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Company No: 10782067 (England and Wales)

# PATRICK INVESTMENT (DEVON) LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2026
Pages for filing with the registrar

PATRICK INVESTMENT (DEVON) LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2026

Contents

PATRICK INVESTMENT (DEVON) LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2026
PATRICK INVESTMENT (DEVON) LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2026

| Note | 2026 |  | 2025
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 25,837 |  | 27,241
Investment property | 4 | 1,555,855 |  | 1,555,855
|  | 1,581,692 |  | 1,583,096
Current assets |  |  |  |
Stocks |  | 98,802 |  | 160,113
Debtors |  |  |  |
- due within one year | 5 | 17,247 |  | 31,901
- due after more than one year | 5 | 36,436 |  | 86,436
Cash at bank and in hand |  | 130,634 |  | 112,218
|  | 283,119 |  | 390,668
Creditors: amounts falling due within one year | 6 | ( 1,434,929) |  | ( 1,532,867)
Net current liabilities |  | (1,151,810) |  | (1,142,199)
Total assets less current liabilities |  | 429,882 |  | 440,897
Creditors: amounts falling due after more than one year | 7 | 0 |  | ( 1,658)
Provision for liabilities | 8 | ( 20,002) |  | ( 18,829)
Net assets |  | 409,880 |  | 420,410
Capital and reserves |  |  |  |
Called-up share capital | 9 | 100 |  | 100
Profit and loss account | 11 | 409,780 |  | 420,310
Total shareholders' funds |  | 409,880 |  | 420,410

For the financial year ending 31 March 2026 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Patrick Investment (Devon) Limited (registered number: 10782067) were approved and authorised for issue by the Board of Directors on 03 August 2026. They were signed on its behalf by:

Andrew Patrick Director |

PATRICK INVESTMENT (DEVON) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2026
PATRICK INVESTMENT (DEVON) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2026

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Patrick Investment (Devon) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Powderham House, Yonder, Plymouth, PL9 9RB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery | 5 years straight line
Vehicles | 5 years straight line
Office equipment | 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

#### 2. Employees

| 2026 |  | 2025
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Tangible assets

| Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2025 | 2,000 |  | 38,298 |  | 2,957 |  | 43,255
Additions | 0 |  | 6,884 |  | 0 |  | 6,884
Disposals | ( 2,000) |  | 0 |  | 0 |  | ( 2,000)
At 31 March 2026 | 0 |  | 45,182 |  | 2,957 |  | 48,139
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2025 | 1,747 |  | 12,128 |  | 2,139 |  | 16,014
Charge for the financial year | 33 |  | 7,774 |  | 261 |  | 8,068
Disposals | ( 1,780) |  | 0 |  | 0 |  | ( 1,780)
At 31 March 2026 | 0 |  | 19,902 |  | 2,400 |  | 22,302
Net book value |  |  |  |  |  |  |
At 31 March 2026 | 0 |  | 25,280 |  | 557 |  | 25,837
At 31 March 2025 | 253 |  | 26,170 |  | 818 |  | 27,241

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 April 2025 | 1,555,855
As at 31 March 2026 | 1,555,855

Valuation

The fair value is determined annually by the directors, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2026 |  | 2025
| £ |  | £
Historic cost | 1,555,246 |  | 1,555,246

#### 5. Debtors

| 2026 |  | 2025
| £ |  | £
Debtors: amounts falling due within one year |  |  |
Trade debtors | 6,900 |  | 11,116
Prepayments | 957 |  | 945
VAT recoverable | 0 |  | 10,450
Other debtors | 9,390 |  | 9,390
| 17,247 |  | 31,901
Debtors: amounts falling due after more than one year |  |  |
Other debtors | 36,436 |  | 86,436

#### 6. Creditors: amounts falling due within one year

| 2026 |  | 2025
| £ |  | £
Bank loans | 2,094 |  | 10,000
Trade creditors | 2,667 |  | 21,257
Amounts owed to directors | 1,303,166 |  | 1,370,386
Other loans | 33,600 |  | 32,000
Accruals and deferred income | 65,775 |  | 74,275
Other taxation and social security | 2,678 |  | 0
Other creditors | 24,949 |  | 24,949
| 1,434,929 |  | 1,532,867

#### 7. Creditors: amounts falling due after more than one year

| 2026 |  | 2025
| £ |  | £
Bank loans | 0 |  | 1,658

There are no amounts included above in respect of which any security has been given by the small entity.

#### 8. Deferred tax

| 2026 |  | 2025
| £ |  | £
At the beginning of financial year | ( 18,829) |  | ( 28,526)
(Charged)/credited to the Statement of Income and Retained Earnings | ( 1,173) |  | 9,697
At the end of financial year | ( 20,002) |  | ( 18,829)

#### 9. Called-up share capital

| 2026 |  | 2025
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 10. Related party transactions

Transactions with owners holding a participating interest in the entity

| 2026 |  | 2025
| £ |  | £
Amounts owed to shareholders | 33,600 |  | 32,000

Transactions with the entity's directors

| 2026 |  | 2025
| £ |  | £
Amounts owed to directors | 1,303,166 |  | 1,370,386

#### 11. Profit and loss account

The profit and loss account is made up of distributable and non-distributable reserves. At the year end £409,171 is distributable and £609 is non-distributable. The non-distributable amount is made up of revaluation losses on investment properties and associated provisions for deferred tax.