Company Registration No. 09897155 (England and Wales)
PATCH GARDENS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PATCH GARDENS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
PATCH GARDENS LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,789
2,278
Tangible assets
4
14,808
7,802
Investments
5
445
445
17,042
10,525
Current assets
Stocks
434,666
531,525
Debtors
6
239,450
372,445
Cash at bank and in hand
354,236
438,380
1,028,352
1,342,350
Creditors: amounts falling due within one year
7
(2,388,936)
(2,197,475)
Net current liabilities
(1,360,584)
(855,125)
Total assets less current liabilities
(1,343,542)
(844,600)
Creditors: amounts falling due after more than one year
8
(179,487)
(486,213)
Net liabilities
(1,523,029)
(1,330,813)
Capital and reserves
Called up share capital
9
494
494
Share premium account
9,564,451
9,564,451
Profit and loss reserves
(11,087,974)
(10,895,758)
Total equity
(1,523,029)
(1,330,813)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
Mr J Hackett
Director
Company Registration No. 09897155
PATCH GARDENS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Share capital
Share premium account
Own  shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
446
8,847,338
803,755
(11,198,181)
(1,546,642)
Period ended 30 April 2023:
Loss and total comprehensive income for the period
-
-
-
(292,512)
(292,512)
Issue of share capital
9
48
717,113
-
-
717,161
Transfers
-
-
-
594,935
594,935
Other movements
-
-
0
(803,755)
-
(803,755)
Balance at 30 April 2023
494
9,564,451
-
0
(10,895,758)
(1,330,813)
Period ended 30 April 2024:
Loss and total comprehensive income for the period
-
-
-
(192,216)
(192,216)
Balance at 30 April 2024
494
9,564,451
-
0
(11,087,974)
(1,523,029)
PATCH GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Patch Gardens Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 45 Albermarle Street, London, United Kingdom, W1S 4JL.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Patch Gardens Ltd is a wholly owned subsidiary of Arena Online Limited and the results of Patch Gardens Ltd are included in the consolidated financial statements of Arena Online Limited which are available from Unit 19 Long Bank, Berry Hill Industrial Estate, Droitwich, England, WR9 9AN.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, based on the continued financial support of its parent company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The current figures relate to the year ended 30 April 2024. The comparative figures are for the period 1 January 2023 to 30 April 2023. Therefore, the comparative amounts presented in the financial statements (including the related notes) are 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (at the date the order is delivered), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

PATCH GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

Amortisation 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:

Trademarks, patents & licenses
10 years
1.6
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:

Plant and equipment
4 years straight line
Fixtures and fittings
4 years straight line
Computer equipment
3 years 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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

PATCH GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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, other borrowings and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PATCH GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -

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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
20
3
Intangible fixed assets
Trademarks, patents & licenses
£
Cost
At 1 May 2023 and 30 April 2024
4,888
Amortisation and impairment
At 1 May 2023
2,610
Amortisation charged for the year
489
At 30 April 2024
3,099
Carrying amount
At 30 April 2024
1,789
At 30 April 2023
2,278
PATCH GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2023
-
0
6,861
67,793
74,654
Additions
13,500
-
0
-
0
13,500
Disposals
-
0
-
0
(2,421)
(2,421)
At 30 April 2024
13,500
6,861
65,372
85,733
Depreciation and impairment
At 1 May 2023
-
0
4,547
62,305
66,852
Depreciation charged in the year
-
0
1,262
2,811
4,073
At 30 April 2024
-
0
5,809
65,116
70,925
Carrying amount
At 30 April 2024
13,500
1,052
256
14,808
At 30 April 2023
-
0
2,314
5,488
7,802
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
445
445
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 & 30 April 2024
445
Carrying amount
At 30 April 2024
445
At 30 April 2023
445
PATCH GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,033
32,198
Amounts owed by group undertakings
-
0
48,821
Other debtors
54,204
161,624
Prepayments and accrued income
162,213
129,802
239,450
372,445
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
306,469
303,360
Trade creditors
221,604
596,936
Amounts owed to group undertakings
1,056,689
152,817
Corporation tax
47,627
63,500
Other taxation and social security
379,347
417,346
Other creditors
28,093
24,988
Accruals and deferred income
349,107
638,528
2,388,936
2,197,475

Other borrowings are secured by a fixed and floating charge over the assets of the company. Other borrowings are also secured by the legal assignment of key-person assurance policies in the name of the Company covering the life of a director.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
179,487
486,213

Included in other creditors are other borrowings of £179,457 (2023: £486,213).

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.002p each
24,133,086
24,133,086
494
482
Ordinary shares class Z of 0.002p each
600,000
600,000
-
12
24,733,086
24,733,086
494
494
PATCH GARDENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Called up share capital
(Continued)
- 9 -

On 12 January 2023, the company issued 1,853,987 ordinary shares of £0.00002 each for a total consideration of £91,440.

 

On 12 January 2023, the company issued 600,000 class z ordinary shares of £0.00002 each for a total consideration of £600,000.

10
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.

The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher Audit.
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
5,000
-
0
12
Parent company

The immediate and ultimate parent company is Arena Online Limited, whose registered office address is Unit 19 Long Bank, Berry Hill Industrial Estate, Droitwich, England, WR9 9AN.

 

The results of Patch Gardens Ltd are included in the consolidated financial statements of Arena Online Limited which are available from Companies House.

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