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Registration number: 04798484

Patricia Eve Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 31 July 2023

 

Patricia Eve Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Patricia Eve Ltd

(Registration number: 04798484)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

-

 

5,000

Tangible assets

5

 

39,193

 

51,795

   

39,193

 

56,795

Current assets

   

 

Stocks

225,859

 

249,574

 

Debtors

6

228,179

 

480,514

 

Cash at bank and in hand

 

304,465

 

315,316

 

 

758,503

 

1,045,404

 

Creditors: Amounts falling due within one year

7

(328,491)

 

(553,413)

 

Net current assets

   

430,012

 

491,991

Total assets less current liabilities

   

469,205

 

548,786

Creditors: Amounts falling due after more than one year

7

 

(229,002)

 

(289,002)

Provisions for liabilities

 

(6,850)

 

(9,840)

Net assets

   

233,353

 

249,944

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

233,253

 

249,844

 

Total equity

   

233,353

 

249,944

 

Patricia Eve Ltd

(Registration number: 04798484)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

.........................................
Mr Christopher Eve
Director

 

Patricia Eve Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 July 2023

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:
11 Fusion Court
Garforth
Leeds
LS25 2GH
United Kingdom

These financial statements were authorised for issue by the Board on 14 March 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Patricia Eve Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 July 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% on the reducing balance

Fixtures, fittings and equipment

25% on the reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Estimated useful life of twenty years

 

Patricia Eve Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 July 2023

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 inventories 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Patricia Eve Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

100,000

100,000

At 31 July 2023

100,000

100,000

Amortisation

At 1 August 2022

95,000

95,000

Amortisation charge

5,000

5,000

At 31 July 2023

100,000

100,000

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

5,000

5,000

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

36,247

23,465

59,712

Disposals

-

(2,092)

(2,092)

At 31 July 2023

36,247

21,373

57,620

Depreciation

At 1 August 2022

3,021

4,896

7,917

Charge for the year

8,307

2,203

10,510

At 31 July 2023

11,328

7,099

18,427

Carrying amount

At 31 July 2023

24,919

14,274

39,193

At 31 July 2022

33,226

18,569

51,795

 

Patricia Eve Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 July 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

223,695

471,964

Prepayments

4,484

8,550

 

228,179

480,514

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

244,614

429,989

Taxation and social security

21,314

44,026

Other creditors

62,563

79,398

328,491

553,413

Due after one year

Loans and borrowings

229,002

289,002