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Registered Number: 05133520
England and Wales

 

 

 

P & K PATEL LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 209,300    239,200 
Tangible fixed assets 4 33,086    32,277 
242,386    271,477 
Current assets      
Stocks 5 80,000    110,000 
Debtors 6 3,720    3,000 
Cash at bank and in hand 103,827    104,560 
187,547    217,560 
Creditors: amount falling due within one year 7 (413,548)   (462,796)
Net current assets (226,001)   (245,236)
 
Total assets less current liabilities 16,385    26,241 
Creditors: amount falling due after more than one year 8 (11,617)   (21,667)
Provisions for liabilities 9 (2,721)   (3,047)
Net assets 2,047    1,527 
 

Capital and reserves
     
Called up share capital 10 100    100 
Profit and loss account 1,947    1,427 
Shareholders' funds 2,047    1,527 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 December 2024 and were signed on its behalf by:


-------------------------------
P Patel
Director
1
General Information
P & K Patel Limited is a private company, limited by shares, registered in England and Wales, registration number 05133520, registration address 141 South Parkway, Leeds, West Yorkshire, LS14 6ER.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Pension cost
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting period.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25% Reducing Balance
Land and Buildings 5% Reducing Balance
Motor Vehicles 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
2.

Average number of employees

Average number of employees during the year was 13 (2023 : 13).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 299,000    299,000 
Additions  
Disposals  
At 31 March 2024 299,000    299,000 
Amortisation
At 01 April 2023 59,800    59,800 
Charge for year 29,900    29,900 
On disposals  
At 31 March 2024 89,700    89,700 
Net book values
At 31 March 2024 209,300    209,300 
At 31 March 2023 239,200    239,200 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 April 2023 24,012    3,234    126,681    153,927 
Additions     6,044    6,044 
Disposals      
At 31 March 2024 24,012    3,234    132,725    159,971 
Depreciation
At 01 April 2023 5,432    2,211    114,007    121,650 
Charge for year 929    256    4,050    5,235 
On disposals      
At 31 March 2024 6,361    2,467    118,057    126,885 
Net book values
Closing balance as at 31 March 2024 17,651    767    14,668    33,086 
Opening balance as at 01 April 2023 18,580    1,023    12,674    32,277 


5.

Stocks

2024
£
  2023
£
Stocks 80,000    110,000 
80,000    110,000 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 3,720    3,000 
3,720    3,000 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 76,195    83,915 
Bank Loans & Overdrafts 10,000    10,000 
Taxation and Social Security 184,812    159,067 
Other Creditors 142,541    209,814 
413,548    462,796 
The Bank Loan is secured on the assets of the company.

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Other Creditors 11,617    21,667 
11,617    21,667 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 2,721    3,047 
2,721    3,047 

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

11.

Director’s loan

Director’s loan

At 31 March 2024, the Directors Loan Account of £107,483 (2023 - £172,764) is unsecured, repayable on demand and currently interest free. During the period the directors incurred in the following transactions :

Director Loan Account   Balance B/F
£
  Advance
£
  Credit
£
  Balance C/F
£
Director Loan 172,764  (236,741) 171,460  107,483 
172,764  (236,741) 171,460  107,483 

12.

Control

The company was under the control of the director throughout the current and previous year. 
2