Magnum Partnership (Brenchley) Limited Filleted accounts for Companies House (small and micro)

Magnum Partnership (Brenchley) Limited Filleted accounts for Companies House (small and micro)

MAGNUM PARTNERSHIP (BRENCHLEY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12851215
Magnum Partnership (Brenchley) Limited
Filleted Unaudited Financial Statements
30 September 2021
Magnum Partnership (Brenchley) Limited
Financial Statements
Period from 1 September 2020 to 30 September 2021
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Magnum Partnership (Brenchley) Limited
Statement of Financial Position
30 September 2021
30 Sep 21
Note
£
Current assets
Stocks
513,791
Debtors
5
3,197
Cash at bank and in hand
1,313
---------
518,301
Creditors: amounts falling due within one year
6
522,160
---------
Net current liabilities
3,859
-------
Total assets less current liabilities
( 3,859)
-------
Net liabilities
( 3,859)
-------
Capital and reserves
Called up share capital
4
Profit and loss account
( 3,863)
-------
Shareholders deficit
( 3,859)
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 30 September 2021 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 May 2022 , and are signed on behalf of the board by:
S J Hiscocks
Director
Company registration number: 12851215
Magnum Partnership (Brenchley) Limited
Notes to the Financial Statements
Period from 1 September 2020 to 30 September 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Meadows School House Lane, Horsmonden, Tonbridge, TN12 8BW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 3.
5. Debtors
30 Sep 21
£
Other debtors
3,197
-------
6. Creditors: amounts falling due within one year
30 Sep 21
£
Other creditors
522,160
---------
7. Related party transactions
At the period end the company owed £521,310 to a director.