Company Registration No. 10706569 (England and Wales)
Patel Property Investments Ltd
Unaudited accounts
for the year ended 31 May 2024
Patel Property Investments Ltd
Unaudited accounts
Contents
Patel Property Investments Ltd
Company Information
for the year ended 31 May 2024
Directors
Rakesh Patel
Thakorbhai Patel
Damyanti Patel
Company Number
10706569 (England and Wales)
Registered Office
140 Farmilo Road
Walthamstow
E17 8JR
United Kingdom
Accountants
Workabee Accountants
Sharon Gillett BSc FCA
11 Chestnut Avenue
Buckhurst Hill
Essex
IG9 6EN
Patel Property Investments Ltd
Statement of financial position
as at 31 May 2024
Investment property
125,000
125,000
Cash at bank and in hand
5,775
3,445
Creditors: amounts falling due within one year
(43,151)
(42,928)
Net current liabilities
(23,682)
(26,483)
Total assets less current liabilities
101,318
98,517
Provisions for liabilities
Deferred tax
(11,275)
(11,515)
Called up share capital
3
3
Profit and loss account
90,040
86,999
Shareholders' funds
90,043
87,002
For the year ending 31 May 2024 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by
Rakesh Patel
Director
Company Registration No. 10706569
Patel Property Investments Ltd
Notes to the Accounts
for the year ended 31 May 2024
Patel Property Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 10706569. The registered office is 140 Farmilo Road, Walthamstow, E17 8JR, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises of rental income and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Basic financial instruments are recognised at amortised cost.
Fair value at 1 June 2023
125,000
Property valuations were performed by haart Estate Agents.
Patel Property Investments Ltd
Notes to the Accounts
for the year ended 31 May 2024
Amounts falling due within one year
Accrued income and prepayments
194
-
Other debtors
13,500
13,000
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
735
824
Loans from directors
42,256
41,944
7
Deferred taxation
2024
2023
Revaluation of investment property
11,275
11,515
Provision at start of year
11,515
9,031
(Credited)/charged to the profit and loss account
(240)
2,484
Provision at end of year
11,275
11,515
8
Transactions with related parties
As at 31 May 2024, amounts owed to directors totalled £42,256 (2023: £41,944). In addition, included within other debtors, is an amount due from a related company of £13,000 (2023: £13,000), which shares the same director.
No interest is charged on money owed or due, and the amounts are repayable on demand.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).