Magnum Partnership (Brenchley) Limited Filleted accounts for Companies House (small and micro)

MAGNUM PARTNERSHIP (BRENCHLEY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12851215

Magnum Partnership (Brenchley) Limited

Filleted Unaudited Financial Statements

30 September 2022

Magnum Partnership (Brenchley) Limited

Financial Statements

Year ended 30 September 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Magnum Partnership (Brenchley) Limited

Statement of Financial Position

30 September 2022

	2022	2021
Note	£	£

Current assets

Stocks		632,685	513,791
Debtors	5	1,598	3,197
Cash at bank and in hand		34,162	1,313
		---------	---------
		668,445	518,301

Creditors: amounts falling due within one year	6	700,900	522,160
		---------	---------
Net current liabilities		32,455	3,859
		--------	-------
Total assets less current liabilities		( 32,455)	( 3,859)
		--------	-------
Net liabilities		( 32,455)	( 3,859)
		--------	-------

Capital and reserves

Called up share capital	4	4
Profit and loss account	( 32,459)	( 3,863)
	--------	-------
Shareholders deficit	( 32,455)	( 3,859)
	--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 23 June 2023 , and are signed on behalf of the board by:

S J Hiscocks

Director

Company registration number: 12851215

Magnum Partnership (Brenchley) Limited

Notes to the Financial Statements

Year ended 30 September 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Meadows School House Lane, Horsmonden, Tonbridge, TN12 8BW, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis which relies upon the continuing support of the directors.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3).

5. Debtors

	2022	2021
	£	£
Other debtors	1,598	3,197
	-------	-------

6. Creditors: amounts falling due within one year

	2022	2021
	£	£
Other creditors	700,900	522,160
	---------	---------

7. Related party transactions

At the year end the company owed £700,000 to a director (2021: £521,310).