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Registration number: 14454786

Patton Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Patton Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Patton Limited

Company Information

Directors

Mr Murray Hamilton

Mr Patrick O'Grady

Registered office

37 Market Square
Witney
Oxon
OX28 6RE

Accountants

ReesRussell LLP 37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Patton Limited

(Registration number: 14454786)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

349,680

Investment property

5

396,403

-

 

396,403

349,680

Current assets

 

Cash at bank and in hand

 

1,436

50,360

Creditors: Amounts falling due within one year

6

(832)

-

Net current assets

 

604

50,360

Total assets less current liabilities

 

397,007

400,040

Creditors: Amounts falling due after more than one year

6

(399,040)

(399,040)

Net (liabilities)/assets

 

(2,033)

1,000

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

(3,033)

-

Shareholders' (deficit)/funds

 

(2,033)

1,000

For the financial year ending 30 November 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2025 and signed on its behalf by:
 

.........................................
Mr Murray Hamilton
Director

 

Patton Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
37 Market Square
Witney
Oxon
OX28 6RE

These financial statements were authorised for issue by the Board on 29 August 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.

Tangible assets

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Patton Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Patton Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2023

349,680

349,680

Transfers to/from investment property

(349,680)

(349,680)

At 30 November 2024

-

-

Depreciation

Carrying amount

At 30 November 2024

-

-

At 30 November 2023

349,680

349,680

Included within the net book value of land and buildings above is £Nil (2023 - £349,680) in respect of freehold land and buildings.
 

 

Patton Limited

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

5

Investment properties

2024
£

Additions

46,723

Transfers to and from Tangible assets

349,680

At 30 November

396,403

There has been no valuation of investment property by an independent valuer.

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

832

-

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

399,040

399,040

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

399,040

399,040

Other borrowings

 

Patton Limited

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

Directors' loans is denominated in £ with a nominal interest rate of 0%. The carrying amount at year end is £399,040 (2023 - £399,040).

The loans are unsecured and interest free and are only repayable with a minimum of 12 months notice. Such notice had not been given at the year end.

9

Related party transactions

Transactions with directors

2024

At 1 December 2023
£

At 30 November 2024
£

Mr Murray Hamilton

Directors loan

399,040

399,040

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr Murray Hamilton

Directors loan

-

400,040

(1,000)

399,040