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Registration number: SC223827

Patrician Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Patrician Properties Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Patrician Properties Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Patrician Properties Limited for the year ended 30 September 2024 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Patrician 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 accounts of Patrician Properties Limited and state those matters that we have agreed to state to the Board of Directors of Patrician Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-
activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Patrician Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Patrician Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Patrician Properties Limited. You consider that Patrician Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Patrician 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 accounts.

......................................

Carnegie Accountancy
Chartered Certified Accountant
24 Carnegie Crescent
Aberdeen
AB15 4AE

8 May 2025

 

Patrician Properties Limited

(Registration number: SC223827)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

148,150

Investment property

5

310,000

450,000

 

310,000

598,150

Current assets

 

Debtors

6

520,978

497,607

Cash at bank and in hand

 

317,576

338,735

 

838,554

836,342

Creditors: Amounts falling due within one year

7

(8,647)

(3,337)

Net current assets

 

829,907

833,005

Total assets less current liabilities

 

1,139,907

1,431,155

Provisions for liabilities

-

(25,630)

Net assets

 

1,139,907

1,405,525

Capital and reserves

 

Called up share capital

8

2

2

Revaluation reserve

-

286,610

Retained earnings

1,139,905

1,118,913

Shareholders' funds

 

1,139,907

1,405,525

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 8 May 2025 and signed on its behalf by:
 

.........................................
Mr J R P Webb
Director

 

Patrician Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Osborne House
28-30 Carden Place
ABERDEEN
AB10 1UP

These financial statements were authorised for issue by the Board on 8 May 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental properties, the sale of properties purchased for resale and the provision of property related services.

Tax

The tax expense for the period comprises 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.

 

Patrician Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible assets

Tangible assets are stated in the balance sheet at cost or valuation, 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.

The gain or loss arising on the disposal of any asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit and loss.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit and loss.

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 directors) during the year, was 2 (2023 - 2).

 

Patrician Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 October 2023

148,150

148,150

Transfers

(148,150)

(148,150)

At 30 September 2024

-

-

Depreciation

Carrying amount

At 30 September 2024

-

-

At 30 September 2023

148,150

148,150

Included within the net book value of land and buildings above is £Nil (2023 - £148,150) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 October

450,000

Additions

1,682

Transfers

148,150

Fair value adjustments

(289,832)

At 30 September

310,000

Investment property comprises commercial units. The fair value of the investment properties have been arrived at on the basis of valuations carried out by independent valuation specialists. The valuations were made on an open market value basis.

If investment properties were stated on an historical cost basis rather than a fair value basis, the cost would have been £287,245

6

Debtors

Current

2024
£

2023
£

Other debtors

520,978

497,607

 

520,978

497,607

 

Patrician Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other creditors

8,647

3,337


8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

2

2

2

2

       

9

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

At 30 September 2024
£

Mr J R P Webb

Interest free loan

75,034

75,034

Mrs P A Webb

Interest free loan

50,372

50,372