IRIS Accounts Production v24.3.0.553 08407015 Board of Directors 1.3.23 28.2.24 28.2.24 false true false false true false Fair value model Ordinary ' A ' Voting 1.00000 Ordinary 'B' Non Voting Rights 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh084070152023-02-28084070152024-02-28084070152023-03-012024-02-28084070152022-02-28084070152022-03-012023-02-28084070152023-02-2808407015ns15:EnglandWales2023-03-012024-02-2808407015ns14:PoundSterling2023-03-012024-02-2808407015ns10:Director12023-03-012024-02-2808407015ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2808407015ns10:SmallEntities2023-03-012024-02-2808407015ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2808407015ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2808407015ns10:FullAccounts2023-03-012024-02-2808407015ns10:OrdinaryShareClass12023-03-012024-02-2808407015ns10:OrdinaryShareClass22023-03-012024-02-2808407015ns10:Director22023-03-012024-02-2808407015ns10:RegisteredOffice2023-03-012024-02-2808407015ns5:CurrentFinancialInstruments2024-02-2808407015ns5:CurrentFinancialInstruments2023-02-2808407015ns5:Non-currentFinancialInstruments2024-02-2808407015ns5:Non-currentFinancialInstruments2023-02-2808407015ns5:ShareCapital2024-02-2808407015ns5:ShareCapital2023-02-2808407015ns5:FurtherSpecificReserve3ComponentTotalEquity2024-02-2808407015ns5:FurtherSpecificReserve3ComponentTotalEquity2023-02-2808407015ns5:RetainedEarningsAccumulatedLosses2024-02-2808407015ns5:RetainedEarningsAccumulatedLosses2023-02-2808407015ns5:ComputerEquipment2023-03-012024-02-2808407015ns5:ComputerEquipment2023-02-2808407015ns5:ComputerEquipment2024-02-2808407015ns5:ComputerEquipment2023-02-2808407015ns5:WithinOneYearns5:CurrentFinancialInstruments2024-02-2808407015ns5:WithinOneYearns5:CurrentFinancialInstruments2023-02-2808407015ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-02-2808407015ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-02-2808407015ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-02-2808407015ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-2808407015ns5:Secured2024-02-2808407015ns5:Secured2023-02-2808407015ns5:DeferredTaxation2023-02-2808407015ns5:DeferredTaxation2023-03-012024-02-2808407015ns5:DeferredTaxation2024-02-2808407015ns10:OrdinaryShareClass12024-02-2808407015ns10:OrdinaryShareClass22024-02-2808407015ns5:RetainedEarningsAccumulatedLosses2023-02-2808407015ns5:FurtherSpecificReserve3ComponentTotalEquity2023-02-2808407015ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-28
REGISTERED NUMBER: 08407015 (England and Wales)












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: Mrs S A Patsalos
Mr P C Patsalos





REGISTERED OFFICE: Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE





REGISTERED NUMBER: 08407015 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
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 1,046 1,673
Investment property 5 3,185,000 3,185,000
3,186,046 3,186,673

CURRENT ASSETS
Cash at bank and in hand 19,356 61,496

CREDITORS
Amounts falling due within one year 6 574,248 604,904
NET CURRENT LIABILITIES (554,892 ) (543,408 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,631,154

2,643,265

CREDITORS
Amounts falling due after more than one
year

7

(1,458,856

)

(1,458,856

)

PROVISIONS FOR LIABILITIES 10 (112,870 ) (85,857 )
NET ASSETS 1,059,428 1,098,552

CAPITAL AND RESERVES
Called up share capital 11 100 100
Fair value reserve 12 837,216 837,216
Retained earnings 12 222,112 261,236
SHAREHOLDERS' FUNDS 1,059,428 1,098,552

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





Mr P C Patsalos - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

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 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Computer
equipment
£   
COST
At 1 March 2023
and 28 February 2024 2,787
DEPRECIATION
At 1 March 2023 1,114
Charge for year 627
At 28 February 2024 1,741
NET BOOK VALUE
At 28 February 2024 1,046
At 28 February 2023 1,673

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 28 February 2024 3,185,000
NET BOOK VALUE
At 28 February 2024 3,185,000
At 28 February 2023 3,185,000

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) 56,144 56,144
Other loans 493,000 493,000
Tax - 8,313
Tenants deposits 16,241 15,561
Directors' current accounts 209 22,991
Accruals and deferred income 5,534 5,925
Accrued expenses 3,120 2,970
574,248 604,904

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.24 28.2.23
£    £   
Bank loans (see note 8) 1,458,856 1,458,856

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 56,144 56,144

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 56,144 56,144

Amounts falling due between two and five years:
Bank loans - 2-5 years 168,432 168,432

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 1,515,000 1,515,000

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 85,857
Provided during year 27,013
Balance at 28 February 2024 112,870

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.24 28.2.23
value: £    £   
10 Ordinary ' A ' Voting £1 10 10
90 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 261,236 837,216 1,098,452
Deficit for the year (32,124 ) (32,124 )
Dividends (7,000 ) (7,000 )
At 28 February 2024 222,112 837,216 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.