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Company registration number: 09082713
T. Patankar Limited
Unaudited abridged financial statements
30 June 2024
T. Patankar Limited
Contents
Directors and other information
Director's report
Accountants report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
T. Patankar Limited
Directors and other information
Director Mr Tufail Patankar
Company number 09082713
Registered office 56 Chorley New Road
Bolton
Lancashire
BL1 4AP
Business address 56 Chorley New Road
Bolton
Lancashire
BL1 4AP
Accountants Raja & Co.
Chartered Accountants
56 Chorley New Road
Bolton
BL1 4AP
Bankers Barclays Bank plc
T. Patankar Limited
Director's report
Year ended 30 June 2024
The director presents his report and the unaudited financial statements of the company for the year ended 30 June 2024.
Director
The director who served the company during the year was as follows:
Mr Tufail Patankar
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 February 2025 and signed on behalf of the board by:
Mr Tufail Patankar
Director
T. Patankar Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of T. Patankar Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T. Patankar Limited for the year ended 30 June 2024 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of T. Patankar Limited, as a body, in accordance with the terms of our engagement letter dated 3 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of T. Patankar Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T. Patankar Limited and its director as a body for our work or for this report.
It is your duty to ensure that T. Patankar Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of T. Patankar Limited. You consider that T. Patankar Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of T. Patankar Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Raja & Co.
Chartered Accountants
56 Chorley New Road
Bolton
BL1 4AP
21 February 2025
T. Patankar Limited
Abridged statement of comprehensive income
Year ended 30 June 2024
2024 2023
Note £ £
Gross profit 208,340 198,896
Administrative expenses ( 102,434) ( 122,509)
_______ _______
Operating profit 105,906 76,387
Interest payable and similar expenses - ( 1,900)
_______ _______
Profit before taxation 5 105,906 74,487
Tax on profit ( 27,008) ( 16,472)
_______ _______
Profit for the financial year and total comprehensive income 78,898 58,015
_______ _______
All the activities of the company are from continuing operations.
T. Patankar Limited
Abridged statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 29,763 25,595
Investments 7 208,931 169,012
_______ _______
238,694 194,607
Current assets
Debtors 392,201 393,479
Cash at bank and in hand 32,934 8,163
_______ _______
425,135 401,642
Creditors: amounts falling due
within one year ( 31,107) ( 20,372)
_______ _______
Net current assets 394,028 381,270
_______ _______
Total assets less current liabilities 632,722 575,877
Creditors: amounts falling due
after more than one year - ( 22,053)
_______ _______
Net assets 632,722 553,824
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 632,622 553,724
_______ _______
Shareholders funds 632,722 553,824
_______ _______
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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr Tufail Patankar
Director
Company registration number: 09082713
T. Patankar Limited
Statement of changes in equity
Year ended 30 June 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2022 100 495,709 495,809
Profit for the year 58,015 58,015
_______ _______ _______
Total comprehensive income for the year - 58,015 58,015
_______ _______ _______
At 30 June 2023 and 1 July 2023 100 553,724 553,824
Profit for the year 78,898 78,898
_______ _______ _______
Total comprehensive income for the year - 78,898 78,898
_______ _______ _______
At 30 June 2024 100 632,622 632,722
_______ _______ _______
T. Patankar 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 United Kingdom. The address of the registered office is 56 Chorley New Road, Bolton, Lancashire, BL1 4AP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 33.33 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs 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 2 (2023: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 10,161 8,907
_______ _______
6. Tangible assets
£
Cost
At 1 July 2023 62,741
Additions 14,329
_______
At 30 June 2024 77,070
_______
Depreciation
At 1 July 2023 37,146
Charge for the year 10,161
_______
At 30 June 2024 47,307
_______
Carrying amount
At 30 June 2024 29,763
_______
At 30 June 2023 25,595
_______
7. Investments
£
Cost
At 1 July 2023 169,012
Additions 39,919
_______
At 30 June 2024 208,931
_______
Impairment
At 1 July 2023 and 30 June 2024 -
_______
Carrying amount
At 30 June 2024 208,931
_______
At 30 June 2023 169,012
_______
8. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2024 2023
£ £
Mr Tufail Patankar 142,626 143,904
_______ _______