Silverfin false false 31/03/2024 01/04/2023 31/03/2024 P A Pattemore 31/01/2020 S S Pattemore 31/01/2020 26 October 2024 The principal activity of the Company during the financial year was that of renting out investment property 12435805 2024-03-31 12435805 bus:Director1 2024-03-31 12435805 bus:Director2 2024-03-31 12435805 2023-03-31 12435805 core:CurrentFinancialInstruments 2024-03-31 12435805 core:CurrentFinancialInstruments 2023-03-31 12435805 core:ShareCapital 2024-03-31 12435805 core:ShareCapital 2023-03-31 12435805 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 12435805 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 12435805 core:RetainedEarningsAccumulatedLosses 2024-03-31 12435805 core:RetainedEarningsAccumulatedLosses 2023-03-31 12435805 2023-04-01 2024-03-31 12435805 bus:FilletedAccounts 2023-04-01 2024-03-31 12435805 bus:SmallEntities 2023-04-01 2024-03-31 12435805 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12435805 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12435805 bus:Director1 2023-04-01 2024-03-31 12435805 bus:Director2 2023-04-01 2024-03-31 12435805 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 12435805 (England and Wales)

PAULO & TENEI LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PAULO & TENEI LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PAULO & TENEI LTD

BALANCE SHEET

As at 31 March 2024
PAULO & TENEI LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 240,000 230,000
240,000 230,000
Current assets
Cash at bank and in hand 21,397 17,256
21,397 17,256
Creditors: amounts falling due within one year 4 ( 195,444) ( 194,392)
Net current liabilities (174,047) (177,136)
Total assets less current liabilities 65,953 52,864
Provision for liabilities ( 13,120) ( 10,620)
Net assets 52,833 42,244
Capital and reserves
Called-up share capital 100 100
Fair value reserve 39,361 31,861
Profit and loss account 13,372 10,283
Total shareholder's funds 52,833 42,244

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Paulo & Tenei Ltd (registered number: 12435805) were approved and authorised for issue by the Board of Directors on 26 October 2024. They were signed on its behalf by:

S S Pattemore
Director
PAULO & TENEI LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PAULO & TENEI LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Paulo & Tenei Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable as rental income in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 April 2023 230,000
Fair value movement 10,000
As at 31 March 2024 240,000

Valuation

The value of the investment property is derived from observable current market prices for comparable real estate, determined by the directors.

There has been no valuation of investment property by an independent valuer.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 187,519 187,519

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 980 0
Taxation and social security 724 940
Other creditors 193,740 193,452
195,444 194,392