Company registration number 06799652 (England and Wales)
PATRICK PROPERTIES STERLING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PATRICK PROPERTIES STERLING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PATRICK PROPERTIES STERLING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
47,550,000
47,550,000
Investments
5
410
410
47,550,410
47,550,410
Current assets
Debtors
6
19,771,033
19,353,298
Creditors: amounts falling due within one year
7
(20,187,623)
(21,230,267)
Net current liabilities
(416,590)
(1,876,969)
Total assets less current liabilities
47,133,820
45,673,441
Creditors: amounts falling due after more than one year
8
(8,672,700)
(8,672,700)
Provisions for liabilities
11
(4,335,602)
(4,335,602)
Net assets
34,125,518
32,665,139
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
34,125,408
32,665,029
Total equity
34,125,518
32,665,139

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr J R Kennedy
Director
Company Registration No. 06799652
PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Patrick Properties Sterling Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hamilton House, Church Street, Altrincham, WA14 4DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue

company has adequate resources to continue in operational existence for the foreseeable future. Thus the

directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover relates to rental income net of VAT for the period and recognised on a straight line basis. Operating lease incentives are taken into account and spread up to the earliest break-clause of the lease where applicable.

 

1.4
Investment properties

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. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable 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 the 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 directly 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.

PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9

Parent company

Patrick Properties Sterling Limited is a wholly owned subsidiary of Patrick Properties Group Limited and the results of Patrick Properties Sterling Limited are included in the consolidated financial statements of Patrick Properties Group Limited which are available from its registered office at Hamilton House, Church Street, Altrincham, United Kingdom, WA14 4DR. The ultimate controlling party is Brian Kennedy.

2
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.

3
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
47,550,000

Investment property comprises £47,550,000 land and building (2023: £47,550,000) The fair value of the investment property has been arrived at on the basis of a valuation carried out within 12 months of the year end by a Chartered Surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
410
410

Investments in subsidiaries comprise of the value of the shares which the Group holds in its subsidiary undertakings. These shares are held at cost.

 

PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
468,452
246,384
Amounts owed by group undertakings
16,977,467
16,977,468
Other debtors
2,325,114
2,129,446
19,771,033
19,353,298
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,172
16,992
Amounts owed to group undertakings
19,165,446
20,594,023
Corporation tax
155,333
165,644
Other taxation and social security
129,210
-
0
Other creditors
729,462
453,608
20,187,623
21,230,267

With regard to bank loans there are no amounts payable within 12 months as all amounts are payable more than 12 months from the balance sheet date.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,672,700
8,672,700

There were no amounts payable more than 5 years.

The loan is a 5 year term with fixed interest rates payable quarterly by reference to SONIA base rate and margin of 1.7%. The bank holds fixed charges over the investment property assets and assets under construction of the Company.

9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
4,335,602
4,335,602
There were no deferred tax movements in the year.
PATRICK PROPERTIES STERLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Deferred taxation
(Continued)
- 6 -

The deferred tax liability has arisen on the revaluation gain on one of the properties.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Nathaniel Davidson BA(Hons) ACA
Statutory Auditor:
Lopian Gross Barnett & Co
Date of audit report:
23 June 2025
11
Events after the reporting date

There were no post balance sheet events which require disclosure at the balance sheet date.

12
Related party transactions

There were no related party transactions which require disclosure under FRS 102 Section 1A.

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