Patrick James Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09073671 (England and Wales)

Financial Statements for the Year Ended 30 June 2019

for

Patrick James Ltd

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

P J Butler

T L Butler

REGISTERED OFFICE:

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

BUSINESS ADDRESS:

144 Hagley Road

Stourbridge

West Midlands

DY8 2JD

REGISTERED NUMBER:

09073671 (England and Wales)

ACCOUNTANTS:

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

The following reproduces the text of the report prepared for the directors 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 Statement of Financial Position. Readers are cautioned that the Income Statement 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 Patrick James Ltd for the year ended 30 June 2019 which comprise the Income Statement,

Statement of Financial Position, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Patrick James Ltd, 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 Patrick James Ltd and state those matters that we have agreed to state to the Board of Directors of Patrick James Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Patrick James Ltd 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 Patrick James Ltd. You consider that Patrick James Ltd 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 Patrick James Ltd. 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.

Hamiltons Group Limited

Chartered Certified Accountants

Meriden House

6 Great Cornbow

Halesowen

West Midlands

B63 3AB

26 May 2020

FIXED ASSETS

Intangible assets

4

8,880

10,360

Property, plant and equipment

5

16,448

13,010

25,328

23,370

CURRENT ASSETS

Debtors

6

460

100

Cash at bank and in hand

3,748

4,828

4,208

4,928

CREDITORS

Amounts falling due within one year

7

35,743

43,431

NET CURRENT LIABILITIES

(31,535

)

(38,503

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,207

)

(15,133

)

CREDITORS

Amounts falling due after more than one year

8

8,456

23,422

NET LIABILITIES

(14,663

)

(38,555

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(14,763

)

(38,655

)

SHAREHOLDERS' FUNDS

(14,663

)

(38,555

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 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 26 May 2020 and were signed on its behalf by:

P J Butler - Director

1.	STATUTORY INFORMATION

Patrick James Ltd 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.

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, the validity of which depends upon the

future support of the directors and the company's bankers. In the opinion of the directors, this support will be

available such that the company will continue in operational existence for the foreseeable future.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the

asset to the location and condition necessary for it to be capable of operating in the manner intended by

management.

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful

lives.

Depreciation is provided on the following basis:

Fixtures and fittings

-

20%

on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

recognised in the Income Statement.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

and 30 June 2019

14,800

AMORTISATION

At 1 July 2018

4,440

Amortisation for year

1,480

At 30 June 2019

5,920

NET BOOK VALUE

At 30 June 2019

8,880

At 30 June 2018

10,360

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 July 2018

24,536

Additions

10,434

At 30 June 2019

34,970

DEPRECIATION

At 1 July 2018

11,526

Charge for year

6,996

At 30 June 2019

18,522

NET BOOK VALUE

At 30 June 2019

16,448

At 30 June 2018

13,010

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

360

-

Other debtors

100

100

460

100

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

5,333

8,000

Hire purchase contracts and finance leases

3,726

3,073

Trade creditors

1,138

(7,683

)

Social security and other taxes

4,620

5,672

Other creditors

18,828

26,323

Wages control

-

390

Directors' accounts

1,098

6,656

Accruals and deferred income

1,000

1,000

35,743

43,431

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 2-5 years

2,667

8,000

Hire purchase contracts and finance leases

5,789

15,422

8,456

23,422

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

8,000

16,000

Hire purchase contracts and finance leases

9,515

18,495

17,515

34,495

Black Country Reinvestment Society Limited holds a fixed and floating charge dated 08 October 2014 over all

the property or undertakings of the company. This charge was satisfied on 24 October 2019.

ART Share (Social Help Association for Reinvesting in Enterprise) Limited holds a fixed and floating charge

dated 17 February 2016 over all the property or undertakings of the company.

Finance leases are secured against the fixed assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100