REGISTERED NUMBER: 04761212 (England and Wales)

PYTHON CONSTRUCTION LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

3,399

2,874

Investment property

5

4,711,246

4,671,517

4,714,645

4,674,391

Current assets

Debtors

6

6,464

27,218

Cash at bank

192,114

76,737

198,578

103,955

Creditors

Amounts falling due within one year

7

(2,945,979

)

(2,923,055

)

Net current liabilities

(2,747,401

)

(2,819,100

)

Total assets less current liabilities

1,967,244

1,855,291

Creditors

Amounts falling due after more than one year

8

(131,000

)

(131,000

)

Provisions for liabilities

(46,761

)

(45,486

)

Net assets

1,789,483

1,678,805

Capital and reserves

Called up share capital

100

100

Non-distributable reserves

9

248,029

248,029

Retained earnings

1,541,354

1,430,676

Shareholders' funds

1,789,483

1,678,805

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 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 30 May 2025 and were signed on its behalf by:

Asjed Rafiq - Director

1.	Statutory information

Python Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04761212

Registered office:

Maitland Mill

Maitland Street

Preston

PR1 5XR

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. Grants are credited to deferred revenue. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

15% 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3.	Employees and directors

The average number of employees during the year was 6 (2023 - 5 ) .

4.	Tangible fixed assets

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 November 2023

8,199

6,400

14,599

Additions

1,124

-

1,124

At 31 October 2024

9,323

6,400

15,723

Depreciation

At 1 November 2023

6,422

5,303

11,725

Charge for year

435

164

599

At 31 October 2024

6,857

5,467

12,324

Net book value

At 31 October 2024

2,466

933

3,399

At 31 October 2023

1,777

1,097

2,874

5.	Investment property

Total

£

Cost or valuation

At 1 November 2023

4,671,517

Additions

39,729

At 31 October 2024

4,711,246

Net book value

At 31 October 2024

4,711,246

At 31 October 2023

4,671,517

Cost or valuation at 31 October 2024 is represented by:

£

Valuation in 2006

306,209

Cost

4,405,037

4,711,246

If investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

4,405,037

4,365,308

The investment properties were valued on an open market basis on 31 October 2024 by the directors .

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Other debtors

6,464

27,218

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

10,751

10,751

Taxation and social security

42,510

44,260

Other creditors

2,892,718

2,868,044

2,945,979

2,923,055

8.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Other creditors

131,000

131,000

9.

Reserves

Non-distributable

reserves

£

At 1 November 2023

and 31 October 2024

248,029

10.	Related party disclosures

At 31 October 2024 company owed £2,482,973.00 to the directors (2023: £2,455,703.00). No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.

Mr Asjed Rafiq is also a director and shareholder, and Mr Mohammad Rafiq is a shareholder in Rixil Import Export Limited. At 31 October 2024 company owed £34,420.00 to Rixil Import Export Limited (2023: £37,420.00). The loan is unsecured, interest free and repayable on demand.