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

PATTERNS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Statement of Financial Position

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

63,446

13,567

Investment property

5

2,375,000

1,970,288

2,438,446

1,983,855

CURRENT ASSETS

Debtors

6

445,939

510,437

Cash at bank and in hand

136,403

156,019

582,342

666,456

CREDITORS

Amounts falling due within one year

7

127,065

96,554

NET CURRENT ASSETS

455,277

569,902

TOTAL ASSETS LESS CURRENT LIABILITIES

2,893,723

2,553,757

CREDITORS

Amounts falling due after more than one year

8

(37,764

)

-

PROVISIONS FOR LIABILITIES

9

(69,600

)

(14,500

)

PENSION ASSET/(LIABILITY)

36,000

(182,000

)

NET ASSETS

2,822,359

2,357,257

CAPITAL AND RESERVES

Called up share capital

10

30,000

30,000

Pension Scheme

36,000

(182,000

)

Fair value reserve

11

2,083,324

1,681,014

Retained earnings

673,035

828,243

SHAREHOLDERS' FUNDS

2,822,359

2,357,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 28 January 2021 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

Plant and machinery

-

20% on reducing balance

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 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.

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 3 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2019

1,660

-

11,638

38,039

51,337

Additions

-

549

28,390

63,291

92,230

Disposals

-

-

-

(38,039

)

(38,039

)

At 31 March 2020

1,660

549

40,028

63,291

105,528

DEPRECIATION

At 1 April 2019

1,040

-

8,095

28,635

37,770

Charge for year

155

126

6,954

25,712

32,947

Eliminated on disposal

-

-

-

(28,635

)

(28,635

)

At 31 March 2020

1,195

126

15,049

25,712

42,082

NET BOOK VALUE

At 31 March 2020

465

423

24,979

37,579

63,446

At 31 March 2019

620

-

3,543

9,404

13,567

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

Motor

vehicles

£

COST

Additions

63,291

At 31 March 2020

63,291

DEPRECIATION

Charge for year

25,712

At 31 March 2020

25,712

NET BOOK VALUE

At 31 March 2020

37,579

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

1,970,288

Additions

2,402

Revaluations

402,310

At 31 March 2020

2,375,000

NET BOOK VALUE

At 31 March 2020

2,375,000

At 31 March 2019

1,970,288

The investment property was valued by the directors of the company. The property was valued by them at £2,375,000 on the 31st March 2020.

Fair value at 31 March 2020 is represented by:

£

Valuation in 2018

2,000,000

Valuation in 2019

(29,712

)

Valuation in 2020

404,712

2,375,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

37,887

35,735

Other debtors

408,052

474,702

445,939

510,437

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

10,037

-

Trade creditors

9,444

10,916

Taxation and social security

19,428

19,368

Other creditors

88,156

66,270

127,065

96,554

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

37,764

-

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

69,600

14,500

Deferred

tax

£

Balance at 1 April 2019

14,500

Provided during year

55,100

Balance at 31 March 2020

69,600

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

30,000

Ordinary

£1

30,000

30,000

11.

RESERVES

Fair

value

reserve

£

At 1 April 2019

1,681,014

Movement in pension scheme asset

402,310

At 31 March 2020

2,083,324

12.

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 (2019 : £Nil).

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

A P Attwood

Balance outstanding at start of year

294,230

397,215

Amounts advanced

176,566

251,597

Amounts repaid

(147,976

)

(354,582

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

322,820

294,230

Mrs J E Rose

Balance outstanding at start of year

16,928

(21,305

)

Amounts advanced

14,647

55,466

Amounts repaid

(11,400

)

(17,233

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,175

16,928

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