PATCHWORK STUDIOS CIC

Company limited by guarantee

Company Registration Number:
11452004 (England and Wales)

Unaudited statutory accounts for the year ended 28 July 2024

Period of accounts

Start date: 30 July 2023

End date: 28 July 2024

PATCHWORK STUDIOS CIC

Contents of the Financial Statements

for the Period Ended 28 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

PATCHWORK STUDIOS CIC

Directors' report period ended 28 July 2024

The directors present their report with the financial statements of the company for the period ended 28 July 2024

Principal activities of the company

The company's principal activity during the year continued to be sound recording, music publishing activities and performing arts.



Directors

The directors shown below have held office during the whole of the period from
30 July 2023 to 28 July 2024

Joshua Elleschild
Andrew Knights
Dominic Moore
William Rogers
Thomas Ogilvie


The director shown below has held office during the period of
20 April 2024 to 28 July 2024

Amanda Knights


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
28 July 2025

And signed on behalf of the board by:
Name: Thomas Ogilvie
Status: Director

PATCHWORK STUDIOS CIC

Profit And Loss Account

for the Period Ended 28 July 2024

2024 2023


£

£
Turnover: 129,408 144,584
Cost of sales: ( 97,581 ) ( 102,945 )
Gross profit(or loss): 31,827 41,639
Administrative expenses: ( 70,319 ) ( 91,606 )
Other operating income: 18,683 32,980
Operating profit(or loss): (19,809) (16,987)
Profit(or loss) before tax: (19,809) (16,987)
Profit(or loss) for the financial year: (19,809) (16,987)

PATCHWORK STUDIOS CIC

Balance sheet

As at 28 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 15,516 7,351
Total fixed assets: 15,516 7,351
Current assets
Debtors: 4 16,605
Cash at bank and in hand: 7,233 19,178
Total current assets: 7,233 35,783
Creditors: amounts falling due within one year: 5 ( 1,171 ) ( 1,747 )
Net current assets (liabilities): 6,062 34,036
Total assets less current liabilities: 21,578 41,387
Total net assets (liabilities): 21,578 41,387
Members' funds
Profit and loss account: 21,578 41,387
Total members' funds: 21,578 41,387

The notes form part of these financial statements

PATCHWORK STUDIOS CIC

Balance sheet statements

For the year ending 28 July 2024 the company was entitled to exemption 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.

This report was approved by the board of directors on 28 July 2025
and signed on behalf of the board by:

Name: Thomas Ogilvie
Status: Director

The notes form part of these financial statements

PATCHWORK STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 28 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Plant and machinery 25% reducing balance

    Other accounting policies

    Debtors Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

PATCHWORK STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 28 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

PATCHWORK STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 28 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 30 July 2023 15,555 15,555
Additions 13,337 13,337
Disposals
Revaluations
Transfers
At 28 July 2024 28,892 28,892
Depreciation
At 30 July 2023 8,204 8,204
Charge for year 5,172 5,172
On disposals
Other adjustments
At 28 July 2024 13,376 13,376
Net book value
At 28 July 2024 15,516 15,516
At 29 July 2023 7,351 7,351

PATCHWORK STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 28 July 2024

4. Debtors

2024 2023
£ £
Trade debtors 16,605
Total   16,605

PATCHWORK STUDIOS CIC

Notes to the Financial Statements

for the Period Ended 28 July 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Other creditors 1,171 1,747
Total 1,171 1,747

COMMUNITY INTEREST ANNUAL REPORT

PATCHWORK STUDIOS CIC

Company Number: 11452004 (England and Wales)

Year Ending: 28 July 2024

Company activities and impact

Patchwork Studios CIC run a creative community centre; a performance venue, art gallery and recording studio, focused on improving the quality of life for the residents and visitors of Rame Peninsula. The social enterprise began trading in mid 2018 and within their first 20 months of piloting, amassed a vast number of regular workshops and activities, community theatre performances, spoken word events, young people’s performance events hosted by and featuring underage artists, private hire events including children’s birthday parties, live performances from emerging and established local, national and international acts, open stage music and comedy events for confidence building, collaborations with local schools including discos and immersive workshops and events during key holidays and celebrations, free rehearsal time for developing artists, free recording sessions, and fundraisers for other local charities and youth groups. These activities are relevant to and help tachieve their mission statement in countless ways, from reinforcing a sense of community and helping improve social mobility, integration, and rural community retention, to promoting cultural awareness and creative celebration. During the pandemic, focus remained on community but their methods changed dramatically. With significant funding from local and national bodies, plus major crowdfunding achievements, the social enterprise was able to operate meaningfully throughout, while preparing their spaces and community offerings for a rural community emerging and reintegrating into a postpandemic world. This included the opening of a community art gallery, which would go on to run regular workshops and community events, alongside an exhibition schedule of local and internationally acclaimed artists alike. Reopening its doors after COVID-19, the spaces now host wide-ranging and multi-generational community activities throughout peak seasons, and a growing number of community fixtures all year round, including a large-scale community pantomime now coming into its third year, live music events, art exhibitions and community art initiatives, a site-wide film festival, song writing retreats and affordable rehearsal and recording studio facilities for emerging artists. The spaces are most commonly known for their flagship Youth Music Lab project, live events and immersive community celebrations, critically acclaimed comedy events, cinema nights and screenings, community music and wellbeing workshops, vinyl record and DJ clubs and courses, music lessons within the rehearsal spaces, drawing, painting and art classes, book clubs, sewing clubs and men’s support circles, LGBTQIA+ inclusive events and equal rights awareness activities, youth-led and professionally-run under 18 music events, and specifically sober events and activities.

Consultation with stakeholders

The company’s stakeholders are residents of, and visitors to, the Rame Peninsula. The company consult their beneficiaries on how their spaces should be utilised and which activities are a priority, to ensure the project is as community-led and inclusive as it possibly can be. These consultations with beneficiaries take place both formally and informally, both conversationally, and via social media, email surveys and questionnaires.

Directors' remuneration

Following payments were made to directors during the year. Andrew Knights £13,895.00 Tom Ogilvie £4,695.00 Will Rogers £225.00 Joshua ELLESCHILD £787.50 Amanda Knights £3,105.00

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
28 July 2025

And signed on behalf of the board by:
Name: Thomas Ogilvie
Status: Director