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REGISTERED NUMBER: 02159455 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

PATEL BROTHERS LIMITED

PATEL BROTHERS LIMITED (REGISTERED NUMBER: 02159455)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


PATEL BROTHERS LIMITED (REGISTERED NUMBER: 02159455)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,246,798 1,246,798
Investment property 5 30,539,377 24,486,816
31,786,175 25,733,614

CURRENT ASSETS
Debtors 6 261,977 267,191
Cash at bank and in hand 690,470 1,380,997
952,447 1,648,188
CREDITORS
Amounts falling due within one year 7 14,922,662 14,216,318
NET CURRENT LIABILITIES (13,970,215 ) (12,568,130 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,815,960

13,165,484

PROVISIONS FOR LIABILITIES 617,068 21,743
NET ASSETS 17,198,892 13,143,741

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 17,197,892 13,142,741
SHAREHOLDERS' FUNDS 17,198,892 13,143,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PATEL BROTHERS LIMITED (REGISTERED NUMBER: 02159455)

BALANCE SHEET - continued
30 SEPTEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:




Y Patel - Director I Patel - Director




Y Patel - Director


PATEL BROTHERS LIMITED (REGISTERED NUMBER: 02159455)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Patel Brothers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02159455

Registered office: The Weavers Shop
Eastern Avenue
Gloucester
GL4 3BY

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have considered the risks and issues concerning the company along with its activities and no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified.

Turnover
Turnover is measured at the fair value of the rents due for the year, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

The directors have adopted the policy to revalue the property every five years providing there have been no significant changes in market conditions that they consider may materially affect the property value.

Financial instruments
The company only has financial assets and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PATEL BROTHERS LIMITED (REGISTERED NUMBER: 02159455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. FIXED ASSET INVESTMENTS
Investment
in
subsidiary
£   
COST
At 1 October 2023
and 30 September 2024 1,246,798
NET BOOK VALUE
At 30 September 2024 1,246,798
At 30 September 2023 1,246,798

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 24,486,816
Additions 2,484,377
Revaluations 3,568,184
At 30 September 2024 30,539,377
NET BOOK VALUE
At 30 September 2024 30,539,377
At 30 September 2023 24,486,816

A desktop valuation was provided by Mark Atkins Associates for the purpose of valuing the investment properties at 30 September 2024.

PATEL BROTHERS LIMITED (REGISTERED NUMBER: 02159455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 234,873 248,458
Prepayments 27,104 18,733
261,977 267,191

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 15,474
Corporation tax 224,756 193,428
VAT 90,220 78,402
Other creditors 24,498 27,740
Directors' current accounts 2,960 2,960
Accruals and deferred income 383,974 314,660
Loan from related party 14,196,254 13,583,654
14,922,662 14,216,318

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Y Patel and I Patel
Balance outstanding at start of year (2,960 ) (2,960 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,960 ) (2,960 )

9. RELATED PARTY DISCLOSURES

The Patel families own all of the issued share capital of The Weavers Shop Limited, a company incorporated in England & Wales. Patel Brothers Limited has a loan of £14,196,253 (£13,583,654 - 2023) from The Weavers Shop Limited. Interest is charged on this loan at 2.5%. This amount will not be paid until notice of 363 days is given by either party.

The Patel Brothers Ltd owns a subsidiary Hollychain 10 Ltd. Patel Brothers Limited has an amount of £21,798 (£21,798 - 2023) owed to Hollychain 10 Limited. This amount is repayable on demand and the loan is interest free.

10. CHARGES

On 4 March 2015 Svenska Handelsbanken Ab (Publ) registered a fixed charge over the land at Badminton Arms, a property in the investment property balance for the company.

On 29 September 1995 Lloyds Bank PLC registered a fixed and floating charge over the shares and PPE of the company.

PATEL BROTHERS LIMITED (REGISTERED NUMBER: 02159455)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Patel Brothers Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The Company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.