Registered number: 14216359
PACHECO PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2024
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2nd Floor, Heathmans House
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PACHECO PROPERTIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PACHECO PROPERTIES LIMITED
FOR THE YEAR ENDED 31 JULY 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 PACHECO PROPERTIES LIMITED for the year ended 31 July 2024 which comprise the Balance Sheet and the 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 https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of PACHECO PROPERTIES LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PACHECO PROPERTIES LIMITED and state those matters that we have agreed to state to the Board of Directors of PACHECO PROPERTIES LIMITED, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PACHECO PROPERTIES LIMITED and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that PACHECO PROPERTIES 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 loss of PACHECO PROPERTIES LIMITED. You consider that PACHECO PROPERTIES LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of PACHECO PROPERTIES 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.
Haggards Crowther LLP
Chartered Accountants
2nd Floor, Heathmans House
19 Heathmans Road
London
SW6 4TJ
10 April 2025
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PACHECO PROPERTIES LIMITED
REGISTERED NUMBER: 14216359
BALANCE SHEET
AS AT 31 JULY 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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PACHECO PROPERTIES LIMITED
REGISTERED NUMBER: 14216359
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 April 2025.
The notes on pages 4 to 8 form part of these financial statements.
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PACHECO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Pacheco Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 14216359 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, England, SW6 4TJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Significant judgements and estimates
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.
Turnover represents the value of rent provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the rental income provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of rent, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
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PACHECO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the income statement..
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PACHECO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.Accounting policies (continued)
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument
is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Freehold investment property
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Valuation of Investment Property
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The Directors undertook a valuation of the investment properties as at 31 July 2024 on an open market basis. Following the assessment, the directors valued the property at £560,000.
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Cash and cash equivalents
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PACHECO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Charged to income statement
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Included in debtors, the deferred tax asset is made up as follows:
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Change in the property value
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Allotted, called up and fully paid
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2 (2023 - 2) Ordinary Shares shares of £1.00 each
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Directors' benefits: advances, credit and guarantees
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Included within the year end creditors balance is an amount owed by the company to its directors of £1,064,574 (2023: £1,064,262). Throughout the year, total withdrawal of funds amounted to £0, with total deposits of £312. (2023: £1,064,262). The outstanding balance is unsecured, repayable on demand and not subject to interest.
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PACHECO PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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Transition to FRS 102A and its impact on prior year losses and equity
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Due to acquiring investment property in the year, the company consequently transitioned to the FRS 102 Section 1A framework. The transition date is set as 5 July 2022, marking the start date of the earliest period reported in the financial statements. The transition did not impact prior year company losses nor equity.
The company was under the control of the directors throughout the current and previous year. There is
no majority shareholder.
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