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Registered number: 01325245
Pat'erns Network UK Ltd.
Unaudited Financial Statements
For The Year Ended 31 December 2023
LPTA Limited
Chartered Certified Accountants
Priory Place Priory Road
Tiptree
Colchester
Essex
CO5 0QE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01325245
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 750,070 694,524
750,070 694,524
CURRENT ASSETS
Stocks 5 19,381 25,326
Debtors 6 33,816 36,836
Cash at bank and in hand 329,827 336,026
383,024 398,188
Creditors: Amounts Falling Due Within One Year 7 (92,170 ) (121,525 )
NET CURRENT ASSETS (LIABILITIES) 290,854 276,663
TOTAL ASSETS LESS CURRENT LIABILITIES 1,040,924 971,187
Creditors: Amounts Falling Due After More Than One Year 8 - (5,849 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (15,829 ) (8,907 )
NET ASSETS 1,025,095 956,431
CAPITAL AND RESERVES
Called up share capital 10 2,665 2,665
Revaluation reserve 11 366,960 344,443
Profit and Loss Account 655,470 609,323
SHAREHOLDERS' FUNDS 1,025,095 956,431
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Chris Pigram
Director
14th June 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Pat'erns Network UK Ltd. Registered number 01325245 is a limited by shares company incorporated in England & Wales. The Registered Office is Oaktree Works Stephenson Road, Gorse Lane Industrial Estate, Clacton-On-Sea, Essex, CO15 4XA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Based on Valuation
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2022: 14)
10 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 750,568 357,495 18,978 1,818 1,128,859
Additions - 57,417 - - 57,417
Revaluation 22,517 - - - 22,517
As at 31 December 2023 773,085 414,912 18,978 1,818 1,208,793
Depreciation
As at 1 January 2023 120,568 301,157 11,868 742 434,335
Provided during the period - 22,751 1,422 215 24,388
As at 31 December 2023 120,568 323,908 13,290 957 458,723
Net Book Value
As at 31 December 2023 652,517 91,004 5,688 861 750,070
As at 1 January 2023 630,000 56,338 7,110 1,076 694,524
5. Stocks
2023 2022
£ £
Stock 19,381 25,326
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 26,050 35,664
Prepayments and accrued income 1,016 1,172
Deposit for machinery 6,750 -
33,816 36,836
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 36,205 27,794
Bank loans and overdrafts 4,680 16,218
Corporation tax 11,519 34,364
Other taxes and social security 6,121 5,770
VAT 9,205 24,209
BarclayCard Credit Card 408 892
Accruals and deferred income 5,032 3,671
Directors' loan accounts 19,000 8,607
92,170 121,525
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Mortgage - 5,849
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 15,829 8,907
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,665 2,665
11. Reserves
Revaluation Reserve
£
As at 1 January 2023 344,443
Surplus on revaluation 22,517
As at 31 December 2023 366,960
12. Controlling Party
The company's controlling party is Mrs M Pigram by virtue of her ownership of 60% of the issued share capital in the company.
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