Company registration number 09677463 (England and Wales)
PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J Kennedy
Mr C J Thorpe
(Appointed 7 October 2024)
Company number
09677463
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
PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,521
-
0
Investment property
5
13,363,380
12,189,528
13,388,901
12,189,528
Current assets
Debtors
6
2,836,678
1,810,387
Cash at bank and in hand
1,988
-
0
2,838,666
1,810,387
Creditors: amounts falling due within one year
7
(8,332,774)
(6,559,115)
Net current liabilities
(5,494,108)
(4,748,728)
Total assets less current liabilities
7,894,793
7,440,800
Creditors: amounts falling due after more than one year
8
(2,646,449)
(2,646,449)
Provisions for liabilities
(307,016)
(307,016)
Net assets
4,941,328
4,487,335
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
4,941,327
4,487,334
Total equity
4,941,328
4,487,335

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

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

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 Kennedy
Director
Company registration number 09677463 (England and Wales)
PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Patrick Properties Altrincham Holdings 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
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.

1.3
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
1.4
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. It is subsequently measured at fair value at each reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.5
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 ALTRINCHAM HOLDINGS 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.

1.6
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.

1.7
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.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Parent company

Patrick Properties Altrincham Holdings Limited is a wholly owned subsidiary of Patrick Properties Group Limited and the results of Patrick Properties Altrincham Holdings 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.

PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
-
0
Additions
38,281
At 30 September 2024
38,281
Depreciation and impairment
At 1 October 2023
-
0
Depreciation charged in the year
12,760
At 30 September 2024
12,760
Carrying amount
At 30 September 2024
25,521
At 30 September 2023
-
0

 

PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Investment property
2024
£
Fair value
At 1 October 2023
12,189,528
Additions
1,173,852
At 30 September 2024
13,363,380

Investment property comprises £13,363,380 land and building (2023: £12,189,528).

 

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 a Chartered Surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
97,611
19,350
Corporation tax recoverable
134,376
134,376
Amounts owed by group undertakings
616,195
616,194
Other debtors
1,988,496
1,040,467
2,836,678
1,810,387
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
180,076
384,630
Amounts owed to group undertakings
8,025,480
6,125,744
Corporation tax
3,261
-
0
Other creditors
123,957
48,741
8,332,774
6,559,115

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
2,646,449
2,646,449
PATRICK PROPERTIES ALTRINCHAM HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 6 -

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
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
10
Events after the reporting date

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

11
Related party transactions

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

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