138
Deferred tax
Origination and reversal of timing differences
(1,200)
12,402
Total tax charge
19,461
15,540
4
Tangible fixed assets
Plant and equipment
Fixtures, fittings and equipment
IT equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
500
45,238
7,756
24,000
77,494
Additions
1,972
1,972
At 31 March 2024
500
47,210
7,756
24,000
79,466
Depreciation
At 1 April 2023
286
12,080
7,010
1,600
20,976
Depreciation charged in the year
32
6,722
730
4,480
11,964
At 31 March 2024
318
18,802
7,740
6,080
32,940
Carrying amount
At 31 March 2024
182
28,408
16
17,920
46,526
At 31 March 2023
214
33,158
746
22,400
56,518
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,464,264
Although no formal valuation has been undertaken at the year end of any of the properties, when taking the length of the time the company has owned the properties and the current market conditions into consideration, it is unlikely that the carrying values are significantly different to fair values.
PATEL PATH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,997
8,593
Other debtors
425,539
405,043
436,536
413,636
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9
1,619
4,048
Other borrowings
9
152,000
83,000
Corporation tax
20,661
3,138
Other creditors
424,267
547,059
Accruals and deferred income
1,980
2,640
600,527
639,885
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
906,565
902,467
9
Loans and overdrafts
2024
2023
£
£
Bank loans
908,184
906,515
Loans from group undertakings and related parties
152,000
83,000
1,060,184
989,515
Payable within one year
153,619
87,048
Payable after one year
906,565
902,467
The bank loans are secured by fixed charges over investment properties as well as floating charges over the assets of the company.
PATEL PATH SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
11
Related party transactions
2024
2023
Amounts due to related parties
£
£
Directors
424,267
547,059
Other related party
152,000
83,000
There are no set terms as to the repayment of these balances and no interest accrued thereon.