16 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2024 - FRS102_2024 36,053 16,213 52,333 xbrli:pure xbrli:shares iso4217:GBP 08512191 2023-07-01 2024-06-30 08512191 2024-06-30 08512191 2023-06-30 08512191 2022-07-01 2023-06-30 08512191 2023-06-30 08512191 2022-06-30 08512191 bus:Director2 2023-07-01 2024-06-30 08512191 core:WithinOneYear 2024-06-30 08512191 core:WithinOneYear 2023-06-30 08512191 core:PlantMachinery 2023-06-30 08512191 core:MotorVehicles 2023-06-30 08512191 core:PlantMachinery 2024-06-30 08512191 core:MotorVehicles 2024-06-30 08512191 core:DeferredTaxation 2023-07-01 2024-06-30 08512191 core:PlantMachinery 2023-07-01 2024-06-30 08512191 core:MotorVehicles 2023-07-01 2024-06-30 08512191 core:AfterOneYear 2024-06-30 08512191 core:AfterOneYear 2023-06-30 08512191 core:ShareCapital 2024-06-30 08512191 core:ShareCapital 2023-06-30 08512191 core:RetainedEarningsAccumulatedLosses 2024-06-30 08512191 core:RetainedEarningsAccumulatedLosses 2023-06-30 08512191 core:BetweenOneFiveYears 2024-06-30 08512191 core:BetweenOneFiveYears 2023-06-30 08512191 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 08512191 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 08512191 core:TaxLossesCarry-forwardsDeferredTax 2024-06-30 08512191 core:TaxLossesCarry-forwardsDeferredTax 2023-06-30 08512191 core:PlantMachinery 2023-06-30 08512191 core:MotorVehicles 2023-06-30 08512191 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-06-30 08512191 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-06-30 08512191 core:LeasedAssetsHeldAsLessee 2024-06-30 08512191 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-06-30 08512191 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-06-30 08512191 core:LeasedAssetsHeldAsLessee 2023-06-30 08512191 core:DeferredTaxation 2023-06-30 08512191 core:DeferredTaxation 2024-06-30 08512191 bus:Director1 2023-07-01 2024-06-30 08512191 bus:SmallEntities 2023-07-01 2024-06-30 08512191 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08512191 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 08512191 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08512191 bus:FullAccounts 2023-07-01 2024-06-30 08512191 core:FurnitureFittingsToolsEquipment 2023-06-30 08512191 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 08512191 core:FurnitureFittings 2024-06-30 08512191 core:FurnitureFittingsToolsEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: 08512191
PATCHETT HOMES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
PATCHETT HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
320,440
385,293
CURRENT ASSETS
Stocks
6
35,887
24,622
Debtors
7
290,194
309,722
Cash at bank and in hand
122,707
94,521
----------
----------
448,788
428,865
CREDITORS: amounts falling due within one year
8
334,756
321,847
----------
----------
NET CURRENT ASSETS
114,032
107,018
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
434,472
492,311
CREDITORS: amounts falling due after more than one year
9
142,350
226,407
PROVISIONS
Taxation including deferred tax
11
52,333
36,053
----------
----------
NET ASSETS
239,789
229,851
----------
----------
PATCHETT HOMES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
239,689
229,751
----------
----------
SHAREHOLDERS FUNDS
239,789
229,851
----------
----------
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 income and retained earnings has not been delivered.
For the year ending 30 June 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 5 November 2024 , and are signed on behalf of the board by:
J E Patchett
Director
Company registration number: 08512191
PATCHETT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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 Ryefield House, 180 Highgate Road, Queensbury, Bradford, West Yorkshire, BD13 1DS.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered for property management, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Current and deferred tax
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Plant & Machinery
-
10% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
3 years straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 16 (2023: 15 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
427,073
216,518
27,762
671,353
Additions
3,866
5,838
9,704
----------
----------
---------
----------
At 30 June 2024
430,939
216,518
33,600
681,057
----------
----------
---------
----------
Depreciation
At 1 July 2023
173,186
87,769
25,105
286,060
Charge for the year
40,635
32,187
1,735
74,557
----------
----------
---------
----------
At 30 June 2024
213,821
119,956
26,840
360,617
----------
----------
---------
----------
Carrying amount
At 30 June 2024
217,118
96,562
6,760
320,440
----------
----------
---------
----------
At 30 June 2023
253,887
128,749
2,657
385,293
----------
----------
---------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 June 2024
68,072
76,219
144,291
---------
---------
----------
At 30 June 2023
85,513
126,549
212,062
---------
----------
----------
6. STOCKS
2024
2023
£
£
Raw materials and consumables
35,887
24,622
---------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
90,212
171,953
Prepayments and accrued income
90,917
45,587
Corporation tax repayable
7,391
Other debtors
109,065
84,791
----------
----------
290,194
309,722
----------
----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
158,604
145,486
Accruals and deferred income
48,690
47,179
Social security and other taxes
42,135
17,402
Obligations under finance leases and hire purchase contracts
48,869
60,231
Director loan accounts
3,020
18,380
Other creditors
23,438
23,169
----------
----------
334,756
321,847
----------
----------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
48,869
60,231
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,167
19,167
Obligations under finance leases and hire purchase contracts
78,183
127,240
Other creditors
55,000
80,000
----------
----------
142,350
226,407
----------
----------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
78,183
127,240
---------
----------
10. FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
58,817
73,801
Later than 1 year and not later than 5 years
89,068
148,921
----------
----------
147,885
222,722
Less: future finance charges
( 20,833)
( 35,251)
----------
----------
Present value of minimum lease payments
127,052
187,471
----------
----------
11. PROVISIONS
Deferred tax (note 12)
£
At 1 July 2023
36,053
Additions
( 16,213)
Unused tax losses
32,493
---------
At 30 June 2024
52,333
---------
12. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
52,333
36,053
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
80,110
96,323
Unused tax losses
( 27,777)
( 60,270)
---------
---------
52,333
36,053
---------
---------
13. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
15,274
6,406
Later than 1 year and not later than 5 years
16,818
3,203
---------
-------
32,092
9,609
---------
-------
14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors had an unsecured interest free loans with the company. The directors loan accounts were in credit throughout the year and are repayable on demand.
15. RELATED PARTY TRANSACTIONS
During the year, the company had an unsecured interest free loan with Patchett Joinery Limited. The balance owing to the company as at 30 June 2024 was £107,725 (2023 - £84,791). This balance is repayable on demand. Patchett Joinery Limited is a company in which several of the directors are also directors.