N V Patel Construction Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04800329 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

FOR

N V PATEL CONSTRUCTION LTD

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs S N Patel

Mr M Patel

Mr J N Patel

Mr J N Patel

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

04800329 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

BANKERS:

Barclays Bank Plc

Acorn House

36-38 Park Royal Road

Park Royal

London

NW10 7WJ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N V Patel Construction Ltd for the year ended 5 April 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of N V Patel Construction Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of N V Patel Construction Ltd and state those matters that we have agreed to state to the Board of Directors of N V Patel Construction Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N V Patel Construction Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that N V Patel Construction Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N V Patel Construction Ltd. You consider that N V Patel Construction Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of N V Patel Construction Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

6 January 2023

FIXED ASSETS

Investment property

4

1,100,000

962,000

CURRENT ASSETS

Debtors

5

955,609

820,000

Cash at bank and in hand

39,823

76,267

995,432

896,267

CREDITORS

Amounts falling due within one year

6

792,611

714,185

NET CURRENT ASSETS

202,821

182,082

TOTAL ASSETS LESS CURRENT LIABILITIES

1,302,821

1,144,082

PROVISIONS FOR LIABILITIES

7

77,163

50,943

NET ASSETS

1,225,658

1,093,139

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8

1,225,558

1,093,039

SHAREHOLDERS' FUNDS

1,225,658

1,093,139

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2023 and were signed on its behalf by:

Mr M Patel - Director

1.	STATUTORY INFORMATION

N V Patel Construction 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.

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 represents rents receivable, net of value added tax. Turnover is recognised on a rent receivable basis to the balance sheet date.

Investment property

Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value 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 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 2 (2021 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2021

962,000

Revaluations

138,000

At 5 April 2022

1,100,000

NET BOOK VALUE

At 5 April 2022

1,100,000

At 5 April 2021

962,000

In the opinion of the directors the fair value of the investment properties as at 31 March 2022 is not significantly different to that stated above.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by connected parties

820,000

820,000

Prepayments

135,609

-

955,609

820,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed to connected parties

72,356

-

Tax

2,354

-

Directors' current accounts

711,480

709,626

Accrued expenses

6,421

4,559

792,611

714,185

7.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

77,163

50,943

Deferred

tax

£

Balance at 6 April 2021

50,943

Provided during year

26,220

Balance at 5 April 2022

77,163

8.

RESERVES

Retained

earnings

£

At 6 April 2021

1,093,039

Profit for the year

132,519

At 5 April 2022

1,225,558

The reserves includes undistributable profit reserve of £529,674 (2021: £417,894) relating to revaluation of investment properties.

9.	RELATED PARTY DISCLOSURES

At the year end the company was owed by the following companies. One of the directors of the company has a beneficial interest in these companies. The amounts owed are interest-free and recoverable on demand.

5/4/2022

5/4/2021

£

£

Sewardstone Holdings Limited

400,000

400,000

604-606 Cranbrook Road Limited

20,000

20,000

9 Connaught Road Limited

400,000

400,000

820,000

820,000

At the year end the company owed £72,356 (2021: £Nil) to NVP Property Ltd a company in which the directors have a beneficial interest.

10.	ULTIMATE CONTROLLING PARTY

One of the directors is the ultimate controller of the company as she holds all the issued share capital of the company.