Patel Properties London Limited Filleted accounts for Companies House (small and micro)
Patel Properties London Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
10996137
|
|
|
|
Statement of Financial Position |
2021 |
2020 |
||
Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
4 |
|
|
|
Current assets
Debtors |
5 |
|
|
|
Cash at bank and in hand |
|
|
||
-------- |
--------- |
|||
|
|
|||
Creditors: amounts falling due within one year |
6 |
|
|
|
--------- |
--------- |
|||
Net current liabilities |
|
|
||
------------ |
------------ |
|||
Total assets less current liabilities |
|
|
||
Creditors: amounts falling due after more than one year |
7 |
|
|
|
------------ |
------------ |
|||
Net assets |
|
|
||
------------ |
------------ |
|||
Capital and reserves
Called up share capital |
|
|
|
Share premium account |
|
|
|
Profit and loss account |
|
|
|
------------ |
------------ |
||
Shareholders funds |
|
|
|
------------ |
------------ |
||
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
15 November 2021
, and are signed on behalf of the board by:
|
|
Director |
Director |
Company registration number:
10996137
|
Notes to the Financial Statements |
Year ended 31 March 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA, England.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Valuation of investment property: The valuation of the company's investment property is inherently subjective due to, among other factors, the nature of the property, its location and the expected future rental revenues from that particular property. As a result, the valuation the company places on its investment property is subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
Revenue recognition
Taxation
Investment property
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. 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 loss is recognised in profit or 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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Tangible assets
Investment properties |
|
£ |
|
Cost |
|
At 1 April 2020 and 31 March 2021 |
|
------------ |
|
Depreciation |
|
At 1 April 2020 and 31 March 2021 |
– |
------------ |
|
Carrying amount |
|
At 31 March 2021 |
|
------------ |
|
At 31 March 2020 |
|
------------ |
|
The directors consider that the open market value of similar investment properties in the area, at 31 March 2021 is £5,418,182.
5.
Debtors
2021 |
2020 |
|
£ |
£ |
|
Other debtors |
|
|
------- |
------- |
|
6.
Creditors:
amounts falling due within one year
2021 |
2020 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
Corporation tax |
|
|
Other creditors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
Included under creditors falling due within one year are bank loans £170,218, secured by a charge over the investment properties. The company has also provided a guarantee for £858,327 to the Bank as security for the loan facilities.
7.
Creditors:
amounts falling due after more than one year
2021 |
2020 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
|
--------- |
--------- |
|
Included within creditors: amounts falling due after more than one year is an amount of £(31,818) (2020: £(74,946)) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The interest rate charged on the loans 3% to 2% above the bank base rate, which varies from time to time.
The bank loans are secured by a charge over the investment properties. The company has also provided a guarantee for £858,327 to the Bank as security for the loan facilities.
8.
Related party transactions
Included in creditors due within one year, is a balance of (£6,637) (2020 - £46,637) owed to the directors. No interest is charged in respect of this balance.