Company registration number 11263628 (England and Wales)
PATTERSON PORTFOLIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
PATTERSON PORTFOLIO LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
PATTERSON PORTFOLIO LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr C J Patterson
Ms J Heartwood
Company number
11263628
Registered office
Fragbarrow House
Ditchling Common
Ditchling
East Sussex
BN6 8TP
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
PATTERSON PORTFOLIO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
53,059
63,671
Tangible assets
4
51,559
69,825
Investment property
5
11,465,000
12,233,000
Investments
6
718,904
867,628
12,288,522
13,234,124
Current assets
Debtors
7
2,847,824
2,528,880
Investments
8
1,345
1,345
Cash at bank and in hand
1,292,863
1,823,705
4,142,032
4,353,930
Creditors: amounts falling due within one year
9
(345,977)
(598,364)
Net current assets
3,796,055
3,755,566
Total assets less current liabilities
16,084,577
16,989,690
Creditors: amounts falling due after more than one year
10
(5,639,294)
(6,063,827)
Provisions for liabilities
(327,154)
(443,179)
Net assets
10,118,129
10,482,684
Capital and reserves
Called up share capital
11
100
100
Share premium account
8,728,789
8,728,789
Revaluation reserve
1,190,114
1,613,766
Profit and loss reserves
199,126
140,029
Total equity
10,118,129
10,482,684
PATTERSON PORTFOLIO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
For the financial year ended 31 March 2023 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 year 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 15 November 2024 and are signed on its behalf by:
Mr C J Patterson
Director
Company registration number 11263628 (England and Wales)
PATTERSON PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Patterson Portfolio Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fragbarrow House, Ditchling Common, Ditchling, East Sussex, BN6 8TP.
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received for the provision of accommodation and the necessary services provided in the normal course of business.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
10% straight line
1.4
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.
PATTERSON PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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:
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Fixed asset investments
Interests in listed and other investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and losses are recognised in profit or loss.
1.7
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PATTERSON PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
4
PATTERSON PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Software
£
Cost
At 1 April 2022 and 31 March 2023
106,119
Amortisation and impairment
At 1 April 2022
42,448
Amortisation charged for the year
10,612
At 31 March 2023
53,060
Carrying amount
At 31 March 2023
53,059
At 31 March 2022
63,671
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
19,288
13,692
131,171
164,151
Additions
851
851
Disposals
(810)
(810)
At 31 March 2023
18,478
14,543
131,171
164,192
Depreciation and impairment
At 1 April 2022
12,990
10,655
70,681
94,326
Depreciation charged in the year
1,513
2,226
15,122
18,861
Eliminated in respect of disposals
(554)
(554)
At 31 March 2023
13,949
12,881
85,803
112,633
Carrying amount
At 31 March 2023
4,529
1,662
45,368
51,559
At 31 March 2022
6,298
3,037
60,490
69,825
PATTERSON PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Investment property
2023
£
Fair value
At 1 April 2022
12,233,000
Disposals
(451,000)
Revaluations
(317,000)
At 31 March 2023
11,465,000
Investment property comprises cost of £9,876,733 (2022: £10,236,683) and subsequent accumulated revaluations of £1,588,267 (2022: £1,996,317). The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the directors with reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
718,904
867,628
The fair value of the listed investments has been arrived at on the basis of a valuation carried out by Rathbones, an investment management company regulated by the Financial Conduct Authority.
The fair value of the Bitcoin has been arrived at on the basis of a valuation carried out by Coindesk, an authorised electronic money institution regulated by the Financial Conduct Authority.
Movements in fixed asset investments
Investments
Other
Total
£
£
£
Cost or valuation
At 1 April 2022
586,368
281,260
867,628
Valuation changes
(51,076)
(98,503)
(149,579)
Cost adjustments
855
-
855
At 31 March 2023
536,147
182,757
718,904
Carrying amount
At 31 March 2023
536,147
182,757
718,904
At 31 March 2022
586,368
281,260
867,628
PATTERSON PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,700
Corporation tax recoverable
698,539
449,313
Other debtors
2,149,285
2,066,867
2,847,824
2,528,880
8
Current asset investments
2023
2022
£
£
Other investments
1,345
1,345
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
39,157
39,071
Corporation tax
266,757
486,404
Other taxation and social security
346
323
Other creditors
39,717
72,566
345,977
598,364
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,639,294
6,063,827
The loans are secured against the investment properties.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
5,639,294
6,063,827
PATTERSON PORTFOLIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
10,000
10,000
100
100
12
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors loan
2.00
1,947,804
130,377
40,260
2,118,441
1,947,804
130,377
40,260
2,118,441
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