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Registered number: 01264831
Christian Patis Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 01264831
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,945,239 6,493,559
6,945,239 6,493,559
CURRENT ASSETS
Debtors 5 17,567 12,360
Cash at bank and in hand 519,159 371,967
536,726 384,327
Creditors: Amounts Falling Due Within One Year 6 (93,860 ) (87,789 )
NET CURRENT ASSETS (LIABILITIES) 442,866 296,538
TOTAL ASSETS LESS CURRENT LIABILITIES 7,388,105 6,790,097
PROVISIONS FOR LIABILITIES
Provisions For Charges (7,984 ) (8,000 )
Deferred Taxation 7 (1,401,623 ) (979,391 )
NET ASSETS 5,978,498 5,802,706
CAPITAL AND RESERVES
Called up share capital 8 97 97
Capital redemption reserve 3 3
Income Statement 5,978,398 5,802,606
SHAREHOLDERS' FUNDS 5,978,498 5,802,706
Page 1
Page 2
For the year ending 30 September 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Eliana O'Shea
Director
15 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Christian Patis Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01264831 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciable
Leasehold Not depreciable
Fixtures & Fittings 33.33% reducing balance
2.4. Investment Properties
Investment property comprises non-owner occupied buildings held to earn rentals and for capital appreciation.
All investment properties are carried at fair value. The fair value of the company's investment properties is determined annually at the reporting date by the directors. In determining the valuations, the directors refer to current market conditions and recent sales transactions of similar properties. In estimating the fair value of the properties, the highest and best use of the property is their current use. Investment property is not depreciated. Changes in fair value are recognised in the income statement.
2024 fair value of investment property: £6,945,000 (2023: £6,493,200)
Investment property is derecognised when disposed of, or when no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property is recognised in profit or loss in the period in which the property is derecognised.
2.5. Taxation
The tax expense represents the sum of the corporation tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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.
...CONTINUED
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2.5. Taxation - continued
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 end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was  1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Leasehold Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 October 2023 4,875,000 1,618,200 70,886 6,564,086
Revaluation 575,000 (123,200 ) - 451,800
As at 30 September 2024 5,450,000 1,495,000 70,886 7,015,886
Depreciation
As at 1 October 2023 - - 70,527 70,527
Provided during the period - - 120 120
As at 30 September 2024 - - 70,647 70,647
Net Book Value
As at 30 September 2024 5,450,000 1,495,000 239 6,945,239
As at 1 October 2023 4,875,000 1,618,200 359 6,493,559
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,960 3,071
Prepayments and accrued income 7,019 5,486
Other debtors 3,588 3,803
17,567 12,360
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 400 1,000
Corporation tax 47,658 38,932
Payments received on acount 30,250 30,250
Accruals and deferred income 3,743 8,126
Directors' loan accounts 11,809 9,481
93,860 87,789
Page 4
Page 5
7. Deferred Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences and the deferred taxation liability wholly comprises the fair value gain of the investment properties.
2024 2023
£ £
Other timing differences 1,401,623 979,391
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 97 97
9. Reserves
Included in retained earnings is £4,204,869 (2023: £4,175,300) of net profits which are not available for distribution as they are unrealised.
The capital redemption reserve of £3 created in the 2021 financial year continues to be unavailable for distribution.
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Homecom Ltd . Homecom Ltd was incorporated in England. Copies of the parent company's accounts may be obtained from the secretary, 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX .
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