N V Patel Construction Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 04800329

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2016

FOR

N V PATEL CONSTRUCTION LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr N V Patel

Mrs S N Patel

SECRETARY:

Mr N V Patel

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

04800329

ACCOUNTANTS:

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 and members 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 Limited for the year ended 5 April 2016 which comprise the Statement of

Comprehensive Income, Balance Sheet, 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 Limited, 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 Limited and state those matters that we have agreed to state to the Board of Directors of N V Patel Construction Limited, 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 Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that N V Patel Construction Limited 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 Limited. You consider that N V Patel Construction Limited 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 Limited. 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.

Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

25 November 2016

FIXED ASSETS

Investment property

3

800,000

760,000

CURRENT ASSETS

Debtors

4

768,559

355,250

Investments

5

-

300,000

Cash at bank and in hand

280,384

13,368

1,048,943

668,618

CREDITORS

Amounts falling due within one year

6

320,190

276,088

NET CURRENT ASSETS

728,753

392,530

TOTAL ASSETS LESS CURRENT LIABILITIES

1,528,753

1,152,530

CREDITORS

Amounts falling due after more than one year

7

(446,715

)

(448,045

)

PROVISIONS FOR LIABILITIES

9

(70,336

)

(63,572

)

NET ASSETS

1,011,702

640,913

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,011,602

640,813

SHAREHOLDERS' FUNDS

1,011,702

640,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25 November 2016 and were signed on its behalf by:

Mr N V Patel - Director

1.	STATUTORY INFORMATION

N V Patel Construction Limited is a private company, limited by shares , registered in Not specified/Other. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Changes in accounting policies

This is the first year that the company has presented its financial statements under FRS 102 1A. The last financial

statements for the year ending 5 April 2015, were prepared under pervious UK GAAP.

The transition date to FRS 102 1A is 6 April 2014.

The transition to FRS 102 1A has resulted in certain changes in the accounting policies to those used previously.

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. Under previous UK

GAAP, investment property was valued on an open market basis.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2015

760,000

Revaluations

40,000

At 5 April 2016

800,000

NET BOOK VALUE

At 5 April 2016

800,000

At 5 April 2015

760,000

Cost or valuation at 5 April 2016 is represented by:

£

Valuation in 2009

10,537

Valuation in 2012

235,000

Valuation in 2014

135,000

Valuation in 2015

40,000

Valuation in 2016

40,000

Cost

339,463

800,000

If Investment property had not been revalued it would have been included at the following historical cost:

5/4/16

5/4/15

£

£

Cost

339,463

339,463

Investment properties were valued on an open market basis on 5 April 2016 by the director Mr N V Patel .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/16

5/4/15

£

£

Other debtors

768,559

355,250

5.	CURRENT ASSET INVESTMENTS

5/4/16

5/4/15

£

£

Joint venture investments

-

300,000

Current asset investments represents 50% investments in joint venture property development projects.

During the year company received £300,000 (2015 : £200,000).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

5/4/16

5/4/15

£

£

Bank loans and overdrafts

-

38,336

Tax

83,662

1,452

Other creditors

219,544

219,544

Directors' current accounts

13,444

13,324

Accrued expenses

3,540

3,432

320,190

276,088

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

5/4/16

5/4/15

£

£

Bank loans - 1-2 years

-

38,336

Bank loans - 2-5 years

446,715

115,009

Bank loans more 5 yr by instal

-

294,700

446,715

448,045

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

294,700

8.	SECURED DEBTS

The following secured debts are included within creditors:

5/4/16

5/4/15

£

£

Bank loans

446,715

486,381

The bank loan is secured against the company's investment properties. The rate of interest on the existing bank

loan is 1.4% above Base Rate per annum.

The existing bank loan facility has been refinanced in April 2016. The new bank loan will be repayable in full in

five years. The rate of interest on the new bank loan is 3 months LIBOR plus 2.50% margin per annum.

9.	PROVISIONS FOR LIABILITIES

5/4/16

5/4/15

£

£

Deferred tax

70,336

63,572

Deferred

tax

£

Balance at 6 April 2015

63,572

movement in this year

6,764

Balance at 5 April 2016

70,336

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the Company paid £120 (2015 : £120) for the use of home as office.

11.	RELATED PARTY DISCLOSURES

Included within creditors is a loan of £219,544 (2015: £219,544) due to Mr Jitendra Patel, a family members of

the directors'. The amount is unsecured, interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

The directors are the ultimate controller of the company as they holds all the issued share capital of the company.