N V Patel Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04800329 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2019

FOR

N V PATEL CONSTRUCTION LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr N V Patel

Mrs S N Patel

SECRETARY:

Mr N V Patel

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

04800329 (England and Wales)

ACCOUNTANTS:

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

BANKERS:

Barclays Bank Plc

Acorn House

36-38 Park Royal Road

Park Royal

London

NW10 7WJ

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of N V Patel Construction Limited for the year ended 5 April 2019 which comprise the Statement of

Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of N V Patel Construction Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of N V Patel Construction Limited and state those matters that we have agreed to state to the Board of Directors of N V Patel Construction Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N V Patel Construction Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that N V Patel Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N V Patel Construction Limited. You consider that N V Patel Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of N V Patel Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

14 November 2019

FIXED ASSETS

Investment property

3

962,000

1,536,845

CURRENT ASSETS

Debtors

4

820,000

12,000

Cash at bank and in hand

95,604

207,536

915,604

219,536

CREDITORS

Amounts falling due within one year

5

243,036

229,508

NET CURRENT ASSETS/(LIABILITIES)

672,568

(9,972

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,634,568

1,526,873

CREDITORS

Amounts falling due after more than one year

6

(451,600

)

(451,600

)

PROVISIONS FOR LIABILITIES

8

(68,205

)

(64,498

)

NET ASSETS

1,114,763

1,010,775

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,114,663

1,010,675

SHAREHOLDERS' FUNDS

1,114,763

1,010,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 14 November 2019 and were signed on its behalf by:

Mr N V Patel - Director

1.	STATUTORY INFORMATION

N V Patel Construction 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents rents receivable, net of value added tax. Turnover is recognised on a rent receivable basis to

the balance sheet date.

Investment property

Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at

fair value at each reporting date with changes in fair value 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2018

1,536,845

Additions

36,000

Disposals

(647,330

)

Revaluations

36,485

At 5 April 2019

962,000

NET BOOK VALUE

At 5 April 2019

962,000

At 5 April 2018

1,536,845

Fair value at 5 April 2019 is represented by:

£

Valuation in 2009

10,537

Valuation in 2012

235,000

Valuation in 2014

135,000

Valuation in 2015

40,000

Valuation in 2016

40,000

Valuation in 2019

36,485

Cost

464,978

962,000

If Investment property had not been revalued it would have been included at the following historical cost:

5/4/19

5/4/18

£

£

Cost

1,076,308

1,076,308

In the opinion of the directors the fair value of the investment properties as at 31 March 2019 is not significantly

different to that stated above.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/19

5/4/18

£

£

Amounts owed by connected parties

820,000

-

Other debtors

-

12,000

820,000

12,000

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/19

5/4/18

£

£

Tax

10,106

-

Other creditors

219,544

219,544

Directors' current accounts

9,785

6,363

Accrued expenses

3,601

3,601

243,036

229,508

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5/4/19

5/4/18

£

£

Bank loans - 2-5 years

451,600

451,600

7.	SECURED DEBTS

The following secured debts are included within creditors:

5/4/19

5/4/18

£

£

Bank loans

451,600

451,600

The bank loan is secured against the company's investment properties.

The bank loan will be repayable in full in five years. The rate of interest on the new bank loan is 3 months

LIBOR plus 2.50% margin per annum.

8.	PROVISIONS FOR LIABILITIES

5/4/19

5/4/18

£

£

Deferred tax

68,205

64,498

Deferred tax

£

Balance at 6 April 2018

64,498

movement in this year

3,707

Balance at 5 April 2019

68,205

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the Company paid £120 (2018 : £120) for the use of home as office.

10.	RELATED PARTY DISCLOSURES

Included within creditors is a loan of £219,544 (2018: £219,544) due to Mr Jitendra Patel, a family members of

the directors'. The amount is unsecured, interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The directors are the ultimate controller of the company as they holds all the issued share capital of the company.