SmithParsons Partnership Ltd - Accounts to registrar (filleted) - small 18.2

SmithParsons Partnership Ltd - Accounts to registrar (filleted) - small 18.2

SMITHPARSONS PARTNERSHIP LTD - Company Information

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REGISTERED NUMBER: 05491234 (England and Wales)















Unaudited Financial Statements

for the Period 31 October 2019 to 29 October 2020

for

SmithParsons Partnership Ltd
SmithParsons Partnership Ltd (Registered number: 05491234)

Contents of the Financial Statements
for the Period 31 October 2019 to 29 October 2020










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


SmithParsons Partnership Ltd (Registered number: 05491234)


Abridged Balance Sheet
29 October 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 12,049 4,328
Investments 6 363,694 187,274
Investment property 7 230,000 230,000
605,743 421,602

CURRENT ASSETS
Stocks 100,000 100,000
Debtors 71,446 123,970
Cash at bank and in hand 95,252 284,494
266,698 508,464
CREDITORS
Amounts falling due within one year 349,797 469,008
NET CURRENT (LIABILITIES)/ASSETS (83,099 ) 39,456
TOTAL ASSETS LESS CURRENT LIABILITIES 522,644 461,058

CREDITORS
Amounts falling due after more than one year (135,262 ) (147,402 )

PROVISIONS FOR LIABILITIES (30,055 ) (292 )
NET ASSETS 357,327 313,364

CAPITAL AND RESERVES
Allotted called up and fully p aid share capital 100 6
Fair value reserve 147,928 -
Retained earnings 209,299 313,358
SHAREHOLDERS' FUNDS 357,327 313,364

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 October 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 October 2020 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 notes form part of these financial statements

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SmithParsons Partnership Ltd (Registered number: 05491234)


Abridged Balance Sheet - continued
29 October 2020


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 period ended 29 October 2020 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 26 October 2021 and were signed on its behalf by:





M D Smith - Director


The notes form part of these financial statements

Page 2
SmithParsons Partnership Ltd (Registered number: 05491234)


Notes to the Financial Statements
for the Period 31 October 2019 to 29 October 2020


1. STATUTORY INFORMATION

SmithParsons Partnership Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05491234

Registered office: Cathedral House
26-28 Church Bank
Bradford
West Yorkshire
BD1 4DZ

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 as modified by the revaluation of certain assets.

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

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, 25% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at market value. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Taxation
Taxation for the period 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.


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SmithParsons Partnership Ltd (Registered number: 05491234)


Notes to the Financial Statements - continued
for the Period 31 October 2019 to 29 October 2020


2. ACCOUNTING POLICIES - continued
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 period 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.

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 period was 2 (2019 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 31 October 2019
and 29 October 2020 205,000
AMORTISATION
At 31 October 2019
and 29 October 2020 205,000
NET BOOK VALUE

At 29 October 2020 -
At 30 October 2019 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 31 October 2019 18,754
Additions 11,891
At 29 October 2020 30,645
DEPRECIATION
At 31 October 2019 14,426
Charge for period 4,170
At 29 October 2020 18,596
NET BOOK VALUE
At 29 October 2020 12,049
At 30 October 2019 4,328

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SmithParsons Partnership Ltd (Registered number: 05491234)


Notes to the Financial Statements - continued
for the Period 31 October 2019 to 29 October 2020


6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 31 October 2019 187,274
Share of profit/(loss) 176,420
At 29 October 2020 363,694
NET BOOK VALUE
At 29 October 2020 363,694
At 30 October 2019 187,274

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31 October 2019
and 29 October 2020 230,000
NET BOOK VALUE
At 29 October 2020 230,000
At 30 October 2019 230,000

The investment property was valued on an open market basis on 30 October 2019 by the directors of the company. The directors do not consider the market value to be materially different from historic cost.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances totalling £57,115 were made by the company to the directors (2019 - £45,411) and the directors repaid £76,939 (2019 - £3,346). Interest was charged at 2.5% and the loans are repayable on demand.

9. RELATED PARTY DISCLOSURES


During the year the company traded on an arms length basis with the unincorporated business Smith Parsons, in which the directors are partners. The transactions are as follows

2020 2019
£ £
Rental Income - -
Admin Expenses - -







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