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Registered number: 08727942
Patronus Properties Limited
ABRIDGED Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 08727942
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 924 107
Investment Properties 5 2,440,832 2,440,832
2,441,756 2,440,939
CURRENT ASSETS
Debtors 7,688 6,314
Cash at bank and in hand 37,545 101,718
45,233 108,032
Creditors: Amounts Falling Due Within One Year (25,513 ) (24,921 )
NET CURRENT ASSETS (LIABILITIES) 19,720 83,111
TOTAL ASSETS LESS CURRENT LIABILITIES 2,461,476 2,524,050
Creditors: Amounts Falling Due After More Than One Year (2,093,819 ) (2,193,388 )
NET ASSETS 367,657 330,662
CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 175,374 175,374
Profit and Loss Account 192,183 155,188
SHAREHOLDERS' FUNDS 367,657 330,662
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 October 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mrs Harjinder Sandhu
Director
27 May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Patronus Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08727942 . The registered office is 925 Finchley Road, London, NW11 7PE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold not depreciated
Leasehold not depreciated
Plant & Machinery 25% reducing balance basis
Fixtures & Fittings 25% reducing balance basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Total
£
Cost
As at 1 November 2023 752
Additions 1,048
As at 31 October 2024 1,800
Depreciation
As at 1 November 2023 645
Provided during the period 231
As at 31 October 2024 876
Net Book Value
As at 31 October 2024 924
As at 1 November 2023 107
The freehold land and buildings are held as long term investments. These were last revalued in 2015 on the basis of the valuations by local estate agents. The investment properties have been stated at those values with historic cost of £2,265,458 (2023 - £2,265,458).
5. Investment Property
2024
£
Fair Value
As at 1 November 2023 and 31 October 2024 2,440,832
Page 4
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6. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Bank loans and overdrafts 492,339 492,339
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Reserves
Revaluation Reserve
£
As at 1 November 2023 175,374
As at 31 October 2024 175,374
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