The TAS Partnership Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02929880 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

The TAS Partnership Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S Huntley

J Taylor

SECRETARY:

Ms S Huntley

REGISTERED OFFICE:

Guildhall House

59-61 Guildhall Street

Preston

Lancashire

PR1 3NU

REGISTERED NUMBER:

02929880 (England and Wales)

ACCOUNTANTS:

Egan Roberts Limited

Accountants

Suite 46

Manor Court

Salesbury Hall Road

Ribchester

Lancashire

PR3 3XR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,445

2,428

2,445

2,428

CURRENT ASSETS

Debtors

6

132,407

156,421

Cash at bank and in hand

27,116

2,945

159,523

159,366

CREDITORS

Amounts falling due within one year

7

99,426

143,167

NET CURRENT ASSETS

60,097

16,199

TOTAL ASSETS LESS CURRENT LIABILITIES

62,542

18,627

CREDITORS

Amounts falling due after more than one year

8

(127,863

)

(137,863

)

ACCRUALS AND DEFERRED INCOME

(276

)

-

NET LIABILITIES

(65,597

)

(119,236

)

CAPITAL AND RESERVES

Called up share capital

10

90

90

Share premium

50,185

50,185

Capital redemption reserve

15

15

Retained earnings

(115,887

)

(169,526

)

SHAREHOLDERS' FUNDS

(65,597

)

(119,236

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2023 and were signed on its behalf by:

Ms S Huntley - Director

1.	STATUTORY INFORMATION

The TAS 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 represented by revenue measured at the fair value of consideration received , excluding VAT where the company obtains the right to consideration in exchange for work carried out.Amounts recoverable on contracts represents the uninvoiced value of work carried out at the balance sheet date measured by reference to labour hours completed on a contract by contract basis.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Financial instruments

The company only has financial assets (debtors, cash and bank balances) and liabilities (creditors and accruals) which qualify as basic financial instruments. They are recognised at transaction value and subsequently measured at their settlement value.

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.

Share-based payments

Equity settled share-based payments are measured at their fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the date the grant date is expensed on a straight line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

Employee benefit trust

The company provides funds for the Trustees to acquire shares from existing shareholders on arms length terms. The shares are used for the purpose of an employee share scheme and are treated as an immediate expenses in the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 October 2021

and 30 September 2022

5,000

25,400

30,400

AMORTISATION

At 1 October 2021

and 30 September 2022

5,000

25,400

30,400

NET BOOK VALUE

At 30 September 2022

-

-

-

At 30 September 2021

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2021

19,279

727

133,867

153,873

Additions

-

-

1,191

1,191

At 30 September 2022

19,279

727

135,058

155,064

DEPRECIATION

At 1 October 2021

18,567

727

132,151

151,445

Charge for year

142

-

1,032

1,174

At 30 September 2022

18,709

727

133,183

152,619

NET BOOK VALUE

At 30 September 2022

570

-

1,875

2,445

At 30 September 2021

712

-

1,716

2,428

6.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

31,129

37,396

Amounts recoverable on contract

9,000

11,087

Other debtors

8,514

5,201

Deferred tax asset

83,764

99,424

132,407

153,108

Amounts falling due after more than one year:

Other debtors

-

3,313

Aggregate amounts

132,407

156,421

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

4,718

8,579

Social security and other taxes

12,006

39,946

VAT

46,208

56,063

Other creditors

17,562

19,663

Deferred income

-

276

Accrued expenses

8,932

8,640

99,426

143,167

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

10,000

10,000

Bank loans - 2-5 years

17,500

27,500

Other creditors

88,716

88,716

Directors' loan accounts

11,647

11,647

127,863

137,863

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

-

2,156

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

180,000

Ordinary

0.000

5

90

90

At 30 September 2022 and 2021 24,750 ordinary shares were held by the TAS Partnership Limited Employee Benefit Trust.

11.	SHARE-BASED PAYMENT TRANSACTIONS

The TAS Partnership Limited Share Incentive Plan (SIP) was introduced in 2009 and can award free shares. Under current legislation free shares must be kept in trust for a minimum of three years and for five years to take advantage of the full tax benefits. Awards under the SIP are reserved for employees who have been in continuous employment for a period of twelve months prior to the eligibility date. No awards have been made under the scheme since 2014. Consequently there is no charge to the profit and loss account in the current or prior year. At 30 September 2022 and 2021 there were 5,900 shares held by the SIP.

12.	GOING CONCERN

Since the ending of the lockdown in 2021 the company has generated a considerable volume of new business, returning to profitability and reducing the deficit on Retained earnings. The positive trading result has improved the company's net current asset position.