Silvesters in Partnership Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06269003 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2020

for

Silvesters in Partnership Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P J Silvester

SECRETARY:

REGISTERED OFFICE:

Sunny Nook

Barhatch Road

Cranleigh

Surrey

GU6 7DJ

REGISTERED NUMBER:

06269003 (England and Wales)

ACCOUNTANTS:

Richard Symonds FCA FCCA

Symonds & Co Chartered Accountants

Sunny Nook

Barhatch Road

Cranleigh

Surrey

GU6 7DJ

CURRENT ASSETS

Debtors

4

34,611

51,295

Cash at bank and in hand

15,115

11,583

49,726

62,878

CREDITORS

Amounts falling due within one year

5

36,666

57,414

NET CURRENT ASSETS

13,060

5,464

TOTAL ASSETS LESS CURRENT LIABILITIES

13,060

5,464

CAPITAL AND RESERVES

Called up share capital

95

95

Capital redemption reserve

5

5

Retained earnings

12,960

5,364

SHAREHOLDERS' FUNDS

13,060

5,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 21 September 2020 and were signed by:

P J Silvester - Director

1.	STATUTORY INFORMATION

Silvesters in Partnership Limited 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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - 2 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Other debtors

34,611

51,295

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade creditors

2

-

Tax

6,842

6,843

Social security and other taxes

-

898

Other creditors

23,106

39,306

Directors' current accounts

5,866

9,517

Accruals and deferred income

850

850

36,666

57,414

6.	RELATED PARTY DISCLOSURES

As at the balance sheet date, the company owed the director £5,866 (2019 £9,517). This amount has been

included within creditors on the balance sheet.

During the year, the directors received dividends totalling £20,000 (2019 £20,000)

7.	ULTIMATE CONTROLLING PARTY

The controlling party is P J Silvester.

8.	DISPOSAL OF GOODWILL

On the 1 July 2012 the goodwill of the company was sold. The price to be paid for the asset is to be based on

50% of the fee income of the existing client base for the next 15 years and 20% of any new fee income based

on the existing client base for the next five years. The director currently believes that the discounted proceeds

will be in the region of £620,000 and the increase in this figure over his estimate at 30 June 2013 has been

taken to profit and loss account as additional proceeds on the disposal of goodwill.