Patchwork Ventures Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07701119 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

Patchwork Ventures Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

3

8,591

10,327

CURRENT ASSETS

Debtors

4

-

1,421

Cash at bank

5,371

3,092

5,371

4,513

CREDITORS

Amounts falling due within one year

5

21,956

19,265

NET CURRENT LIABILITIES

(16,585

)

(14,752

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,994

)

(4,425

)

PROVISIONS FOR LIABILITIES

1,632

1,962

NET LIABILITIES

(9,626

)

(6,387

)

CAPITAL AND RESERVES

Called up share capital

6

1

1

Retained earnings

(9,627

)

(6,388

)

SHAREHOLDERS' FUNDS

(9,626

)

(6,387

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 13 December 2018 and were signed on its behalf by:

Mrs C Hawkins - Director

1.	STATUTORY INFORMATION

Patchwork Ventures Limited 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.

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

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 balance sheet date.

Deferred tax

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

at the balance sheet 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.

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.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

17,748

6,914

24,662

DEPRECIATION

At 1 April 2017

8,446

5,889

14,335

Charge for year

1,395

341

1,736

At 31 March 2018

9,841

6,230

16,071

NET BOOK VALUE

At 31 March 2018

7,907

684

8,591

At 31 March 2017

9,302

1,025

10,327

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Other debtors

-

1,421

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Other creditors

21,956

19,265

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

1

Ordinary Shares

£1

1

1

7.	TRANSACTIONS WITH DIRECTORS

Included in other creditors is the amount of £20,243 (2017: £17,786) which is owed to Mrs C

Hawkins and £813 (2017: £399) owed to Mr O Hawkins both directors of the company . The loan is

unsecured and interest free.