REGISTERED NUMBER: 03753561 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

PATTICHI PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

K. Pattichi

REGISTERED OFFICE:

Global House

303 Ballards Lane

London

N12 8NP

REGISTERED NUMBER:

03753561 (England and Wales)

ACCOUNTANTS:

K J Pittalis and Partners LLP

Chartered Certified Accountants

Global House

303 Ballards Lane

London

N12 8NP

FIXED ASSETS

Investment property

5

15,985,000

15,585,000

CURRENT ASSETS

Debtors

6

4,600,535

4,276,607

Cash at bank

440,848

478,294

5,041,383

4,754,901

CREDITORS

Amounts falling due within one year

7

(26,743

)

(959,942

)

NET CURRENT ASSETS

5,014,640

3,794,959

TOTAL ASSETS LESS CURRENT LIABILITIES

20,999,640

19,379,959

CREDITORS

Amounts falling due after more than one year

8

(10,374,251

)

(8,900,810

)

PROVISIONS FOR LIABILITIES

9

(2,308,188

)

(2,220,707

)

NET ASSETS

8,317,201

8,258,442

CAPITAL AND RESERVES

Called up share capital

100

100

Other reserves

6,999,564

6,662,121

Retained earnings

1,317,537

1,596,221

SHAREHOLDERS' FUNDS

8,317,201

8,258,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2025 and were signed by:

K. Pattichi - Director

1.	STATUTORY INFORMATION

Pattichi Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rents receivable from the investment properties owned by company. Rents are recognised up to the year end date.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

15,585,000

Additions

50,076

Revaluations

349,924

At 31 March 2025

15,985,000

NET BOOK VALUE

At 31 March 2025

15,985,000

At 31 March 2024

15,585,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2010

3,208,646

Valuation in 2014

2,159,557

Valuation in 2018

2,471,590

Valuation in 2023

584,757

Valuation in 2024

458,278

Valuation in 2025

349,924

Cost

6,752,248

15,985,000

The fair value of the properties at March 2025 has been arrived at on the basis of a valuation carried out by the director of the company who is not a professionally qualified valuer. The director believes the values shown in the accounts reflect the market value at at the reporting date. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in the location and takes into account the yield from rentals in the area where the property is situated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Trade debtors

1,540

-

Amounts owed by related entities

2,772,245

2,592,245

Other debtors

1,826,750

1,684,362

4,600,535

4,276,607

Included in other debtors, an amount of £816,991 (2024: £829,904) is owed by the company director.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans and overdrafts

2,985

176,251

Trade creditors

12,352

15,613

Taxation and social security

2,106

760,278

Other creditors

9,300

7,800

26,743

959,942

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

£

Bank loans

10,374,251

8,900,810

The company has the following loan facilities:

Lazari Finance Ltd: A loan of £585,000 with interest charged at 2.95% per annum plus LIBOR. The loan is secured by a fixed charge over the property located at 142 High Road and is subject to a negative pledge.

Barclays Bank Plc: A loan of £816,000 with interest charged at 1% per annum above the Bank of England base rate. This loan is secured by a legal charge over the property at 22 Sylvester Road and a floating charge over all moveable plant and machinery.

Investec Bank Plc: A loan of £8,973,250 with interest charged at a fixed rate of 5.6% per annum. The loan is secured by way of fixed and floating charges, including security over a number of the company’s properties. It is also subject to a negative pledge and supported by a personal guarantee from the director.

9.	PROVISIONS FOR LIABILITIES

31/3/25

31/3/24

£

£

Deferred tax

2,308,188

2,220,707

Deferred

tax

£

Balance at 1 April 2024

2,220,707

Provided during year

87,481

Balance at 31 March 2025

2,308,188

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

31/3/25

31/3/24

£

£

K. Pattichi

Balance outstanding at start of year

829,904

1,855,090

Amounts repaid

(12,913

)

(1,025,186

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

816,991

829,904

Interest is charged at 2.25%. Section 455 tax of £269,779 has been paid on the overdue balance. Once the director's overdrawn loan account has been repaid the section 455 tax will be repaid to the company.

11.	RELATED PARTY DISCLOSURES

Monte Properties Limited is a related company by virtue of the director, as at the year end date an amount of £1,920,000 (2024 - £1,815,000) is owed to the company. There is no fixed repayment term and interest is charged on the outstanding balance at a fixed rate of 4%.

The company is also related to Red Events London Ltd by virtue of common directors and shareholders. As at the balance sheet date an amount of £699,000 (2024 - £624,000) is due to the company from Red Events London Ltd. The loan is interest free and repayable on demand.

Let's Bet Holdings Ltd is a connected by virtue of common directors and owes the company £153,245 (2024: £153,245) at the year end.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr K Pattichi, director and the holder of 100% of the issued share capital of the company.