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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
Page
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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
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PTL Estates Ltd Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
10,039 
11,018 
Investment property
43,913,615 
43,492,236 
43,923,654 
43,503,254 
Current assets
Debtors
356,766 
210,219 
Cash at bank and in hand
1,398,751 
870,628 
1,755,517 
1,080,847 
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 
Capital and reserves
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
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PTL Estates Ltd Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
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.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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
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
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 taxation
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.
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PTL Estates Ltd Notes to the Accounts for the year ended 31 August 2024
Financial instruments
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.
4
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 
Additions
- 
2,367 
2,367 
At 31 August 2024
17,000 
3,928 
20,928 
Depreciation
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 
Net book value
At 31 August 2024
7,605 
2,434 
10,039 
At 31 August 2023
10,140 
878 
11,018 
5
Investment property
2024 
£ 
Fair value at 1 September 2023
43,492,236 
Additions
421,379 
At 31 August 2024
43,913,615 
The director have assessed the fair value of the properties.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
154,876 
206,219 
Other debtors
201,890 
4,000 
356,766 
210,219 
7
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 
Accruals
7,200 
6,900 
377,314 
273,645 
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PTL Estates Ltd Notes to the Accounts for the year ended 31 August 2024
8
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.
9
Loans to directors
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 
- 
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.
10
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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