Registered number
04329907
PAT Properties Limited
Filleted Accounts
30 November 2024
PAT Properties Limited
Registered number: 04329907
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,744,302 2,715,547
Current assets
Debtors 4 59,931 55,431
Cash at bank and in hand 301,024 120,599
360,955 176,030
Creditors: amounts falling due within one year 5 (942,509) (698,236)
Net current liabilities (581,554) (522,206)
Total assets less current liabilities 2,162,748 2,193,341
Creditors: amounts falling due after more than one year 6 (1,985,164) (1,987,715)
Net assets 177,584 205,626
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 45,000 45,000
Profit and loss account 132,484 160,526
Shareholders' funds 177,584 205,626
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Tropea
Director
Approved by the board on 30 July 2025
PAT Properties Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% reducing balance
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2023 2,653,904 225,869 2,879,773
Additions - 58,888 58,888
At 30 November 2024 2,653,904 284,757 2,938,661
Depreciation
At 1 December 2023 - 164,226 164,226
Charge for the year - 30,133 30,133
At 30 November 2024 - 194,359 194,359
Net book value
At 30 November 2024 2,653,904 90,398 2,744,302
At 30 November 2023 2,653,904 61,643 2,715,547
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 54,500 50,000
Other debtors 5,431 5,431
59,931 55,431
5 Creditors: amounts falling due within one year 2024 2023
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 728,058 618,158
Taxation and social security costs 2,071 6,069
Other creditors 212,380 74,009
942,509 698,236
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,985,164 1,987,715
7 Revaluation reserve 2024 2023
£ £
At 1 December 2023 45,000 45,000
At 30 November 2024 45,000 45,000
8 Controlling party
The company is controlled by Mr P Tropea and Mrs A Tropea on the basis that together they hold 100% of the issued share capital of the company.
9 Other information
PAT Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Pennyweights
Kenley
CR8 5HB
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