Patterns Properties Limited - Accounts to registrar (filleted) - small 18.2

PATTERNS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A P Attwood

Mrs J E Rose

REGISTERED OFFICE:

Darley Abbey Mills

Darley Abbey

Derby

Derbyshire

DE22 1DZ

REGISTERED NUMBER:

00441447 (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

47,584

63,446

Investment property

5

2,750,000

2,375,000

2,797,584

2,438,446

CURRENT ASSETS

Debtors

6

483,636

445,939

Cash at bank

112,638

136,403

596,274

582,342

CREDITORS

Amounts falling due within one year

7

109,510

127,065

NET CURRENT ASSETS

486,764

455,277

TOTAL ASSETS LESS CURRENT LIABILITIES

3,284,348

2,893,723

CREDITORS

Amounts falling due after more than one year

8

(32,182

)

(37,764

)

PROVISIONS FOR LIABILITIES

9

(140,400

)

(69,600

)

PENSION ASSET

36,000

36,000

NET ASSETS

3,147,766

2,822,359

CAPITAL AND RESERVES

Called up share capital

10

30,000

30,000

Pension Scheme

36,000

36,000

Fair value reserve

11

2,458,324

2,083,324

Retained earnings

623,442

673,035

SHAREHOLDERS' FUNDS

3,147,766

2,822,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 2021 and were signed on its behalf by:

A P Attwood - Director

1.	STATUTORY INFORMATION

Patterns Properties 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Over the term of the lease

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate. The company also operates a defined benefit pension scheme. Contributions to this scheme are made in accordance with advice received from the scheme actuary.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2020

and 31 March 2021

1,660

549

40,028

63,291

105,528

DEPRECIATION

At 1 April 2020

1,195

126

15,049

25,712

42,082

Charge for year

116

106

6,245

9,395

15,862

At 31 March 2021

1,311

232

21,294

35,107

57,944

NET BOOK VALUE

At 31 March 2021

349

317

18,734

28,184

47,584

At 31 March 2020

465

423

24,979

37,579

63,446

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2020

and 31 March 2021

63,291

DEPRECIATION

At 1 April 2020

25,712

Charge for year

9,395

At 31 March 2021

35,107

NET BOOK VALUE

At 31 March 2021

28,184

At 31 March 2020

37,579

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

2,375,000

Revaluations

375,000

At 31 March 2021

2,750,000

NET BOOK VALUE

At 31 March 2021

2,750,000

At 31 March 2020

2,375,000

The investment property was valued by the directors of the company. The property was valued by them at £2,750,000 on the 31st March 2021.

Fair value at 31 March 2021 is represented by:

£

Valuation in 2018

2,000,000

Valuation in 2019

(29,712

)

Valuation in 2020

404,712

Valuation in 2021

375,000

2,750,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

42,387

37,887

Other debtors

441,249

408,052

483,636

445,939

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

10,037

10,037

Trade creditors

14,909

9,444

Taxation and social security

11,383

19,428

Other creditors

73,181

88,156

109,510

127,065

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

32,182

37,764

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

140,400

69,600

Deferred

tax

£

Balance at 1 April 2020

69,600

Provided during year

70,800

Balance at 31 March 2021

140,400

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

30,000

Ordinary

£1

30,000

30,000

11.

RESERVES

Fair

value

reserve

£

At 1 April 2020

2,083,324

Movement in pension scheme asset

375,000

At 31 March 2021

2,458,324

12.

PENSIONS

During the the year to 31 March 2011 the company's defined benefit pension scheme was frozen, when the trade was transferred to Patterns (Derby) Limited, which company now employs the employed members of the scheme. Patterns Properties Limited is committed to pay any pension costs in excess of £15,000 pa. A defined contribution individual insured fund pension scheme is maintained for one of the directors, the cost of which is met by the company. Contributions to this scheme are charged against profits in the years in which they are made. The charge for the year amounted to £Nil (2020 : £Nil).

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

A P Attwood

Balance outstanding at start of year

322,820

294,230

Amounts advanced

145,811

176,566

Amounts repaid

(151,483

)

(147,976

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

317,148

322,820

Mrs J E Rose

Balance outstanding at start of year

20,175

16,928

Amounts advanced

9,426

14,647

Amounts repaid

(11,400

)

(11,400

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

18,201

20,175

Interest on overdrawn directors current account is charged at the official HM Revenue and Customs rate.