Pateco Properties Ltd 11441218 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is letting and operating of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 11441218 2023-07-01 2024-06-30 11441218 2024-06-30 11441218 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 11441218 core:Non-currentFinancialInstruments 2024-06-30 11441218 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 11441218 bus:SmallEntities 2023-07-01 2024-06-30 11441218 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 11441218 bus:FilletedAccounts 2023-07-01 2024-06-30 11441218 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 11441218 bus:RegisteredOffice 2023-07-01 2024-06-30 11441218 bus:Director1 2023-07-01 2024-06-30 11441218 bus:Director2 2023-07-01 2024-06-30 11441218 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11441218 countries:EnglandWales 2023-07-01 2024-06-30 11441218 2023-06-30 11441218 2022-07-01 2023-06-30 11441218 2023-06-30 11441218 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 11441218 core:Non-currentFinancialInstruments 2023-06-30 11441218 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 11441218

Pateco Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Pateco Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Pateco Properties Ltd

Company Information

Directors:

E Oldfield

P A Thorpe

Registered office:

2 Rosemont Road
London
United Kingdom
W3 9LR

Registered number:

11441218

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Pateco Properties Ltd

(Registration number: 11441218)
Balance Sheet as at 30 June 2024

Note

30.06.24

30.06.23

   

£

£

£

£

FIXED ASSETS

   

 

Investment property

4

 

1,427,053

 

1,502,734

CURRENT ASSETS

   

 

Debtors

5

8,832

 

9,216

 

Cash at bank and in hand

 

58,451

 

15,920

 

 

67,283

 

25,136

 

CREDITORS

   

 

Creditors within 1yr

6

1,189,897

 

1,166,303

 

Net current liabilities

   

(1,122,614)

 

(1,141,167)

Total assets less current liabilities

   

304,439

 

361,567

Creditors
Amounts falling due after more than one year

6

 

329,600

 

329,600

PROVISIONS FOR LIABILITIES

 

-

 

(5,513)

Net (liabilities)/assets

   

(25,161)

 

26,454

CAPITAL AND RESERVES

   

 

Called up share capital

 

2

 

2

Investment property reserve

 

(34,075)

 

16,540

Profit and loss account

 

8,912

 

9,912

Shareholders' (deficit)/funds

   

(25,161)

 

26,454

For the financial 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Pateco Properties Ltd

(Registration number: 11441218)
Balance Sheet as at 30 June 2024 (continued)

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 March 2025

.........................................
E Oldfield
Director

 

Pateco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Rosemont Road
London
United Kingdom
W3 9LR

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Going concern

The accounts have been prepared on a going concern basis on the understanding that the directors will continue to support the business for a period of not less than 12 months.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pateco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Pateco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3.

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4.

Investment properties

30.06.24
£

At 1 July 2023

1,480,680

Fair value adjustments

(53,627)

At 30 June 2024

1,427,053

The properties were revalued at the year on an open market basis by the director and fair value is represented by cost of £1,480,680 minus revaluation loss of £53,627 giving a total £1,427,053.

5.

Debtors

Current

30.06.24
£

30.06.23
£

Prepayments

8,832

9,216

 

8,832

9,216

 

Pateco Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6.

Creditors

Creditors: amounts falling due within one year

30.06.24
£

30.06.23
£

Due within one year

Taxation and social security

5,186

3,391

Other creditors

1,184,711

1,162,912

1,189,897

1,166,303

Included in other creditors are loans from directors totaling £1,184,711 interest is charged on the loans which have no fixed repayment date.

The mortgage on investment property is secured by a legal charge over the assets of the business.

Creditors: amounts falling due after more than one year

Note

30.06.24
£

30.06.23
£

Due after one year

 

Loans and borrowings

7

329,600

329,600

7.

Loans and borrowings

30.06.24
£

30.06.23
£

Non-current loans and borrowings

Other borrowings

329,600

329,600