Patrick James Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09073671 (England and Wales)

Financial Statements for the Year Ended 30 June 2017

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 2017 which comprise the Income Statement,

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 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 loss 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

21 March 2018

FIXED ASSETS

Intangible assets

4

11,840

13,320

Property, plant and equipment

5

17,919

6,826

29,759

20,146

CURRENT ASSETS

Debtors

6

1,178

100

Cash at bank

1,895

2,712

3,073

2,812

CREDITORS

Amounts falling due within one year

7

49,065

21,305

NET CURRENT LIABILITIES

(45,992

)

(18,493

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(16,233

)

1,653

CREDITORS

Amounts falling due after more than one year

8

30,607

24,000

NET LIABILITIES

(46,840

)

(22,347

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(46,940

)

(22,447

)

SHAREHOLDERS' FUNDS

(46,840

)

(22,347

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 21 March 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 £.

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

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

Fixtures and fittings

-

20% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

and 30 June 2017

14,800

AMORTISATION

At 1 July 2016

1,480

Amortisation for year

1,480

At 30 June 2017

2,960

NET BOOK VALUE

At 30 June 2017

11,840

At 30 June 2016

13,320

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 July 2016

8,533

Additions

16,003

At 30 June 2017

24,536

DEPRECIATION

At 1 July 2016

1,707

Charge for year

4,910

At 30 June 2017

6,617

NET BOOK VALUE

At 30 June 2017

17,919

At 30 June 2016

6,826

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

100

100

Prepayments

1,078

-

1,178

100

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

8,000

8,000

Trade creditors

1,006

1,985

Social security and other taxes

4,652

4,412

Other creditors

19,386

5,450

Directors' accounts

13,856

-

Accruals and deferred income

2,165

1,458

49,065

21,305

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

16,000

24,000

Finance leases

14,607

-

30,607

24,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

24,000

32,000

Finance leases

14,607

-

38,607

32,000

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

the property or undertakings of the company.

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

2017

2016

value:

£

£

100

Ordinary

£1

100

100

11.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102 (Section 1A). The last financial

statements under the UK GAAP were for the year ended 30 June 2016. The date of transition to FRS 102 was 1

July 2015.