Patchamie Limited - Period Ending 2017-06-30

Patchamie Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2017

Registration number: 05491642

Patchamie Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Patchamie Limited

Balance Sheet

30 June 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	625,409	703,587
Tangible assets	5	813,476	842,810
		1,438,885	1,546,397
Current assets
Stocks	6	-	154,494
Debtors	7	16,358	284,235
Cash at bank and in hand		102,076	90,492
		118,434	529,221
Creditors: Amounts falling due within one year	8	(282,519)	(621,973)
Net current liabilities		(164,085)	(92,752)
Total assets less current liabilities		1,274,800	1,453,645
Creditors: Amounts falling due after more than one year	8	-	(155,414)
Provisions for liabilities		(28,626)	(32,286)
Net assets		1,246,174	1,265,945
Capital and reserves
Called up share capital		102	102
Profit and loss account		1,246,072	1,265,843
Total equity		1,246,174	1,265,945

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Patchamie Limited

Balance Sheet

30 June 2017

For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 9 March 2018 and signed on its behalf by:
 

.........................................

Mr Ciaran O'Gallagher

Director

Company Registration Number: 05491642

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Patchamie Limited

Notes to the Financial Statements

Year Ended 30 June 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
c/o Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

These financial statements were authorised for issue by the Board on 9 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1July 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold land and buildings	2% straight line basis
Furniture, fittings and equipment	15% reducing balance basis

Page 3

Patchamie Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Motor vehicles

25% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line basis

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for ob‍solete and slow moving stocks.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 4

Patchamie Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2016 - 22).

Page 5

Patchamie Limited

Notes to the Financial Statements

Year Ended 30 June 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 July 2016	1,563,545	1,563,545
At 30 June 2017	1,563,545	1,563,545
Amortisation
At 1 July 2016	859,958	859,958
Amortisation charge	78,178	78,178
At 30 June 2017	938,136	938,136
Carrying amount
At 30 June 2017	625,409	625,409
At 30 June 2016	703,587	703,587

5	Tangible assets

	Freehold land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 July 2016	866,435	209,678	3,995	1,080,108
Additions	-	791	-	791
At 30 June 2017	866,435	210,469	3,995	1,080,899
Depreciation
At 1 July 2016	105,956	130,843	499	237,298
Charge for the year	17,368	11,883	874	30,125
At 30 June 2017	123,324	142,726	1,373	267,423
Carrying amount
At 30 June 2017	743,111	67,743	2,622	813,476
At 30 June 2016	760,479	78,835	3,496	842,810

Included within the net book value of land and buildings above is £743,111 (2016 - £760,479) in respect of freehold land and buildings.
 

Page 6

Patchamie Limited

Notes to the Financial Statements

Year Ended 30 June 2017

6

Stocks

	2017 £	2016 £
Stocks	-	154,494

7

Debtors

	2017  £	2016  £
Trade debtors	11,310	240,820
Other debtors	-	33,880
Prepayments	5,048	9,535
	16,358	284,235

8

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	9	155,900	38,310
Trade creditors		12,058	292,889
Social security and other taxes		7,340	4,636
Other creditors		69,612	207,382
Accrued expenses		13,848	15,337
Corporation tax		23,761	63,419
		282,519	621,973
Due after one year
Loans and borrowings	9	-	155,414

9	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	-	155,414

Page 7

Patchamie Limited

Notes to the Financial Statements

Year Ended 30 June 2017

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	155,900	38,310

10	Transition to FRS 102

The company transitioned to FRS 102 from previous extant UK GAAP as at 1 July 2015.

There were no changes to the previously stated equity as at 1 July 2015 and 30 June 2016 or in the profit fort the year end 30 June 2016 as a result of the transition to FRS 102.

Page 8