ACCOUNTS - Final Accounts preparation

PRAEFINIUM PARTNERS LTD - Company Information

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Registered number: 04040407

PRAEFINIUM PARTNERS LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

PRAEFINIUM PARTNERS LTD

REGISTERED NUMBER: 04040407

BALANCE SHEET

AS AT 31 DECEMBER 2020

	2020	2020	2019	2019
Note	£	£	£	£


Current assets
Debtors: amounts falling due within one year	5	667,937		669,077
Cash at bank and in hand	6	4,584		6,173
		672,521		675,250
Creditors: amounts falling due within one year	7	(372,069)		(358,533)
Net current assets			300,452		316,717
Total assets less current liabilities			300,452		316,717

Net assets			300,452		316,717

Capital and reserves
Called up share capital	381,000	381,000
Profit and loss account	(80,548)	(64,283)
	300,452	316,717

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PRAEFINIUM PARTNERS LTD

REGISTERED NUMBER: 04040407

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A Singh

Director

Date: 28 January 2022

The notes on pages 3 to 6 form part of these financial statements.

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PRAEFINIUM PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

Praefinium Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sovereign Court, 230 Upper Fifth Street, MIlton Keynes, MK9 2HR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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PRAEFINIUM PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

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

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the reducing balance and the straight-line methods.

Depreciation is provided on the following basis:

				Computer equipment	-	33%	straight line
				Fixtures and fittings	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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PRAEFINIUM PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

4.	Tangible fixed assets

	Computer equipment	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2020	2,837	3,552	6,389
Disposals	(1,590)	(672)	(2,262)
At 31 December 2020	1,247	2,880	4,127
Depreciation
At 1 January 2020	2,837	3,552	6,389
Disposals	(1,590)	(672)	(2,262)
At 31 December 2020	1,247	2,880	4,127
Net book value
At 31 December 2020	-	-	-
At 31 December 2019	-	-	-

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PRAEFINIUM PARTNERS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Debtors

					2020	2019
					£	£


Trade debtors	647,035	647,034
Other debtors	20,652	22,043
Prepayments and accrued income	250	-
	667,937	669,077

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	4,584	6,173
	4,584	6,173

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	13,652	10,757
Other taxation and social security	3,932	2,572
Other creditors	106,945	97,779
Accruals and deferred income	247,540	247,425
	372,069	358,533

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