The Perry Lithgow Partnership Limited - Filleted accounts

THE PERRY LITHGOW PARTNERSHIP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MAY 2022

Company Registration Number: 04761077

THE PERRY LITHGOW PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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 2022
DIRECTORS
R P Lithgow
M A Perry
SECRETARY
F C Perry
REGISTERED OFFICE
1 Langston Lane
Station Road
Kingham
Oxfordshire
OX7 6UW
COMPANY REGISTRATION NUMBER
04761077 England and Wales

THE PERRY LITHGOW PARTNERSHIP LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
			Notes		2022				2021
					£				£
FIXED ASSETS
Intangible assets			5				3,100				6,200
Tangible assets			6				5,364				6,832
							8,464				13,032
CURRENT ASSETS
Stock					3,148				2,400
Debtors			7		16,876				44,016
Cash at bank and in hand					117,355				95,795
					137,379				142,211
CREDITORS: Amounts falling due within one year			8		65,259				58,072
NET CURRENT ASSETS							72,120				84,139
TOTAL ASSETS LESS CURRENT LIABILITIES							80,584				97,171
Provisions for liabilities and charges							1,019				1,298
NET ASSETS							79,565				95,873
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							79,465				95,773
SHAREHOLDERS' FUNDS							79,565				95,873

THE PERRY LITHGOW PARTNERSHIP LIMITED
BALANCE SHEET
AS AT 31 MAY 2022
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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: 2 November 2022

THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	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 2022
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					Reducing balance basis at 25% per annum
	Computer equipment					Reducing balance basis at 25% per annum
	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 company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

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 2022
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
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	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.

	Current and deferred tax assets and liabilities are not discounted.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.

THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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:
									2022		2021
	Average number of employees								2		2
5	INTANGIBLE FIXED ASSETS
											Goodwill
											£
	Cost
	At 1 June 2021										62,000
	At 31 May 2022										62,000
	Accumulated amortisation and impairments
	At 1 June 2021										55,800
	Charge for year										3,100
	At 31 May 2022										58,900
	Net book value
	At 1 June 2021										6,200
	At 31 May 2022										3,100

THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
6	TANGIBLE ASSETS
							Furniture and fittings		Computer equipment		Total
							£		£		£
	Cost
	At 1 June 2021						13,718		16,197		29,915
	Additions						267		-		267
	At 31 May 2022						13,985		16,197		30,182
	Accumulated depreciation and impairments
	At 1 June 2021						10,457		12,626		23,083
	Charge for year						842		893		1,735
	At 31 May 2022						11,299		13,519		24,818
	Net book value
	At 1 June 2021						3,261		3,571		6,832
	At 31 May 2022						2,686		2,678		5,364
7	DEBTORS
									2022		2021
									£		£
	Trade debtors								15,488		40,031
	Prepayments and accrued income								1,256		1,535
	Other debtors								132		2,450
									16,876		44,016
8	CREDITORS: Amounts falling due within one year
									2022		2021
									£		£
	Taxation and social security								24,044		38,448
	Accruals and deferred income								3,166		3,164
	Other creditors								38,049		16,460
									65,259		58,072

THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
9	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
	The following director's advances, credits and guarantees took place during the year
			Balance at 1 June 2021		Amounts advanced		Amounts repaid		Amounts written off or waived		Balance at 31 May 2022
			£		£		£		£		£
	M A Perry		2,319		-		2,319		-		-

Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.