Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr D J Baker 01/08/2015 Mr P A Wilkins 26/03/1998 Mr T J Wilkins 26/03/1998 13 November 2023 The principal activity of the Company during the financial year is pattern and tool making. 03535353 2023-05-31 03535353 bus:Director1 2023-05-31 03535353 bus:Director2 2023-05-31 03535353 bus:Director3 2023-05-31 03535353 2022-05-31 03535353 core:CurrentFinancialInstruments 2023-05-31 03535353 core:CurrentFinancialInstruments 2022-05-31 03535353 core:Non-currentFinancialInstruments 2023-05-31 03535353 core:Non-currentFinancialInstruments 2022-05-31 03535353 core:ShareCapital 2023-05-31 03535353 core:ShareCapital 2022-05-31 03535353 core:RetainedEarningsAccumulatedLosses 2023-05-31 03535353 core:RetainedEarningsAccumulatedLosses 2022-05-31 03535353 core:LeaseholdImprovements 2022-05-31 03535353 core:PlantMachinery 2022-05-31 03535353 core:Vehicles 2022-05-31 03535353 core:FurnitureFittings 2022-05-31 03535353 core:OfficeEquipment 2022-05-31 03535353 core:ComputerEquipment 2022-05-31 03535353 core:LeaseholdImprovements 2023-05-31 03535353 core:PlantMachinery 2023-05-31 03535353 core:Vehicles 2023-05-31 03535353 core:FurnitureFittings 2023-05-31 03535353 core:OfficeEquipment 2023-05-31 03535353 core:ComputerEquipment 2023-05-31 03535353 bus:OrdinaryShareClass1 2023-05-31 03535353 2022-06-01 2023-05-31 03535353 bus:FullAccounts 2022-06-01 2023-05-31 03535353 bus:SmallEntities 2022-06-01 2023-05-31 03535353 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 03535353 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03535353 bus:Director1 2022-06-01 2023-05-31 03535353 bus:Director2 2022-06-01 2023-05-31 03535353 bus:Director3 2022-06-01 2023-05-31 03535353 core:LeaseholdImprovements core:TopRangeValue 2022-06-01 2023-05-31 03535353 core:PlantMachinery core:TopRangeValue 2022-06-01 2023-05-31 03535353 core:Vehicles core:TopRangeValue 2022-06-01 2023-05-31 03535353 core:FurnitureFittings core:TopRangeValue 2022-06-01 2023-05-31 03535353 core:OfficeEquipment core:TopRangeValue 2022-06-01 2023-05-31 03535353 core:ComputerEquipment core:TopRangeValue 2022-06-01 2023-05-31 03535353 2021-06-01 2022-05-31 03535353 core:LeaseholdImprovements 2022-06-01 2023-05-31 03535353 core:PlantMachinery 2022-06-01 2023-05-31 03535353 core:Vehicles 2022-06-01 2023-05-31 03535353 core:FurnitureFittings 2022-06-01 2023-05-31 03535353 core:OfficeEquipment 2022-06-01 2023-05-31 03535353 core:ComputerEquipment 2022-06-01 2023-05-31 03535353 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 03535353 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03535353 (England and Wales)

PATTERN FORME LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

PATTERN FORME LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

PATTERN FORME LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
PATTERN FORME LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTORS Mr D J Baker
Mr P A Wilkins
Mr T J Wilkins
SECRETARY Mr P A Wilkins
REGISTERED OFFICE Unit 33 Livingstone Way
Bindon Road
Taunton
TA2 6BD
United Kingdom
COMPANY NUMBER 03535353 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
PATTERN FORME LIMITED

BALANCE SHEET

As at 31 May 2023
PATTERN FORME LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 222,553 322,189
222,553 322,189
Current assets
Stocks 4 195,004 152,416
Debtors 5 556,220 601,486
Cash at bank and in hand 57,944 89,389
809,168 843,291
Creditors: amounts falling due within one year 6 ( 734,147) ( 769,588)
Net current assets 75,021 73,703
Total assets less current liabilities 297,574 395,892
Creditors: amounts falling due after more than one year 7 ( 112,843) ( 174,058)
Provision for liabilities ( 45,729) ( 69,090)
Net assets 139,002 152,744
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 138,002 151,744
Total shareholders' funds 139,002 152,744

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pattern Forme Limited (registered number: 03535353) were approved and authorised for issue by the Board of Directors on 13 November 2023. They were signed on its behalf by:

Mr P A Wilkins
Director
PATTERN FORME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
PATTERN FORME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pattern Forme Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 33 Livingstone Way, Bindon Road, Taunton, TA2 6BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date .

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the work has been carried out.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Computer equipment 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 39 38

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 June 2022 150,323 1,544,384 66,367 16,492 16,634 86,808 1,881,008
Additions 0 4,996 0 0 258 1,671 6,925
At 31 May 2023 150,323 1,549,380 66,367 16,492 16,892 88,479 1,887,933
Accumulated depreciation
At 01 June 2022 102,987 1,294,994 42,971 15,136 16,337 86,394 1,558,819
Charge for the financial year 7,762 85,094 12,467 706 145 387 106,561
At 31 May 2023 110,749 1,380,088 55,438 15,842 16,482 86,781 1,665,380
Net book value
At 31 May 2023 39,574 169,292 10,929 650 410 1,698 222,553
At 31 May 2022 47,336 249,390 23,396 1,356 297 414 322,189

4. Stocks

2023 2022
£ £
Stocks 107,707 110,034
Work in progress 87,297 42,382
195,004 152,416

5. Debtors

2023 2022
£ £
Trade debtors 503,525 568,678
Corporation tax 0 1,733
Other debtors 52,695 31,075
556,220 601,486

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,787 9,546
Trade creditors 267,804 154,908
Corporation tax 61,812 0
Other taxation and social security 27,326 109,857
Obligations under finance leases and hire purchase contracts (secured) 51,428 85,530
Other creditors 315,990 409,747
734,147 769,588

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 29,099 38,886
Obligations under finance leases and hire purchase contracts (secured) 83,744 135,172
112,843 174,058

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary Shares shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 72,500 82,000