The Gilbraithe Partnership Ltd - Period Ending 2014-03-31

Registration number: 04575277

The Gilbraithe Partnership Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Nabarro Poole Ltd
A Practice of Chartered & Management Accountants
31 Church Road
Northenden
Greater Manchester
M22 4NN

The Gilbraithe Partnership Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Gilbraithe Partnership Ltd
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Gilbraithe Partnership Ltd for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of The Gilbraithe Partnership Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Gilbraithe Partnership Ltd and state those matters that we have agreed to state to them, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Gilbraithe Partnership Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Gilbraithe Partnership Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Gilbraithe Partnership Ltd. You consider that The Gilbraithe Partnership Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Gilbraithe Partnership Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Nabarro Poole Ltd
A Practice of Chartered & Management Accountants
31 Church Road
Northenden
Greater Manchester
M22 4NN

20 May 2014

Page 1

The Gilbraithe Partnership Ltd
(Registration number: 04575277)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					436			1,696
Current assets
Debtors					50,313			60,001
Cash at bank and in hand					441,485			435,147
					491,798			495,148
Creditors: Amounts falling due within one year					(103,875)			(64,390)
Net current assets					387,923			430,758
Net assets					388,359			432,454
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					388,259			432,354
Shareholders' funds					388,359			432,454

For the year ending 31 March 2014 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 20 May 2014 and signed on its behalf by:

.........................................
Mr W A Veitch
Director

.........................................
Dr J G Young
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

The Gilbraithe Partnership Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the services provided to customers together with an estimated value of incomplete work.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25%pa reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

The Gilbraithe Partnership Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2013		220,000			19,711			239,711
At 31 March 2014		220,000			19,711			239,711
Depreciation
At 1 April 2013		220,000			18,015			238,015
Charge for the year		-			1,260			1,260
At 31 March 2014		220,000			19,275			239,275
Net book value
At 31 March 2014		-			436			436
At 31 March 2013		-			1,696			1,696

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4