REGISTERED NUMBER: |
PATSALOS PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
REGISTERED NUMBER: |
PATSALOS PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
PATSALOS PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Sterling House |
Fulbourne Road |
Walthamstow |
London |
E17 4EE |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
STATEMENT OF FINANCIAL POSITION |
28 FEBRUARY 2024 |
28.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Fair value reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
STATEMENT OF FINANCIAL POSITION - continued |
28 FEBRUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Patsalos Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents gross rents receivable for the year, excluding value added tax . Turnover is recognised when rent becomes due under the lease agreement. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
The company's investment properties are held for long term investment and are included in the balance sheet at their open market values. No depreciation is provided in respect of Freehold and long leasehold investment properties. An investment property on short leasehold where the remaining life is less than 20 years is amortised over the life of the lease. |
This policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the accounts may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown, cannot be separately identified or quantified. |
All Investment properties are revalued every year. The surplus(es) or deficit(s) on revaluation of such properties are transferred to revaluation reserve, apart from when the revaluation is below the original cost and in the opinion of the directors the diminution in value is of a permanent nature which is charged to the profit and loss account. On the disposal of a revalued fixed asset, any related balances in the revaluation reserve are transferred to the profit and loss account as a movement in reserves. |
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 statement of financial position date. |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 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 statement of financial position 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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Computer |
equipment |
£ |
COST |
At 1 March 2023 |
and 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 28 February 2024 is represented by: |
£ |
Valuation in 2014 | 349,067 |
Valuation in 2018 | 12,196 |
Valuation in 2021 | 184,047 |
Valuation in 2022 | 475,953 |
Cost | 2,163,737 |
3,185,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
28.2.24 | 28.2.23 |
£ | £ |
Cost | 2,163,737 | 2,163,737 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Other loans | 493,000 | 493,000 |
Tax |
Tenants deposits |
Directors' current accounts | 209 | 22,991 |
Accruals and deferred income |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,234,280 | 1,234,280 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
28.2.24 | 28.2.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
8. | LOANS - continued |
28.2.24 | 28.2.23 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,234,280 | 1,234,280 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.24 | 28.2.23 |
£ | £ |
Bank loans |
The bank loan and overdraft facilities are secured by a first legal charge over the investment property, together with a floating charge over the company's assets. |
The loan is also covered by a joint and several guarantee from Mr P Patsalos and Mrs S Patsalos for the amount of £1,515,000, supported by any security the Cynergy Bank will require from the guarantors. |
10. | PROVISIONS FOR LIABILITIES |
28.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 112,870 | 85,857 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 28 February 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary ' A ' Voting | £1 | 10 | 10 |
Ordinary 'B' Non Voting Rights | £1 | 90 | 90 |
100 | 100 |
PATSALOS PROPERTIES LIMITED (REGISTERED NUMBER: 08407015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
12. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 1,098,452 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
At 28 February 2024 | 1,059,328 |
13. | ULTIMATE CONTROLLING PARTY |
Mr P C Patsalos controls the company by virtue of holding 60% of the Ordinary A voting shares in the company. |