Company registration number 08705103 (England and Wales)
PATRICK PROPERTIES GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PATRICK PROPERTIES GROUP LTD
COMPANY INFORMATION
Directors
Mr J R Kennedy
Mr C J Thorpe
(Appointed 7 October 2024)
Company number
08705103
Registered office
Hamilton House
Church Street
Altrincham
WA14 4DR
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Hamilton House
Church Street
Altrincham
WA14 4DR
PATRICK PROPERTIES GROUP LTD
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Group balance sheet
7
Company balance sheet
8
Notes to the financial statements
9 - 19
PATRICK PROPERTIES GROUP LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The activity of the company is that of a holding company. The activity of the group is that of property holding and management of properties.
Results and dividends
The results for the year are set out on page 6. No dividends were paid during the year. The directors do not propose to pay any further dividends.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr T J Halpin
(Resigned 10 December 2024)
Mr J R Kennedy
Mr C J Thorpe
(Appointed 7 October 2024)
Auditor
In accordance with the company's articles, a resolution proposing that Lopian Gross Barnett & Co be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J R Kennedy
Director
23 June 2025
PATRICK PROPERTIES GROUP LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PATRICK PROPERTIES GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PATRICK PROPERTIES GROUP LTD
- 3 -
Opinion
We have audited the financial statements of Patrick Properties Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The directors' report has been prepared in accordance with applicable legal requirements.
PATRICK PROPERTIES GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PATRICK PROPERTIES GROUP LTD
- 4 -
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
PATRICK PROPERTIES GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PATRICK PROPERTIES GROUP LTD
- 5 -
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Nathaniel Davidson BA(Hons) ACA (Senior Statutory Auditor)
23 June 2025
For and on behalf of Lopian Gross Barnett & Co
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
PATRICK PROPERTIES GROUP LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
5,124,732
6,103,131
Cost of sales
(43,535)
Gross profit
5,081,197
6,103,131
Administrative expenses
(1,691,781)
(1,664,057)
Operating profit
3,389,416
4,439,074
Interest receivable and similar income
5
3,350
26,227
Interest payable and similar expenses
(3,036,676)
(2,481,266)
Fair value gains/(losses) on investment properties
6
72,900
20,318,235
Profit before taxation
428,990
22,302,270
Tax on profit
7
(37,791)
(5,482,137)
Profit for the financial year
391,199
16,820,133
Profit for the financial year is all attributable to the owners of the parent company.
PATRICK PROPERTIES GROUP LTD
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
33,769
Investment properties
9
82,906,380
81,690,528
82,940,149
81,690,528
Current assets
Stocks
12
3,300,339
3,300,339
Debtors
13
74,561,087
59,098,967
Cash at bank and in hand
1,210,260
2,627,017
79,071,686
65,026,323
Creditors: amounts falling due within one year
14
(68,618,538)
(53,714,753)
Net current assets
10,453,148
11,311,570
Total assets less current liabilities
93,393,297
93,002,098
Creditors: amounts falling due after more than one year
15
(45,999,337)
(45,999,337)
Provisions for liabilities
15
(6,100,493)
(6,100,493)
Net assets
41,293,467
40,902,268
Capital and reserves
Called up share capital
18
100
100
Share premium account
1,931,978
1,931,978
Profit and loss reserves
39,361,389
38,970,190
Total equity
41,293,467
40,902,268
These financial statements have been prepared in accordance with the provisions applicable to groups and 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:
23 June 2025
Mr J R Kennedy
Director
PATRICK PROPERTIES GROUP LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
358
Investments
10
776
776
1,134
776
Current assets
Debtors
13
82,776,652
68,925,094
Cash at bank and in hand
1,202,984
2,598,927
83,979,636
71,524,021
Creditors: amounts falling due within one year
14
(61,851,687)
(46,958,316)
Net current assets
22,127,949
24,565,705
Total assets less current liabilities
22,129,083
24,566,481
Creditors: amounts falling due after more than one year
15
(27,474,196)
(27,474,196)
Net liabilities
(5,345,113)
(2,907,715)
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
(5,345,213)
(2,907,815)
Total equity
(5,345,113)
(2,907,715)
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,437,398 (2023 - £1,926,806 loss).
These financial statements have been prepared 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:
23 June 2025
Mr J R Kennedy
Director
Company registration number 08705103 (England and Wales)
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
1
Accounting policies
Company information
Patrick Properties Group Ltd (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Hamilton House, Church Street, Altrincham, WA14 4DR.
The group consists of Patrick Properties Group Ltd and all of its subsidiaries.
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.
The company and group qualifies as small and has elected not to report its statement of changes in equity or statement of cashflows for the year.
These consolidated financial statements incorporate those of Patrick Properties Group Ltd and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All intra-group balances and transactions between group companies are eliminated on consolidation.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors have continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover relates to the proceeds from sale of property held as stock, rental income, service charge income and dilapidation income.
Turnover from the sale of property held as stock is recognised in the profit and loss account when the significant risks and rewards of ownership have been transferred to the buyer. Transfer occurs on completion of a property sale contract. Sale proceeds, including non-refundable deposits received in advance of completion, are recognised in full at this point.
Turnover from the rental of investment property is recognised net of VAT for the period and 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.
Turnover from service charge income relates to collection of the service charge and is recognised in the period in which expenditure is incurred to which the service charge relates.
Turnover is related solely to the company’s principal activities and is derived wholly within the UK.
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% SL
Computers
33% SL
1.5
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.
1.6
Fixed asset investments
In the parent company financial statements, investments in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Stocks
The stock value relates to property held for sale at the year end, and is measured at the lower of cost and net realisable value.
1.8
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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.
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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.
1.9
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 group’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 if, and only if, there is 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.
1.10
The immediate Parent Company of Patrick Properties Group Ltd is Patrick Properties Midco Ltd whose registered office is Hamilton House, Church Street, Altrincham, England, WA14 4DR.
The immediate Parent Company of Patrick Properties Midco Ltd is Patrick Properties Topco Ltd whose registered office is Hamilton House, Church Street, Altrincham, England, WA14 4DR.
Both of these Companies do not file consolidated accounts as they are both small groups.
The ultimate controlling party is Brian Kennedy.
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Rental income
5,004,266
5,909,301
Service charge income
120,375
125,978
Management charge income
91
67,852
5,124,732
6,103,131
2024
2023
£
£
Other revenue
Interest income
3,350
26,227
All turnover generated, in both the current year and prior year comparatives, was fully derived within the UK.
4
Employees
The average monthly number of persons (excluding directors) employed by the group and company during the year was as follows:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
5
5
5
5
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
426,949
359,758
416,299
359,758
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Employees
(Continued)
- 13 -
Wages costs incurred in the year relate to recharges from a connected company.
5
Interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
3,350
26,227
6
Fair value gains/(losses) on investment properties
2024
2023
£
£
Fair value gains/(losses)
Gain on investment properties
72,900
20,318,235
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
19,566
413,227
Deferred tax
Origination and reversal of timing differences
18,225
5,068,910
Total tax charge
37,791
5,482,137
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
428,990
22,302,270
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
107,248
4,906,499
Tax effect of expenses that are not deductible in determining taxable profit
(14,412)
20,151
Effect of change in corporation tax rate
-
574,551
Group relief
23,277
138,231
Permanent capital allowances in excess of depreciation
(96,592)
(157,295)
Deferred Tax
18,270
Taxation charge
37,791
5,482,137
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
8
Tangible fixed assets
Group
Plant and machinery etc
£
Cost
At 1 October 2023
Additions
50,658
At 30 September 2024
50,658
Depreciation and impairment
At 1 October 2023
Depreciation charged in the year
16,889
At 30 September 2024
16,889
Carrying amount
At 30 September 2024
33,769
At 30 September 2023
Company
Plant and machinery etc
£
Cost
At 1 October 2023
Additions
541
At 30 September 2024
541
Depreciation and impairment
At 1 October 2023
Depreciation charged in the year
183
At 30 September 2024
183
Carrying amount
At 30 September 2024
358
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
9
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2022
81,690,528
-
Additions
1,245,952
-
Disposals
(103,000)
-
Revaluations
72,900
-
At 30 September 2024
82,906,380
-
Investment property comprises £82,906,380 of commercial property (2023: £81,690,528). 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 an external Chartered Surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Land in Patrick Properties Nether Alderly Limited with a fair value of £92,000 (2023: £92,000), was arrived at via a valuation performed by the directors. There was no revaluation gain or loss on the land in the current year.
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments
-
-
776
776
Fixed asset investments are held at cost.
Movement in Investments in subsidiaries
Company
Shares in group undertakings
£
Cost or valuation
At 1 October 2023 and 30 September 2024
776
Carrying amount
At 30 September 2024
776
At 30 September 2023
776
11
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Subsidiaries
(Continued)
- 16 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bow Chambers Management Company Limited
England and Wales
Ordinary
100.00
Cheshire Rugby
England and Wales
Ordinary
90.00
Cheshire Sports Promotions
England and Wales
Ordinary
90.00
Graphite Management Company
England and Wales
Ordinary
100.00
Patrick Properties Altrincham Holdings Limited
England and Wales
Ordinary
100.00
Patrick Properties Altrincham Management Company Limited
England and Wales
Ordinary
100.00
Patrick Properties Coatbridge Limited
England and Wales
Ordinary
100.00
Patrick Properties Crewe Limited
England and Wales
Ordinary
100.00
Patrick Properties Holdings Limited
England and Wales
Ordinary
100.00
Patrick Properties Manchester (CP) Limited
England and Wales
Ordinary
100.00
Patrick Properties Nether Alderley
England and wales
Ordinary
100.00
Patrick Properties Northampton
England and Wales
Ordinary
100.00
Patrick Properties Poland Limited
England and Wales
Ordinary
100.00
Patrick Properties Sterling Limited
England and Wales
Ordinary
100.00
12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Property held for sale
3,300,339
3,300,339
-
-
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,044,077
717,536
6,466
32,230
Corporation tax recoverable
137,036
134,376
Amounts owed by group undertakings
9,815,039
9,807,505
29,433,457
29,345,552
Other debtors
63,044,564
47,900,954
53,336,729
39,547,312
74,040,716
58,560,371
82,776,652
68,925,094
Amounts falling due after more than one year:
Deferred tax asset
520,371
538,596
-
-
Total debtors
74,561,087
59,098,967
82,776,652
68,925,094
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Debtors
(Continued)
- 17 -
The balances outstanding in amounts due from group undertakings relate to amounts due from the LLPs which are not consolidated.
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
392,697
583,212
8,693
55,729
Amounts owed to group undertakings
3,226,708
3,083,014
4,058,714
3,518,687
Corporation tax payable
360,569
392,169
Other taxation and social security
207,238
1,156
(5,694)
(1,393)
Other creditors
64,431,326
49,655,202
57,789,974
43,385,293
68,618,538
53,714,753
61,851,687
46,958,316
The balances outstanding in amounts due to group undertakings relate to amounts due to the LLPs which are not consolidated.
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.
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
45,999,337
45,999,337
27,474,196
27,474,196
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
45,999,337
45,999,337
27,474,196
27,474,196
Other loans
852,796
852,796
-
-
46,852,133
46,852,133
27,474,196
27,474,196
Payable within one year
852,796
852,796
-
-
Payable after one year
45,999,337
45,999,337
27,474,196
27,474,196
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Loans and overdrafts
(Continued)
- 18 -
Bank loans include a loan with Barclays which is secured against the assets of the principal shareholder of the group. Interest is payable on the loan at 0.75% above the Bank of England three month LIBOR rate.
Bank loans also include a loan with Natwest 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 of the Group.
Other loans relate to loans provided by Mr B G Kennedy, a connected party with significant control over the company, which are repayable on demand.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Revaluations
6,100,493
6,100,493
520,371
538,596
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
5,561,897
-
Charge to profit or loss
18,225
-
Liability at 30 September 2024
5,580,122
-
The deferred tax liability above relates to the deferred tax arising on investment property revaluation gains being credited to the profit or loss under FRS 102.
The deferred tax asset relates to the deferred tax arising on investment property revaluation losses being debited to the profit or loss under FRS 102.
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
PATRICK PROPERTIES GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
19
Post balance sheet events
After the reporting date, Patrick Properties Group repaid the Barclays loan facility of £17,675,659 in full. This repayment was funded by an additional drawdown on the Natwest loan facility, bringing the total drawn balance on that facility to £57,500,000.
After the reporting date, Patrick Properties Holdings completed the sale of part the Graphite property portfolio for a total consideration of £1,200,000.
20
Related party transactions
Specific related party disclosure for group subsidiaries can be obtained from the relevant company accounts.
There were no related party transactions outside the normal course of business.
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