Pastel Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08057528 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Pastel Developments Limited

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

S D Barrett

L G Frankum

P A Gomersall

Registered office:

The Gatehouse

2 Devonhurst Place

Heathfield Terrace

Chiswick

London

W4 4JD

Registered number:

08057528 (England and Wales)

Accountants:

Freeman Carr

Chartered Certified Accountants

The Gatehouse

2 Devonhurst Place

Heathfield Terrace

Chiswick

London

W4 4JD

Fixed assets

Tangible assets

4

20,567

25,707

Investment property

5

4,100,000

2,655,252

4,120,567

2,680,959

Current assets

Cash at bank

92,845

47,584

Creditors

Amounts falling due within one year

6

529,096

582,766

Net current liabilities

(436,251

)

(535,182

)

Total assets less current liabilities

3,684,316

2,145,777

Creditors

Amounts falling due after more than one year

7

(1,800,000

)

(1,800,000

)

Provisions for liabilities

(220,000

)

-

Net assets

1,664,316

345,777

Capital and reserves

Called up share capital

300

300

Retained earnings

1,664,016

345,477

1,664,316

345,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 19 October 2022 and were signed on its behalf by:

S D Barrett - Director

1.	Statutory information

Pastel Developments 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 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.

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.

Financial instruments

The company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like cash and bank balances, trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.	Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4.	Tangible fixed assets

Plant and

machinery

etc

£

Cost or valuation

At 1 April 2021

and 31 March 2022

51,407

Depreciation

At 1 April 2021

25,700

Charge for year

5,140

At 31 March 2022

30,840

Net book value

At 31 March 2022

20,567

At 31 March 2021

25,707

Cost or valuation at 31 March 2022 is represented by:

Plant and

machinery

etc

£

Valuation in 2021

51,407

5.	Investment property

Total

£

Fair value

At 1 April 2021

2,655,252

Revaluations

1,444,748

At 31 March 2022

4,100,000

Net book value

At 31 March 2022

4,100,000

At 31 March 2021

2,655,252

Fair value at 31 March 2022 is represented by:

£

Valuation in 2021

2,655,252

Valuation in 2022

1,444,748

4,100,000

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Taxation and social security

23,206

17,816

Other creditors

505,890

564,950

529,096

582,766

7.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

1,800,000

1,800,000