TomGeorge:
Hi, I hope this is only a prototype, 4x AA batteries will not last long with at least 350mA being drawn from them, also if you are PWM the LED then you will have to make sure that the 3.3V has sufficient filtering.If the 3.3V rail gets to much PWM noise on it then it will cause the Arduino to reset during operation.
Tom
It's not a prototype but it only needs to last 30 minutes to an hour at a time which should be fine on 4x2400mAh rechargeables.
How do I go about filtering the 3.3V rail?
TomGeorge:
Can you verify that it is common anode as in your circuit.
ps, What is the final power supply voltage that you want this to run on?
Spec says if all three LEDs on full, then 1.050 Amps will be drawn. Low current will give still give you a full range of colours, but not as bright.
I can verify these are common Anode.
The final supply voltage is 6V, it will be running on 4 AA's as explained above.
cjdelphi:
Why are fet's being used?!
Replace them for npn transistors, 2n2222 for example eg it's rated 800ma which gives plenty of scope for a 330ma draw per LED...
I saw them somewhere and thought they might be suited to this use, apparently I was mistaken?! do I just directly replace with NPN's?
LarryD:
At 350ma VCEsat is approaching 1V, gain is <50
The package will approach maximum power dissipation.
??
polymorph:
That is not the correct symbol for a MOSFET. I can see it is based on a less-common way of drawing a MOSFET, but it is still not correct.

I just copied Tom Carpenter's drawing of a MOSFET...
polymorph:
You have no dot to indicate a connection where the wire between the negative ends of the two 10uF caps crosses the ground lead on the voltage regulator.
Oops, there are 5 other places I missed the dots too 
polymorph:
Some helpful information on drawing schematics. See rule 4:
How To Draw Schematic Diagrams
Rule 4: Wires and components are aligned horizontally or vertically, unless there's a good reason to do otherwise.
Have I not done that?
polymorph:
In addition, an IRF540 has a gate threshold voltage rated to be between 2 and 4 volts. So your 3.3V Arduino may not even be able to start turning them on, much less turn them on fully. For a low voltage circuit such as this, I suggest using NPN bipolar transistors. Make sure you use transistors with sufficient gain that can handle the current and power. Effective gain goes down when a BJT is used as a saturated switch, so base resistors need to be chosen to allow sufficient current while not drawing more than 40mA each and 200mA combined from the Arduino outputs.
http://www.irf.com/product-info/datasheets/data/irf540n.pdf
So the 2N2222 suggested above should be alright? how do I calculate resistors for Transistors, is there a good guide somewhere I can read?
Again thanks for the help guys 