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Registration number: 11841941

The Patch Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

The Patch Group Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Patch Group Limited

(Registration number: 11841941)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

265,304

173,951

Current assets

 

Debtors

5

27,784

6,960

Cash at bank and in hand

 

21,922

22,773

 

49,706

29,733

Creditors: Amounts falling due within one year

6

(91,851)

(69,071)

Net current liabilities

 

(42,145)

(39,338)

Total assets less current liabilities

 

223,159

134,613

Creditors: Amounts falling due after more than one year

6

(69,041)

(43,167)

Provisions for liabilities

(66,326)

(43,488)

Net assets

 

87,792

47,958

Capital and reserves

 

Called up share capital

100

100

Retained earnings

87,692

47,858

Shareholders' funds

 

87,792

47,958

 

The Patch Group Limited

(Registration number: 11841941)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 September 2024
 

.........................................
Mr T J Chevis
Director

 

The Patch Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and the hire of equipment in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises deferred tax.

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.

 

The Patch Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Computer Equipment

2-3 years effective life

Office Equipment

1-5 years effective life

Rental Assets

2-10 years effective life

Plant

3-5 years effective life

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Patch Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Grants

Government grants are accounted for as revenue based grants under the accrual model in the period in which they are receivable.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

The Patch Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Computer equipment
£

Rental assets
£

Office equipment
£

Plant
£

Total
£

Cost or valuation

At 1 April 2023

8,479

356,846

37,936

-

403,261

Additions

2,226

180,562

5,863

2,580

191,231

Disposals

-

(48,597)

-

-

(48,597)

At 31 March 2024

10,705

488,811

43,799

2,580

545,895

Depreciation

At 1 April 2023

5,391

200,966

22,953

-

229,310

Charge for the year

1,346

55,903

6,996

477

64,722

Eliminated on disposal

-

(13,441)

-

-

(13,441)

At 31 March 2024

6,737

243,428

29,949

477

280,591

Carrying amount

At 31 March 2024

3,968

245,383

13,850

2,103

265,304

At 31 March 2023

3,088

155,880

14,983

-

173,951

 

The Patch Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

14,367

1,340

Prepayments

301

245

Other debtors

13,116

5,375

 

27,784

6,960

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

21,894

14,000

Trade creditors

 

18,439

1,540

Taxation and social security

 

-

791

Other creditors

 

51,518

52,740

 

91,851

69,071

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

69,041

43,167

 

The Patch Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,000

14,000

Hire purchase contracts

7,894

-

21,894

14,000

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,167

43,167

Hire purchase contracts

39,874

-

69,041

43,167

The bank loan has a fixed and floating charge over all assets. The floating charge covers all property or undertaking of the company.

The hire purchase is secured against the assets, being the amplifiers and network bridges.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £331,679 (2023 - £71,125). These relates to the following leases:

- Rental lease taken out on Unit 4, Cobham Centre, Swindon
- VP system lease
- Speakers, transport lid and monitor