Patterns Developments Ltd - Accounts to registrar (filleted) - small 22.3

PATTERNS DEVELOPMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A P Attwood

Mrs J E Rose

A. Rose

R. Rose

REGISTERED OFFICE:

Darley Abbey Mills

Darley Abbey

Derby

Derbyshire

DE22 1DZ

REGISTERED NUMBER:

01487474 (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

27,345

31,207

Investment property

5

4,500,000

4,000,000

4,527,345

4,031,207

CURRENT ASSETS

Debtors

6

309,075

313,332

Cash at bank

61,825

33,439

370,900

346,771

CREDITORS

Amounts falling due within one year

7

167,747

257,144

NET CURRENT ASSETS

203,153

89,627

TOTAL ASSETS LESS CURRENT LIABILITIES

4,730,498

4,120,834

CREDITORS

Amounts falling due after more than one year

8

(1,534,837

)

(1,514,731

)

PROVISIONS FOR LIABILITIES

10

(495,200

)

(405,900

)

NET ASSETS

2,700,461

2,200,203

CAPITAL AND RESERVES

Called up share capital

11

200

200

Fair value reserve

12

2,688,580

2,188,580

Retained earnings

11,681

11,423

SHAREHOLDERS' FUNDS

2,700,461

2,200,203

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 21 December 2022 and were signed on its behalf by:

A P Attwood - Director

1.	STATUTORY INFORMATION

Patterns Developments Ltd 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.

Fixtures and fittings

-

10% on cost

Computer equipment

-

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

37,225

890

38,115

DEPRECIATION

At 1 April 2021

6,574

334

6,908

Charge for year

3,723

139

3,862

At 31 March 2022

10,297

473

10,770

NET BOOK VALUE

At 31 March 2022

26,928

417

27,345

At 31 March 2021

30,651

556

31,207

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

4,000,000

Revaluations

500,000

At 31 March 2022

4,500,000

NET BOOK VALUE

At 31 March 2022

4,500,000

At 31 March 2021

4,000,000

Part of the investment property, namely the North Mill was valued at £2,675,000 as at the 31 March 2022 by Directors. The directors consider the valuation at the 31 March 2022 of the Long Mill to be £1,825,000. The total valuation of all investment property is therefore £4,500,000.

Fair value at 31 March 2022 is represented by:

£

Valuation in 2017

2,865,000

Valuation in 2018

751,541

Valuation in 2019

83,459

Valuation in 2020

50,000

Valuation in 2021

250,000

Valuation in 2022

500,000

4,500,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

156,165

181,657

Other debtors

152,910

131,675

309,075

313,332

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

62,543

115,451

Trade creditors

45,610

98,021

Taxation and social security

35,953

38,605

Other creditors

23,641

5,067

167,747

257,144

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,438,488

1,438,730

Other creditors

96,349

76,001

1,534,837

1,514,731

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

976,925

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,501,031

1,554,181

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

495,200

405,900

Deferred

tax

£

Balance at 1 April 2021

405,900

Provided during year

89,300

Balance at 31 March 2022

495,200

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

200

Ordinary

£1

200

200

12.

RESERVES

Fair

value

reserve

£

At 1 April 2021

2,188,580

Investment property revaluation

500,000

At 31 March 2022

2,688,580