Registered number
10886265
The Pattern Cloud Group Ltd
Filleted Accounts
31 July 2023
The Pattern Cloud Group Ltd
Registered number: 10886265
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 186,639 208,668
Tangible assets 4 580 -
187,219 208,668
Current assets
Debtors 5 29,663 18,898
Cash at bank and in hand 23,293 37,154
52,956 56,052
Creditors: amounts falling due within one year 6 (47,229) (96,121)
Net current assets/(liabilities) 5,727 (40,069)
Total assets less current liabilities 192,946 168,599
Creditors: amounts falling due after more than one year 7 (28,681) (30,800)
Net assets 164,265 137,799
Capital and reserves
Called up share capital 3 3
Profit and loss account 164,262 137,796
Shareholders' funds 164,265 137,799
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms T J Brown
Director
Approved by the board on 5 February 2024
The Pattern Cloud Group Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 349,658
Additions 55,150
At 31 July 2023 404,808
Amortisation
At 1 August 2022 140,990
Provided during the year 77,179
At 31 July 2023 218,169
Net book value
At 31 July 2023 186,639
At 31 July 2022 208,668
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 725
At 31 July 2023 725
Depreciation
Charge for the year 145
At 31 July 2023 145
Net book value
At 31 July 2023 580
5 Debtors 2023 2022
£ £
Trade debtors 17,740 13,858
Other debtors 11,923 5,040
29,663 18,898
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,666 68,229
Taxation and social security costs 29,598 5,367
Other creditors 15,965 22,525
47,229 96,121
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,434 8,553
Directors loan account 747 747
Other creditors 21,500 21,500
28,681 30,800
8 Other information
The Pattern Cloud Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20-22 Wenlock Road
London
N1 7GU
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