Petersen Partnership Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06408260 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FOR

PETERSEN PARTNERSHIP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Petersen

REGISTERED OFFICE:

Hafod Wen, Cae Rex

Llanblethian

Cowbridge

Vale Of Glamorgan

CF71 7JS

REGISTERED NUMBER:

06408260 (England and Wales)

ACCOUNTANTS:

DAVID WRIGHT ACCOUNTANTS LIMITED

1st Floor..

Nathaniel House

David Street

Bridgend

South Wales

CF31 3SA

FIXED ASSETS

Intangible assets

4

40,400

53,950

Tangible assets

5

30,381

30,124

70,781

84,074

CURRENT ASSETS

Debtors

6

-

20,650

Cash at bank

88,327

31,071

88,327

51,721

CREDITORS

Amounts falling due within one year

7

(69,156

)

(52,752

)

NET CURRENT ASSETS/(LIABILITIES)

19,171

(1,031

)

TOTAL ASSETS LESS CURRENT LIABILITIES

89,952

83,043

CREDITORS

Amounts falling due after more than one year

8

-

(17,610

)

PROVISIONS FOR LIABILITIES

(5,772

)

(5,724

)

NET ASSETS

84,180

59,709

CAPITAL AND RESERVES

Called up share capital

101

101

Revaluation reserve

9

60,000

60,000

Retained earnings

24,079

(392

)

84,180

59,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 11 August 2021 and were signed by:

C Petersen - Director

1.	STATUTORY INFORMATION

Petersen 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Goodwill arising on the transfer from sole trader to the limited company has been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 15% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - 3 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2020

and 30 June 2021

265,500

AMORTISATION

At 1 July 2020

211,550

Charge for year

13,550

At 30 June 2021

225,100

NET BOOK VALUE

At 30 June 2021

40,400

At 30 June 2020

53,950

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2020

26,715

21,577

48,292

Additions

-

1,461

1,461

At 30 June 2021

26,715

23,038

49,753

DEPRECIATION

At 1 July 2020

-

18,168

18,168

Charge for year

-

1,204

1,204

At 30 June 2021

-

19,372

19,372

NET BOOK VALUE

At 30 June 2021

26,715

3,666

30,381

At 30 June 2020

26,715

3,409

30,124

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Other debtors

-

20,650

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts

-

8,948

Amounts owed to participating interests

24,045

-

Taxation and social security

43,711

42,404

Other creditors

1,400

1,400

69,156

52,752

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans

-

17,610

9.

RESERVES

Revaluation

reserve

£

At 1 July 2020

and 30 June 2021

60,000