Patterns Properties Limited - Accounts to registrar (filleted) - small 18.2

PATTERNS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A P Attwood

Mrs J E Rose

REGISTERED OFFICE:

Darley Abbey Mills

Darley Abbey

Derby

Derbyshire

DE22 1DZ

REGISTERED NUMBER:

00441447 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

13,567

15,875

Investment property

5

1,970,288

2,000,000

1,983,855

2,015,875

CURRENT ASSETS

Debtors

6

510,437

612,111

Cash at bank and in hand

156,019

64,350

666,456

676,461

CREDITORS

Amounts falling due within one year

7

96,554

162,346

NET CURRENT ASSETS

569,902

514,115

TOTAL ASSETS LESS CURRENT LIABILITIES

2,553,757

2,529,990

PROVISIONS FOR LIABILITIES

8

(14,500

)

(14,570

)

PENSION LIABILITY

(182,000

)

(182,000

)

NET ASSETS

2,357,257

2,333,420

CAPITAL AND RESERVES

Called up share capital

9

30,000

30,000

Pension Scheme

(182,000

)

(182,000

)

Fair value reserve

10

1,681,014

1,719,865

Retained earnings

828,243

765,555

SHAREHOLDERS' FUNDS

2,357,257

2,333,420

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 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 Board of Directors on 13 December 2019 and were signed on its behalf by:

A P Attwood - Director

1.	STATUTORY INFORMATION

Patterns 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.	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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Over the term of the lease

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the scheme are

charged to the profit and loss account in the period to which they relate. The company also operates a defined

benefit pension scheme. Contributions to this scheme are made in accordance with advice received from the

scheme actuary.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

1,660

9,884

38,039

49,583

Additions

-

1,754

-

1,754

At 31 March 2019

1,660

11,638

38,039

51,337

DEPRECIATION

At 1 April 2018

1,000

7,207

25,501

33,708

Charge for year

40

888

3,134

4,062

At 31 March 2019

1,040

8,095

28,635

37,770

NET BOOK VALUE

At 31 March 2019

620

3,543

9,404

13,567

At 31 March 2018

660

2,677

12,538

15,875

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2018

38,039

Transfer to ownership

(38,039

)

At 31 March 2019

-

DEPRECIATION

At 1 April 2018

25,501

Charge for year

3,134

Transfer to ownership

(28,635

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

12,538

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

2,000,000

Additions

111,955

Disposals

(141,667

)

At 31 March 2019

1,970,288

NET BOOK VALUE

At 31 March 2019

1,970,288

At 31 March 2018

2,000,000

The investment property was valued by the directors of the company. The property was valued by them at

£1,970,288 on the 31st March 2019.

Fair value at 31 March 2019 is represented by:

£

Valuation in 2018

2,000,000

Valuation in 2019

(29,712

)

1,970,288

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

35,735

54,109

Other debtors

474,702

558,002

510,437

612,111

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

-

14,558

Trade creditors

10,916

10,454

Taxation and social security

19,368

18,148

Other creditors

66,270

119,186

96,554

162,346

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

14,500

14,570

Deferred

tax

£

Balance at 1 April 2018

14,570

Provided during year

(70

)

Deferred tax on revaluation

Accelerated capital allowances

Balance at 31 March 2019

14,500

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

30,000

Ordinary

£1

30,000

30,000

10.

RESERVES

Fair

value

reserve

£

At 1 April 2018

1,719,865

Fair value transfer

(38,851

)

At 31 March 2019

1,681,014

11.

PENSIONS

During the the year to 31 March 2011 the company's defined benefit pension scheme was frozen, when the

trade was transferred to Patterns (Derby) Limited, which company now employs the employed members of the

scheme. Patterns Properties Limited is committed to pay any pension costs in excess of £15,000 pa. A defined

contribution individual insured fund pension scheme is maintained for one of the directors, the cost of which is

met by the company. Contributions to this scheme are charged against profits in the years in which they are

made. The charge for the year amounted to £Nil (2018 : £Nil).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

A P Attwood

Balance outstanding at start of year

397,215

175,690

Amounts advanced

251,597

414,165

Amounts repaid

(354,582

)

(192,640

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

294,230

397,215

Mrs J E Rose

Balance outstanding at start of year

(21,305

)

(19,488

)

Amounts advanced

55,466

20,000

Amounts repaid

(17,233

)

(21,817

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

16,928

(21,305

)

Interest on overdrawn directors current account is charged at the official HM Revenue and Customs rate.