Company Registration No. 12343563 (England and Wales)
PTL Estates Ltd
Unaudited accounts
for the year ended 31 August 2024
PTL Estates Ltd
Unaudited accounts
Contents
PTL Estates Ltd
Company Information
for the year ended 31 August 2024
Directors
Praful Patel
Esneda Patel
Company Number
12343563 (England and Wales)
Registered Office
6 North End Parade
London
W14 0SJ
ENGLAND
Accountants
Evolve Accounting and Tax Solutions Ltd
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN
PTL Estates Ltd
Statement of financial position
as at 31 August 2024
Tangible assets
10,039
11,018
Investment property
43,913,615
43,492,236
Cash at bank and in hand
1,398,751
870,628
Creditors: amounts falling due within one year
(377,314)
(273,645)
Net current assets
1,378,203
807,202
Total assets less current liabilities
45,301,857
44,310,456
Creditors: amounts falling due after more than one year
(19,079,042)
(18,634,976)
Net assets
26,222,815
25,675,480
Called up share capital
1,000
1,000
Share premium
25,185,609
25,185,609
Profit and loss account
1,036,206
488,871
Shareholders' funds
26,222,815
25,675,480
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by
Praful Patel
Director
Company Registration No. 12343563
PTL Estates Ltd
Notes to the Accounts
for the year ended 31 August 2024
PTL Estates Ltd is a private company, limited by shares, registered in England and Wales, registration number 12343563. The registered office is 6 North End Parade, London, W14 0SJ, ENGLAND.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% reducing balance
Fixtures & fittings
25% reducing balance
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliable measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental Income
Rental Income is recognised in the period in which the property is occupied by the tenants.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
PTL Estates Ltd
Notes to the Accounts
for the year ended 31 August 2024
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 September 2023
17,000
1,561
18,561
At 31 August 2024
17,000
3,928
20,928
At 1 September 2023
6,860
683
7,543
Charge for the year
2,535
811
3,346
At 31 August 2024
9,395
1,494
10,889
At 31 August 2024
7,605
2,434
10,039
At 31 August 2023
10,140
878
11,018
Fair value at 1 September 2023
43,492,236
At 31 August 2024
43,913,615
The director have assessed the fair value of the properties.
Amounts falling due within one year
Accrued income and prepayments
154,876
206,219
Other debtors
201,890
4,000
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Creditors: amounts falling due within one year
2024
2023
Taxes and social security
206,574
80,207
Other creditors
163,540
130,771
Loans from directors
-
55,767
PTL Estates Ltd
Notes to the Accounts
for the year ended 31 August 2024
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Creditors: amounts falling due after more than one year
2024
2023
Bank loans
19,079,042
18,634,976
The company has 3 interest only mortgage which is secured by way of a debenture over the entire assets and undertaking of the company including a first legal charge over the investment properties for one and another which is secured over over a specific investment property. The increase between the original loan balance and current balance relates to deferred interest. The loan provider has a joint and several guarantee from the directors limited to a sum of £1,500,000.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
A loan was made to the directors on 20th August 2024, the company will charge interest at 5%p.a
-
200,000
-
200,000
The loan is a 9 month loan which is due to be repaid in full before 19th May 2024 (or earlier). An interest rate of 5%p.a. is applied to the loan and will be payable at the end of the term or repayment date, whichever is the earlier.
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Average number of employees
During the year the average number of employees was 2 (2023: 2).