Monk & Partners Professional Limited - Period Ending 2020-03-31

Monk & Partners Professional Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 5

Monk & Partners Professional Limited

Company Information

Directors

Mr J H Slade Mr D A Monk

Company secretary

Mr J H Slade

Registered office

6 Houndiscombe Road Plymouth Devon PL4 6HH

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Monk & Partners Professional Limited
for the Year Ended 31 March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Monk & Partners Professional Limited for the year ended 31 March 2020 as set out on pages 3 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Monk & Partners Professional Limited, 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 Monk & Partners Professional Limited and state those matters that we have agreed to state to the Board of Directors of Monk & Partners Professional Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Monk & Partners Professional Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Monk & Partners Professional Limited 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 Monk & Partners Professional Limited. You consider that Monk & Partners Professional Limited 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 Monk & Partners Professional Limited. 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.

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

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

20 July 2020

Monk & Partners Professional Limited

(Registration number: 09487318)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Current assets
Debtors	4	61,805	38,839
Cash at bank and in hand		1,016	921
		62,821	39,760
Creditors: Amounts falling due within one year	5	(8,335)	(2,770)
Net assets		54,486	36,990
Capital and reserves
Called up share capital		105	105
Profit and loss account		54,381	36,885
Total equity		54,486	36,990

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 July 2020 and signed on its behalf by:
 

......................................... Mr J H Slade Company secretary and director

......................................... Mr D A Monk Director

Monk & Partners Professional Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
4 The Crescent
Plymouth
Devon
PL1 3AB

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a going concern basis, taking into account the impact on the business caused by the Coronavirus outbreak. To cope with the outbreak the business accessed the relevant emergency government support available to support it through the lockdown, and expects to be in a position to commence normal trading once the peak of the crisis has passed.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Monk & Partners Professional Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2019 - 4).

4

Debtors

	2020 £	2019 £
Trade debtors	1,035	-
Other debtors	60,770	38,839
	61,805	38,839

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	134	77
Taxation and social security	4,560	526
Accruals and deferred income	1,746	1,665
Other creditors	1,895	502
	8,335	2,770

6	Related party transactions

During the year the company advanced a total of £17,000 to a director. Interest has been charge on this loan at the standard HMRC rate. The balance owed to the company at the year-end was £17,208, and is repayable on demand.

During the year the company advanced a total of £17,000 to a separate director. Interest has been charge on this loan at the standard HMRC rate. The balance owed to the company at the year-end was £17,179, and is repayable on demand.