1 1 Patterson Properties Limited 02832454 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Property rental Digita Accounts Production Advanced 6.30.9574.0 true 02832454 2023-08-01 2024-07-31 02832454 2024-07-31 02832454 bus:OrdinaryShareClass1 2024-07-31 02832454 core:RetainedEarningsAccumulatedLosses 2024-07-31 02832454 core:ShareCapital 2024-07-31 02832454 core:CurrentFinancialInstruments 2024-07-31 02832454 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 02832454 core:FurnitureFittingsToolsEquipment 2024-07-31 02832454 core:MotorVehicles 2024-07-31 02832454 core:OtherPropertyPlantEquipment 2024-07-31 02832454 bus:SmallEntities 2023-08-01 2024-07-31 02832454 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 02832454 bus:FilletedAccounts 2023-08-01 2024-07-31 02832454 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 02832454 bus:RegisteredOffice 2023-08-01 2024-07-31 02832454 bus:Director1 2023-08-01 2024-07-31 02832454 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 02832454 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02832454 core:ComputerEquipment 2023-08-01 2024-07-31 02832454 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 02832454 core:MotorVehicles 2023-08-01 2024-07-31 02832454 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 02832454 core:PlantMachinery 2023-08-01 2024-07-31 02832454 countries:England 2023-08-01 2024-07-31 02832454 2023-07-31 02832454 core:FurnitureFittingsToolsEquipment 2023-07-31 02832454 core:MotorVehicles 2023-07-31 02832454 core:OtherPropertyPlantEquipment 2023-07-31 02832454 2022-08-01 2023-07-31 02832454 2023-07-31 02832454 bus:OrdinaryShareClass1 2023-07-31 02832454 core:RetainedEarningsAccumulatedLosses 2023-07-31 02832454 core:ShareCapital 2023-07-31 02832454 core:CurrentFinancialInstruments 2023-07-31 02832454 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 02832454 core:FurnitureFittingsToolsEquipment 2023-07-31 02832454 core:MotorVehicles 2023-07-31 02832454 core:OtherPropertyPlantEquipment 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 02832454

Patterson Properties Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Patterson Properties Limited

(Registration number: 02832454)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,004

19,268

Investment property

5

279,919

279,919

 

325,923

299,187

Current assets

 

Stocks

204,325

189,728

Debtors

6

4,468

3,632

Cash at bank and in hand

 

116,075

203,987

 

324,868

397,347

Creditors: Amounts falling due within one year

7

(40,567)

(47,997)

Net current assets

 

284,301

349,350

Total assets less current liabilities

 

610,224

648,537

Provisions for liabilities

1,990

(1,300)

Net assets

 

612,214

647,237

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

612,212

647,235

Shareholders' funds

 

612,214

647,237

 

Patterson Properties Limited

(Registration number: 02832454)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 April 2025
 


Mr D Patterson
Director

   
 

Patterson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
27 Osborne Street
Grimsby
North East Lincolnshire
DN31 1NU

Registration number: 02832454

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.

Revenue recognition

Turnover represents the fair value, excluding value added tax, of rents receivable on investment properties.

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 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.

 

Patterson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than investment property, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Motor vehicles

20% on reducing balance

Plant and machinery

25% on cost

Investment property

Investment property is shown at fair value assessed by the director. Any aggregate surplus or deficit arising from changes in fair value is 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 rents and services provided in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of land held as trading stock comprises the cost of purchase and all related expenditure incurred in bringing the inventories to their present condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss

 

Patterson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

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 (including the director) during the year was 1 (2023 - 1).

 

Patterson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 August 2023

721

38,085

1,814

40,620

Additions

3,072

47,845

-

50,917

Disposals

-

(32,086)

-

(32,086)

At 31 July 2024

3,793

53,844

1,814

59,451

Depreciation

At 1 August 2023

180

19,485

1,687

21,352

Charge for the year

948

10,569

63

11,580

Eliminated on disposal

-

(19,485)

-

(19,485)

At 31 July 2024

1,128

10,569

1,750

13,447

Carrying amount

At 31 July 2024

2,665

43,275

64

46,004

At 31 July 2023

541

18,600

127

19,268

5

Investment properties

2024
£

At 1 August

279,919

At 31 July

279,919

The investment properties were valued at fair value by the director, D Patterson.
The historical cost of the investment properties is £279,919 (2023 - £279,919).

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,468

2,939

Prepayments

-

693

 

4,468

3,632

 

Patterson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

2024
£

2023
£

Due within one year

Trade payables

108

108

Other payables

40,459

47,889

40,567

47,997

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2