SmithParsons Partnership Ltd - Accounts to registrar (filleted) - small 18.2

SmithParsons Partnership Ltd - Accounts to registrar (filleted) - small 18.2

SMITHPARSONS PARTNERSHIP LTD - Company Information

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REGISTERED NUMBER: 05491234 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 October 2018

for

SmithParsons Partnership Ltd
SmithParsons Partnership Ltd (Registered number: 05491234)

Contents of the Financial Statements
for the Year Ended 30 October 2018










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SmithParsons Partnership Ltd

Company Information
for the Year Ended 30 October 2018







DIRECTORS: G P Parsons
M D Smith





REGISTERED OFFICE: Cathedral House
26-28 Church Bank
Bradford
West Yorkshire
BD1 4DZ





REGISTERED NUMBER: 05491234 (England and Wales)





ACCOUNTANTS: Davies Tracey
Chartered Accountants and Business Advisers
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
Page 1
SmithParsons Partnership Ltd (Registered number: 05491234)

Abridged Balance Sheet
30 October 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 6,156 3,714
Investments 5 187,274 187,274
Investment property 6 230,000 230,000
423,430 420,988

CURRENT ASSETS
Stocks 570,188 700,000
Debtors 94,489 131,231
Cash at bank 145,771 30,644
810,448 861,875
CREDITORS
Amounts falling due within one year 556,320 604,663
NET CURRENT ASSETS 254,128 257,212
TOTAL ASSETS LESS CURRENT LIABILITIES 677,558 678,200

CREDITORS
Amounts falling due after more than one year (159,141 ) (170,827 )

PROVISIONS FOR LIABILITIES (523 ) (706 )
NET ASSETS 517,894 506,667

CAPITAL AND RESERVES
Allotted called up and fully p aid share capital 6 6
Retained earnings 517,888 506,661
SHAREHOLDERS' FUNDS 517,894 506,667

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The notes form part of these financial statements

Page 2 continued...
SmithParsons Partnership Ltd (Registered number: 05491234)

Abridged Balance Sheet - continued
30 October 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 October 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 29 July 2019 and were signed on its behalf by:





G P Parsons - Director


The notes form part of these financial statements

Page 3
SmithParsons Partnership Ltd (Registered number: 05491234)

Notes to the Financial Statements
for the Year Ended 30 October 2018


1. STATUTORY INFORMATION

SmithParsons Partnership Ltd is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value
added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any
accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 15% on reducing balance

Investment property
Investment property is shown at market value. Any aggregate surplus or deficit arising from changes in market value is
transferred to a revaluation reserve.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the
extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively
enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Page 4 continued...
SmithParsons Partnership Ltd (Registered number: 05491234)

Notes to the Financial Statements - continued
for the Year Ended 30 October 2018


3. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 31 October 2017
and 30 October 2018 205,000
AMORTISATION
At 31 October 2017
and 30 October 2018 205,000
NET BOOK VALUE

At 30 October 2018 -
At 30 October 2017 -

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 31 October 2017 12,892
Additions 5,613
At 30 October 2018 18,505
DEPRECIATION
At 31 October 2017 9,178
Charge for year 3,171
At 30 October 2018 12,349
NET BOOK VALUE
At 30 October 2018 6,156
At 30 October 2017 3,714

5. FIXED ASSET INVESTMENTS

2018 2017
£    £   
At 1 December 2017 187,274 187,274

Disposal - -
At 30 November 2018 187,274 187,274

Listed Investments
Investments having a net book value of £187,274 (2017 - £187,274) are listed on a recognised stock exchange and had a
market value of £321,609 at the end of the year (2017 - £316,978).

Page 5 continued...
SmithParsons Partnership Ltd (Registered number: 05491234)

Notes to the Financial Statements - continued
for the Year Ended 30 October 2018


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31 October 2017
and 30 October 2018 230,000
NET BOOK VALUE
At 30 October 2018 230,000
At 30 October 2017 230,000

The investment property was valued on an open market basis on 30 October 2018 by the directors of the company. The
directors do not consider the market value to be materially different from historic cost.

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances totalling £170,041 were made by the company to the directors (2017 - £161,252) and the
directors repaid £184,289 (2017 - £187,800). Interest was charged at 2.5% and the loans are repayable on demand.

8. RELATED PARTY DISCLOSURES


During the year the company traded on an arms length basis with the unincorporated business Smith Parsons, in which the
directors are partners. The transactions are as follows

2018 2017
£ £
Rental Income 4,646 12,546
Admin Expenses 33,500 158,333


Page 6