Company registration number 09585219 (England and Wales)
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Richard Anthony
Chartered Accountants and Registered Auditors
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Investment property
4
3,564,565
Current assets
Stocks
5
-
2,000,000
Debtors
6
419,866
432,371
Cash at bank and in hand
67,411
10,183
487,277
2,442,554
Creditors: amounts falling due within one year
7
(992,978)
(4,235,915)
Net current liabilities
(505,701)
(1,793,361)
Total assets less current liabilities
3,058,864
(1,793,361)
Creditors: amounts falling due after more than one year
8
(1,579,185)
Net assets/(liabilities)
1,479,679
(1,793,361)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
1,479,678
(1,793,362)
Total equity
1,479,679
(1,793,361)
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial period 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
Mr M J Sayers
Director
Company registration number 09585219 (England and Wales)
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Paternoster (Exeter) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Cooper House, 316 Regents Park Road, London, United Kingdom, N3 2JX.
1.1
Reporting period
These accounts present a period of more than one year, due to the fact that the company extended its accounting period from 31 December 2023 to 31 March 2024 . Henceforth, the accounts will be prepared annually.
1.2
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.4
Investment property
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
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.
1.6
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.
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 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.
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.
1.8
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.
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
3
1
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 January 2023
Transfers
3,564,565
At 31 March 2024
3,564,565
Investment property comprises of 182 - 186 Fore Street, Exeter, EX4 3AX. The fair value of the investment property has been arrived at on the basis of an informal valuation carried out by chartered surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Stocks
2024
2022
£
£
Stocks
-
2,000,000
The carrying value of stocks are stated net of impairment losses totalling £Nil (2022 - £1,711,197). Impairment losses totalling £Nil (2022 - £1,122,002) were recognised in profit and loss.
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
399,630
Other debtors
381,035
4,393
Prepayments and accrued income
38,831
28,348
419,866
432,371
7
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
160,856
17,089
Amounts owed to group undertakings
380,808
4,218,163
Taxation and social security
9,927
Other creditors
397,142
Accruals and deferred income
44,245
663
992,978
4,235,915
PATERNOSTER (EXETER) LIMITED
(FORMERLY GRENADIER PATERNOSTER LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
1,579,185
The bank loan from Arbuthnot Latham & Co, holds the legal charge under the title number DN259330 against the property at 182 - 186 Fore Street, Exeter, EX4 3AX . The charge also contains fixed and floating charges, and negative pledges.
9
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
10
Related party transactions
As at the balance sheet date, an amount was owed to the parent company:
Paternoster SW Limited £380,808 2022: £Nil
As at the balance sheet date, an amount was owed to the following companies under common directorship.
Southern County Developments Limited £390,000 2022: £Nil
Grenadier Estates Limited £Nil 2022: £4,218,163
As at the balance sheet date, an amount was owed from the following companies directorship.
Newco (Exeter) Limited £205,000 2022: £Nil
Low Carbon Limited £Nil 2022: £399,630
On 21 July 2023 the total share capital of the company was acquired by Paternoster SW Limited. Prior to acquisition the related party loan balance of £3,846,917 between the company and Grenedier Estates Limited & Low Carbon Limited was written off, at which point these were connected companies.
11
Controlling party
The ultimate parent company is Paternoster SW Limited, incorporated and registered in England and Wales.