0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2024 - FRS102_2024 510,675 10,188 243,412 764,275 764,275 510,675 xbrli:pure xbrli:shares iso4217:GBP 07237161 2023-05-01 2024-04-30 07237161 2024-04-30 07237161 2023-04-30 07237161 2022-05-01 2023-04-30 07237161 2023-04-30 07237161 2022-04-30 07237161 bus:Director1 2023-05-01 2024-04-30 07237161 core:LandBuildings 2023-05-01 2024-04-30 07237161 core:WithinOneYear 2024-04-30 07237161 core:WithinOneYear 2023-04-30 07237161 core:AfterOneYear 2024-04-30 07237161 core:AfterOneYear 2023-04-30 07237161 core:ShareCapital 2024-04-30 07237161 core:ShareCapital 2023-04-30 07237161 core:OtherReservesSubtotal 2024-04-30 07237161 core:RetainedEarningsAccumulatedLosses 2024-04-30 07237161 core:RetainedEarningsAccumulatedLosses 2023-04-30 07237161 core:HedgingReserve 2024-04-30 07237161 core:LandBuildings 2024-04-30 07237161 core:LandBuildings 2023-04-30 07237161 core:LandBuildings 2023-04-30 07237161 bus:SmallEntities 2023-05-01 2024-04-30 07237161 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07237161 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 07237161 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07237161 bus:FullAccounts 2023-05-01 2024-04-30 07237161 core:OtherRelatedParties 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 07237161
Patolt Properties Limited
Filleted Unaudited Financial Statements
30 April 2024
Patolt Properties Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
764,275
510,675
Current assets
Debtors
5
488
4,791
Cash at bank and in hand
439
760
----
-------
927
5,551
Creditors: amounts falling due within one year
6
189,019
169,601
---------
---------
Net current liabilities
188,092
164,050
---------
---------
Total assets less current liabilities
576,183
346,625
Creditors: amounts falling due after more than one year
7
227,441
232,601
Provisions
Taxation including deferred tax
60,853
---------
---------
Net assets
287,889
114,024
---------
---------
Capital and reserves
Called up share capital
2
2
Other reserves, including the fair value reserve
182,559
Profit and loss account
105,328
114,022
---------
---------
Shareholders funds
287,889
114,024
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Patolt Properties Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
M E Holt
Director
Company registration number: 07237161
Patolt Properties Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 19 De Montfort Street, Leicester, LE1 7GS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the rents received or receivable, stated net of discounts and of Value Added Tax.
Income tax
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.
Impairment of fixed assets
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Tangible assets
Investment properties
£
Cost or valuation
At 1 May 2023
510,675
Additions
10,188
Revaluations
243,412
---------
At 30 April 2024
764,275
---------
Depreciation
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
764,275
---------
At 30 April 2023
510,675
---------
In the directors' opinion the investment properties are disclosed at their fair value.
5. Debtors
2024
2023
£
£
Other debtors
488
4,791
----
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,365
9,620
Corporation tax
564
1,404
Other creditors
181,090
158,577
---------
---------
189,019
169,601
---------
---------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
227,441
232,601
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £197,982 (2023: £194,121) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans are secured against assets of the company.
8. Fair value reserve
The following movements on the fair value reserve are included within other reserves, including the fair value reserve in the statement of changes in equity:
2024
2023
£
£
Reclassification from fair value reserve to profit and loss account
182,559
---------
----
At end of year
182,559
---------
----
9. Related party transactions
During the year there was an interest free loan repayable on demand froma related party, amounting to £135,756 (2023 £107,482). At the balance sheet date the directors were owed £51,666 (2023: £46,007) by the company.