Patchwork Ventures Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 07701119 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 March 2016

for

Patchwork Ventures Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs C Hawkins

Mr O Hawkins

REGISTERED OFFICE:

30 Gay Street

Bath

Somerset

BA1 2PA

REGISTERED NUMBER:

07701119 (England and Wales)

ACCOUNTANTS:

Moore Stephens

Chartered Accountants

30 Gay Street

Bath

BA1 2PA

FIXED ASSETS

Tangible assets

2

12,482

11,130

CURRENT ASSETS

Debtors

1,421

3,604

Cash at bank

3,471

28,829

4,892

32,433

CREDITORS

Amounts falling due within one year

16,850

38,709

NET CURRENT LIABILITIES

(11,958

)

(6,276

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

524

4,854

PROVISIONS FOR LIABILITIES

2,496

2,226

NET (LIABILITIES)/ASSETS

(1,972

)

2,628

CAPITAL AND RESERVES

Called up share capital

3

1

Profit and loss account

(1,973

)

2,627

SHAREHOLDERS' FUNDS

(1,972

)

2,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 December 2016 and were signed on
its behalf by:

Mrs C Hawkins - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

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

Computer equipment

-

33% on reducing balance

Deferred tax

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

at the balance sheet date where transactions or events have occurred at that date that will result in

an obligation to pay more, or a right to pay less or to receive more tax, with the following

exceptions.

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of

fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets,

only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the

assets concerned. However, no provision is made where, on the basis of all available evidence at the

balance sheet date, it is more likely than not that the taxable gain will be rolled over into

replacement assets and charged to tax only where the replacement assets are sold

Deferred tax assets are recognised only to the extent that directors consider that is more likely than

not that there will be suitable taxable profits from which the future reversal of the underlying timing

differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership

remain with the lessor are charged against profits on a straight line basis over the period of the

lease.

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 the 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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

20,610

Additions

4,052

At 31 March 2016

24,662

DEPRECIATION

At 1 April 2015

9,480

Charge for year

2,700

At 31 March 2016

12,180

NET BOOK VALUE

At 31 March 2016

12,482

At 31 March 2015

11,130

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

1

Ordinary Shares

£1

1

4.	TRANSACTIONS WITH DIRECTORS

Included in other creditors is the amount of £15,770 (2015: £26,177) which is owed to the director

Mrs C Hawkins. The loan is unsecured and interest free.