Company registration number 07728656 (England and Wales)
PATCH MY PC UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PATCH MY PC UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PATCH MY PC UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,500
6,090
Current assets
Debtors
5
577,185
242,522
Cash at bank and in hand
51,530
444,857
628,715
687,379
Creditors: amounts falling due within one year
6
(77,639)
(198,998)
Net current assets
551,076
488,381
Total assets less current liabilities
557,576
494,471
Provisions for liabilities
(2,853)
(1,157)
Net assets
554,723
493,314
Capital and reserves
Called up share capital
111
111
Share premium account
25,546
25,546
Profit and loss reserves
529,066
467,657
Total equity
554,723
493,314
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
J C Chalfant
Director
Company registration number 07728656 (England and Wales)
PATCH MY PC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Patch My PC UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penistone One, Regent Court, St. Marys Street, Sheffield, S36 6DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Prior period error
During the year to 31 December 2023, it was noted that revenue which had historically been recognised should have been deferred. It was calculated that the deferred income should have been £248,483 at March 22, £153,915 at December 22 and £46,335 at December 23.
The impact on the comparatives is a reduction in December 22 reserves of £248,493, increase in deferred income of £153,915 and increase in sales of £94,578.
1.3
Reporting period
The reporting period is for 12 months ended 31 December 2023 and the comparative period ending 31 March 2022 is for a 9 month period. The comparative amounts presented in these financial statements are therefore not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Fixtures, fittings & equipment
33% straight line
Plant and machinery
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
PATCH MY PC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PATCH MY PC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
PATCH MY PC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees
The average monthly number of persons employed by the company during the year was 10 (2022 - 8).
2023
2022
Number
Number
Total
10
8
4
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2023
5,280
59,373
64,653
Additions
6,500
7,477
2,870
16,847
Disposals
(12,757)
(53,832)
(66,589)
At 31 December 2023
6,500
8,411
14,911
Depreciation and impairment
At 1 January 2023
4,748
53,815
58,563
Depreciation charged in the year
765
4,262
5,027
Eliminated in respect of disposals
(5,513)
(49,666)
(55,179)
At 31 December 2023
8,411
8,411
Carrying amount
At 31 December 2023
6,500
6,500
At 31 December 2022
532
5,558
6,090
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
45,821
Corporation tax recoverable
9,606
Amounts due from related company
564,241
54,625
Other debtors
12,944
132,470
577,185
242,522
PATCH MY PC UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
610
610
Other taxation and social security
39,831
Other creditors
77,029
158,557
77,639
198,998
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael Rigby
Statutory Auditor:
Alexander & Co LLP
Date of audit report:
26 March 2025
8
Related party transactions
At 31 Dec 2023, the director J K Quirk owed £3,455 (2022 - £129,748) to the company. J Quirk ceased to be a director on 6th February 2023.
At 31 Dec 2023, Patch My PC LLC owed £564,241 (2022 - £nil) to the company.
9
Directors' transactions
Dividends totalling £0 (2022 - £31,095) were paid in the year in respect of shares held by the company's directors.
10
Prior period adjustment
Reconciliation of changes in equity
1 April
31 December
2022
2022
£
£
Adjustments to prior year
Deferred income
(248,493)
(153,915)
Equity as previously reported
676,268
647,229
Equity as adjusted
427,775
493,314
Analysis of the effect upon equity
Profit and loss reserves
(248,493)
(153,915)