The Perry Lithgow Partnership Limited - Filleted accounts
The Perry Lithgow Partnership Limited - Filleted accounts
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 MAY 2020 | |||||||||||
Company Registration Number: 04761077 | |||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 9 | ||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
DIRECTORS | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
04761077 England and Wales | |||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MAY 2020 | |||||||||||
Notes | 2020 | 2019 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Intangible assets | 5 | ||||||||||
Tangible assets | 6 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | - | ||||||||||
Debtors | 7 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 8 | ||||||||||
NET CURRENT ASSETS | |||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MAY 2020 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board of directors | |||||||||||
R P Lithgow | M A Perry | ||||||||||
Director | Director | ||||||||||
Date approved by the board: |
|||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
The Perry Lithgow Partnership Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: | |||||||||||
1 Langston Lane | |||||||||||
Station Road | |||||||||||
Kingham | |||||||||||
Oxfordshire | |||||||||||
OX7 6UW | |||||||||||
The financial statements are presented in Sterling, which is the functional currency of the company. | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of art conservation services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Intangible fixed assets | |||||||||||
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 20 years. | |||||||||||
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations. |
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Furniture and fittings | |||||||||||
Computer equipment | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Work in progress | |||||||||||
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction. | |||||||||||
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
Pensions | |||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2020 | 2019 | ||||||||||
Average number of employees | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Goodwill | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 June 2019 | |||||||||||
At 31 May 2020 | |||||||||||
Accumulated amortisation | |||||||||||
At 1 June 2019 | |||||||||||
Charge for year | |||||||||||
At 31 May 2020 | |||||||||||
Net book value | |||||||||||
At 1 June 2019 | |||||||||||
At 31 May 2020 | |||||||||||
Goodwill relates to the acquisition of the trade, which was purchased on 12 May 2003. It is being amortised over its useful economic life, estimated to be 20 years. | |||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
6 | TANGIBLE ASSETS | ||||||||||
Furniture and fittings | Computer equipment | Total | |||||||||
£ | £ | £ | |||||||||
Cost | |||||||||||
At 1 June 2019 | |||||||||||
Additions | - | ||||||||||
At 31 May 2020 | |||||||||||
Accumulated depreciation | |||||||||||
At 1 June 2019 | |||||||||||
Charge for year | |||||||||||
At 31 May 2020 | |||||||||||
Net book value | |||||||||||
At 1 June 2019 | |||||||||||
At 31 May 2020 | |||||||||||
7 | DEBTORS | ||||||||||
2020 | 2019 | ||||||||||
£ | £ | ||||||||||
Trade debtors | - | ||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | - | ||||||||||
5,295 | 4,456 | ||||||||||
8 | CREDITORS: Amounts falling due within one year | ||||||||||
2020 | 2019 | ||||||||||
£ | £ | ||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
33,452 | 44,809 | ||||||||||
THE PERRY LITHGOW PARTNERSHIP LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MAY 2020 | |||||||||||
9 | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES | ||||||||||
The following director's advances, credits and guarantees took place during the year | |||||||||||
Balance at 1 June 2019 | Amounts advanced | Amounts repaid | Balance at 31 May 2020 | ||||||||
£ | £ | £ | £ | ||||||||
M A Perry | - | - | |||||||||
This advance is interest free and repayable on demand. |