Padinvest Ltd - Period Ending 2021-03-31

Padinvest Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 5

Padinvest Ltd

(Registration number: 04074929)
Balance Sheet as at 31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	-	263,051
Investment property	5	392,278	-
		392,278	263,051
Current assets
Cash at bank and in hand		1,612	8,291
Creditors: Amounts falling due within one year	6	(191,016)	(71,072)
Net current liabilities		(189,404)	(62,781)
Total assets less current liabilities		202,874	200,270
Creditors: Amounts falling due after more than one year	6	(191,393)	(191,393)
Net assets		11,481	8,877
Capital and reserves
Called up share capital		2	2
Profit and loss account		11,479	8,875
Shareholders' funds		11,481	8,877

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 19 December 2021 and signed on its behalf by:
 

Padinvest Ltd

(Registration number: 04074929)
Balance Sheet as at 31 March 2021

.........................................

Mr D Boyd
Company secretary and director

Padinvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Peter Anthony House
834 Stockport Road
Levenshulme
Manchester
Lancashire
M19 3AW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received in respect of rental income.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Padinvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 April 2020	263,051	263,051
Transfers to/from investment property	(263,051)	(263,051)
At 31 March 2021	-	-
Depreciation
Carrying amount
At 31 March 2021	-	-
At 31 March 2020	263,051	263,051

5	Investment properties

	2021 £
Additions	392,278
At 31 March	392,278

There has been no valuation of investment property by an independent valuer.

Padinvest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Taxation and social security	1,817	1,472
Accruals and deferred income	600	500
Other creditors	188,599	69,100
	191,016	71,072

	2021 £	2020 £
Current loans and borrowings

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	191,393	191,393

Included in loans and borrowings are mortgages which are secured against the assets of the company.

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	191,393	191,393