Patronus Properties Limited
Patronus Properties Limited
Registered number: 08727942
Financial Statements
For The Year Ended 31 October 2017
Patronus Properties Limited
Financial Statements
For The Year Ended 31 October 2017
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Patronus Properties Limited
Balance Sheet
As at
31 October 2017
Balance Sheet
Registered number:
08727942
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Revaluation reserve | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 164,487 | 143,333 | |||
Page 1
Patronus Properties Limited
Balance Sheet (continued)
As at
31 October 2017
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Patronus Properties Limited
Notes to the Financial Statements
For The Year Ended 31 October 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Leasehold |
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| Plant & Machinery |
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1.4.
Investment Properties
Investment properties should not be subject to periodic charges for depreciation on the basis set out in SSAP 12, except for properties held on lease which should be depreciated on the basis set out in SSAP 12 at least over the period when the unexpired term is 20 years or less.
Investment properties should be included in the balance sheet at their open market value.
Page 3
Patronus Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2017
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Page 4
Patronus Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2017
3.
Tangible Assets
| Investment Properties | Plant & Machinery | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at |
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| Depreciation | |||
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| Provided during the period | - |
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| As at |
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| Net Book Value | |||
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The freehold land and buildings are held as long term investments. These were revalued last year on the basis of the valuations by local estate agents. The investment properties have been stated at their current market values with historic cost of £ 1,459,626.
4.
Debtors
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Other taxes and social security |
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| Accruals and deferred income |
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| Director's loan account |
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Page 5
Patronus Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2017
6.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
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| Shareholders loans (Long term liabilities - creditors > 1 year) |
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7.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 1,121,282 | 1,121,541 |
9.
Reserves
| Revaluation Reserve | |
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| £ | |
| As at |
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| As at |
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10.
General Information
Patronus Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08727942 . The registered office is 925 Finchley Road, London, NW11 7PE.
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