0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 04870500 2023-05-01 2024-04-30 04870500 2024-04-30 04870500 2023-04-30 04870500 2022-05-01 2023-04-30 04870500 2023-04-30 04870500 2022-04-30 04870500 core:MotorVehicles 2023-05-01 2024-04-30 04870500 bus:Director1 2023-05-01 2024-04-30 04870500 core:LandBuildings 2023-04-30 04870500 core:MotorVehicles 2023-04-30 04870500 core:LandBuildings 2024-04-30 04870500 core:MotorVehicles 2024-04-30 04870500 core:LandBuildings 2023-05-01 2024-04-30 04870500 core:WithinOneYear 2024-04-30 04870500 core:WithinOneYear 2023-04-30 04870500 core:ShareCapital 2024-04-30 04870500 core:ShareCapital 2023-04-30 04870500 core:RevaluationReserve 2024-04-30 04870500 core:RevaluationReserve 2023-04-30 04870500 core:RetainedEarningsAccumulatedLosses 2024-04-30 04870500 core:RetainedEarningsAccumulatedLosses 2023-04-30 04870500 core:LandBuildings 2023-04-30 04870500 core:MotorVehicles 2023-04-30 04870500 bus:Director1 2023-04-30 04870500 bus:Director1 2024-04-30 04870500 bus:Director1 2022-04-30 04870500 bus:Director1 2023-04-30 04870500 bus:Director1 2022-05-01 2023-04-30 04870500 bus:SmallEntities 2023-05-01 2024-04-30 04870500 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04870500 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04870500 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04870500 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 04870500
Pat Mullen Properties Limited
Filleted Unaudited Financial Statements
30 April 2024
Pat Mullen Properties Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
12,578,144
10,517,407
Current assets
Debtors
5
3,794
46,607
Cash at bank and in hand
403,445
1,552,539
---------
------------
407,239
1,599,146
Creditors: amounts falling due within one year
6
571,003
127,071
---------
------------
Net current (liabilities)/assets
( 163,764)
1,472,075
-------------
-------------
Total assets less current liabilities
12,414,380
11,989,482
Provisions
Taxation including deferred tax
718,380
714,066
-------------
-------------
Net assets
11,696,000
11,275,416
-------------
-------------
Pat Mullen Properties Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Revaluation reserve
2,927,593
2,927,593
Profit and loss account
8,768,405
8,347,821
-------------
-------------
Shareholders funds
11,696,000
11,275,416
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
P J Mullen
Director
Company registration number: 04870500
Pat Mullen Properties Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Napier Road, Elm Farm Industrial Estate, Bedford, MK41 0RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents rental income derived from the property investments.
Deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the 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.
Tangible assets
All fixed assets are initially recorded at cost except at market value for those assets transferred to the company from Mullen Electrical Limited.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
10,510,000
15,800
10,525,800
Additions
2,040,908
23,650
2,064,558
-------------
--------
-------------
At 30 April 2024
12,550,908
39,450
12,590,358
-------------
--------
-------------
Depreciation
At 1 May 2023
8,393
8,393
Charge for the year
3,821
3,821
-------------
--------
-------------
At 30 April 2024
12,214
12,214
-------------
--------
-------------
Carrying amount
At 30 April 2024
12,550,908
27,236
12,578,144
-------------
--------
-------------
At 30 April 2023
10,510,000
7,407
10,517,407
-------------
--------
-------------
Tangible assets held at valuation
The director reviews the values of the properties at each year end, and revalues the properties where appropriate.
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2
2
Other debtors
3,792
46,605
-------
--------
3,794
46,607
-------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,266
12,238
Corporation tax
56,731
38,940
Social security and other taxes
12,121
8,203
Other creditors
496,885
67,690
---------
---------
571,003
127,071
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P J Mullen
42,306
70,856
( 508,500)
( 395,338)
--------
--------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
P J Mullen
119,733
42,306
( 119,733)
42,306
---------
--------
---------
--------
The directors loan was repaid on 1 December 2023.
8. Controlling party
The ultimate parent company is Mullen Holdings Limited a company registered in England and Wales. The ultimate controlling party is the director, P J Mullen , by virtue of his 100% share holding in Mullen Holdings Limited.