Patrix (Spalding) Limited Filleted accounts for Companies House (small and micro)

PATRIX (SPALDING) LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-07-01 Sage Accounts Production Advanced 2018 Update 1 - FRS xbrli:pure xbrli:shares iso4217:GBP 04808942 2018-07-01 2019-06-30 04808942 2019-06-30 04808942 2018-06-30 04808942 2017-07-01 2018-06-30 04808942 2018-06-30 04808942 bus:OrdinaryShareClass1 2018-07-01 2019-06-30 04808942 bus:LeadAgentIfApplicable 2018-07-01 2019-06-30 04808942 bus:Director1 2018-07-01 2019-06-30 04808942 core:WithinOneYear 2019-06-30 04808942 core:WithinOneYear 2018-06-30 04808942 core:LandBuildings 2018-06-30 04808942 core:PlantMachinery 2018-06-30 04808942 core:MotorVehicles 2018-06-30 04808942 core:LandBuildings 2018-07-01 2019-06-30 04808942 core:PlantMachinery 2018-07-01 2019-06-30 04808942 core:MotorVehicles 2018-07-01 2019-06-30 04808942 core:AfterOneYear 2018-06-30 04808942 core:ShareCapital 2019-06-30 04808942 core:ShareCapital 2018-06-30 04808942 core:RetainedEarningsAccumulatedLosses 2019-06-30 04808942 core:RetainedEarningsAccumulatedLosses 2018-06-30 04808942 core:LandBuildings 2018-06-30 04808942 core:PlantMachinery 2018-06-30 04808942 core:MotorVehicles 2018-06-30 04808942 bus:SmallEntities 2018-07-01 2019-06-30 04808942 bus:AuditExemptWithAccountantsReport 2018-07-01 2019-06-30 04808942 bus:FullAccounts 2018-07-01 2019-06-30 04808942 bus:SmallCompaniesRegimeForAccounts 2018-07-01 2019-06-30 04808942 bus:PrivateLimitedCompanyLtd 2018-07-01 2019-06-30 04808942 bus:OrdinaryShareClass1 2019-06-30 04808942 bus:OrdinaryShareClass1 2018-06-30 04808942 core:OfficeEquipment 2018-06-30 04808942 core:OfficeEquipment 2018-07-01 2019-06-30

COMPANY REGISTRATION NUMBER: 04808942

Patrix (Spalding) Limited

Filleted Unaudited Financial Statements

for the year ended

30 June 2019

Patrix (Spalding) Limited

Financial Statements

for the year ended 30th June 2019

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 7

Patrix (Spalding) Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Patrix (Spalding) Limited

for the year ended 30th June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Patrix (Spalding) Limited for the year ended 30th June 2019, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Patrix (Spalding) Limited in accordance with the terms of our engagement letter dated 16th August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Patrix (Spalding) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Patrix (Spalding) Limited and its director for our work or for this report.

It is your duty to ensure that Patrix (Spalding) 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 Patrix (Spalding) Limited. You consider that Patrix (Spalding) 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 Patrix (Spalding) 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.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 30 July 2019

Patrix (Spalding) Limited

Statement of Financial Position

as at 30 June 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		–		165,771

Current assets

Stocks		–	43,529
Debtors	6	279	9,145
Cash at bank and in hand		210,060	–
		---------	--------
		210,339	52,674

Creditors: amounts falling due within one year	7	154,719		156,670
		---------		---------
Net current assets/(liabilities)			55,620		( 103,996)
			--------		---------
Total assets less current liabilities			55,620		61,775

Creditors: amounts falling due after more than one year	8		–		23,010

Provisions

Taxation including deferred tax	2,025	2,025
	--------	--------
Net assets	53,595	36,740
	--------	--------

Patrix (Spalding) Limited

Statement of Financial Position (continued)

as at 30 June 2019

	2019		2018
Note	£	£	£	£

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		53,495	36,640
		--------	--------
Shareholders funds		53,595	36,740
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30th June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 30 July 2019 , and are signed on behalf of the board by:

P. Rivett
Director

Company registration number: 04808942

Patrix (Spalding) Limited

Notes to the Financial Statements

for the year ended 30th June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank House, Broad Street, Spalding, Lincs, PE11 1TB. The trading address is 1 Edison Court, Enterprise Way, Pinchbeck, PE11 3YR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	15% reducing balance or 33.3% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

Freehold property	Fixtures and fittings	Motor vehicles	Office equipment	Total
£	£	£	£	£

Cost
At 1 07 18	160,965	10,861	5,306	2,706	179,838
Additions	–	–	–	150	150
Disposals	( 160,965)	( 10,861)	( 5,306)	( 2,856)	( 179,988)
	---------	--------	-------	-------	---------
At 30 06 19	–	–	–	–	–
	---------	--------	-------	-------	---------
Depreciation
At 1 07 18	–	7,466	4,047	2,554	14,067
Disposals	–	( 7,466)	( 4,047)	( 2,554)	( 14,067)
	---------	--------	-------	-------	---------
At 30 06 19	–	–	–	–	–
	---------	--------	-------	-------	---------
Carrying amount
At 30 06 19	–	–	–	–	–
	---------	--------	-------	-------	---------
At 30 06 18	160,965	3,395	1,259	152	165,771
	---------	--------	-------	-------	---------

6. Debtors

	2019	2018
	£	£

Trade debtors	–	3,885
Prepayments and accrued income	–	5,260
Corporation tax repayable	279	–
	----	-------
	279	9,145
	----	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£

Bank loans and overdrafts	–	43,948
Trade creditors	( 272)	19,680
Accruals and deferred income	3,470	2,314
Corporation tax	–	1,467
Social security and other taxes	2,648	3,389
Director loan accounts	148,752	84,862
Other creditors	121	1,010
	---------	---------
	154,719	156,670
	---------	---------

Bank loans and overdrafts are secured on the assets of the company.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£

Bank loans and overdrafts	–	23,010
	----	--------

Bank loans and overdrafts are secured on the assets of the company.

9. Called up share capital

Issued, called up and fully paid

2019		2018
No.	£	No.	£

Ordinary shares of £ 1 each	100	100.00	100	100.00
	----	--------	----	--------