The Folio Partnership Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06031763 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

The Folio Partnership Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

Mr P W Thorner

Mrs R J Thorner

SECRETARY:

Mr P W Thorner

REGISTERED OFFICE:

1 The Larches

St Brides

Netherwent

Caldicot

Monmouthshire

NP26 3BP

REGISTERED NUMBER:

06031763 (England and Wales)

ACCOUNTANTS:

Macario Lewin

Chartered Accountants

Bellarmine House

14 Upper Church Street

Chepstow

Monmouthshire

NP16 5EX

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Folio Partnership Ltd for the year ended 31 December 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of The Folio Partnership Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Folio Partnership Ltd and state those matters that we have agreed to state to the Board of Directors of The Folio Partnership Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Folio Partnership Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Folio Partnership Ltd. You consider that The Folio Partnership Ltd 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 financial statements of The Folio Partnership Ltd. 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 financial statements.

Macario Lewin

Chartered Accountants

Bellarmine House

14 Upper Church Street

Chepstow

Monmouthshire

NP16 5EX

29 March 2022

FIXED ASSETS

Tangible assets

4

2,361

2,932

Investments

5

337,946

400,000

340,307

402,932

CURRENT ASSETS

Debtors

11,928

31,752

Cash at bank

141,959

70,449

153,887

102,201

CREDITORS

Amounts falling due within one year

22,708

27,565

NET CURRENT ASSETS

131,179

74,636

TOTAL ASSETS LESS CURRENT LIABILITIES

471,486

477,568

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

470,486

476,568

SHAREHOLDERS' FUNDS

471,486

477,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2022 and were signed on its behalf by:

Mr P W Thorner - Director

Mrs R J Thorner - Director

1.	STATUTORY INFORMATION

The Folio 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the right to consideration arises which occurs when the services are provided. Where services have not been invoiced at the balance sheet date turnover represents the value of services provided to date.

Tangible fixed assets

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at a rate of 33% straight line and 25% reducing balance.

At each Balance Sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount and the impairment loss recognised as an expense immediately.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Investments

Fixed asset investments are shown at cost less provision for impairment. Current asset investments are stated at the lower of cost and net realisable value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

19,848

Additions

367

At 31 December 2021

20,215

DEPRECIATION

At 1 January 2021

16,916

Charge for year

938

At 31 December 2021

17,854

NET BOOK VALUE

At 31 December 2021

2,361

At 31 December 2020

2,932

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2021

400,000

Disposals

(62,054

)

At 31 December 2021

337,946

NET BOOK VALUE

At 31 December 2021

337,946

At 31 December 2020

400,000

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £66,667 (2020 - £35,556) were paid to the directors .