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Registered number: 08483175
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PARTNERING REGENERATION DEVELOPMENT LTD
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UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED
30 APRIL 2021
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PARTNERING REGENERATION DEVELOPMENT LTD
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CONTENTS
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Statement of Changes in Equity
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Notes to the Financial Statements
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PARTNERING REGENERATION DEVELOPMENT LTD
REGISTERED NUMBER:08483175
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BALANCE SHEET
AS AT 30 APRIL 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
Continued on page 2
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PARTNERING REGENERATION DEVELOPMENT LTD
REGISTERED NUMBER:08483175
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BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2021
The financial statements on pages 1 to 10 were approved and authorised for issue by the board on 21 January 2022 and were signed on its behalf by:
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PARTNERING REGENERATION DEVELOPMENT LTD
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021
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Comprehensive income for the year
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Dividends: Equity capital
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Shares issued during the year
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Total transactions with owners
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Comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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PARTNERING REGENERATION DEVELOPMENT LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
1.Accounting policies
The principal activity of the Company is property consultancy, in the built environment and socioeconomic regeneration consultancy.
Partnering Regeneration Development Ltd is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office is Unit 303 The Print Rooms, 164-180 Union Street, London SE1 0LH.
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A 'Small Entities' of Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' ("FRS 102") and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.
Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance. Revenue is measured as the fair value of the consideration received or receivable, net of discounts, rebates and value added tax. 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; and
- the stage of completion of the contract at the end of the reporting period can be measured reliably.
Interest income
Interest income is recognised as interest accrues using the effective interest method.
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Functional and presentation currency
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The Company's functional and presentational currency is pound sterling.
The Company contributes to the personal pension schemes of certain employees and the pension charge represents the amount payable by the Company to the respective schemes during the year.
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PARTNERING REGENERATION DEVELOPMENT LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
1.Accounting policies (continued)
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and labilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all material timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
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PARTNERING REGENERATION DEVELOPMENT LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
1.Accounting policies (continued)
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
Fixtures & Fittings - 3 years
Computer Equipment - 3 years
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably. Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Debtors and Creditors
Basic financial instruments, including trade and other debtors, along with trade and other creditors which are payable or receivable within one year are initially recognised at transaction price along with government backed loans which are due for repayment in a period greater than one year. Any losses arising from impairment are recognised in the Profit and Loss Account in 'administrative expenses'.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ordinary shares are classified as equity.
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PARTNERING REGENERATION DEVELOPMENT LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
1.Accounting policies (continued)
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Distributions to equity holders
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Final dividends to the Company’s shareholders are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the Statement of Changes in Equity. Interim dividends are recognised in the Statement of Changes in Equity when paid.
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Government grants and goverment backed assistance
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Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
Due to the COVID-19 pandemic, under UK Government legislation, the Company utilised both the job retention scheme and a government backed loan facility. Amounts received under the job retention scheme are reflected within the profit and loss account under other operating income in the same period as the related expenditure. Amounts received in the form of government backed loan facilities which are not yet repaid are included within other creditors based on the expected due date for repayment.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised.
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The average monthly number of employees, including directors, during the year was 9 (2020 - 7).
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PARTNERING REGENERATION DEVELOPMENT LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Charge for the year on owned assets
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Prepayments and accrued income
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PARTNERING REGENERATION DEVELOPMENT LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Other creditors include £9,512 (2020: £nil) in respect of government supported loans due for repayment within one year. Interest is charged at a rate of 2.5% from 12 months from the initial date of drawdown of the loan.
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Creditors: Amounts falling due after more than one year
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Other creditors relate to amounts borrowed which are government supported loans and are due for repayment on a monthly basis during the period to 30 April 2026. Interest is charged at a rate of 2.5% from 12 months from the initial date of drawdown of the loan.
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Allotted, called up and fully paid
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100 X Ordinary shares of £0.05 each
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100 Y Ordinary shares of £0.05 each
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50 Z Ordinary shares of £0.05 each
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PARTNERING REGENERATION DEVELOPMENT LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
Share premium account
The share premium reserve records the amount above the nominal value received for shares issued.
Profit & loss account
The profit and loss account is a wholly distributable reserve.
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