Petersen Partnership Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06408260 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

PETERSEN PARTNERSHIP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C Petersen

REGISTERED OFFICE:

Hafod Wen, Cae Rex

Llanblethian

Cowbridge

Vale Of Glamorgan

CF71 7JS

REGISTERED NUMBER:

06408260 (England and Wales)

ACCOUNTANTS:

DAVID WRIGHT ACCOUNTANTS LIMITED

Unit 10

Bridgend Business Park

Bennett Street

Bridgend

South Wales

CF31 3SH

FIXED ASSETS

Intangible assets

4

13,300

26,850

Tangible assets

5

31,076

31,531

44,376

58,381

CURRENT ASSETS

Debtors

6

29,343

20,650

Cash at bank

178,939

124,956

208,282

145,606

CREDITORS

Amounts falling due within one year

7

43,333

56,332

NET CURRENT ASSETS

164,949

89,274

TOTAL ASSETS LESS CURRENT LIABILITIES

209,325

147,655

PROVISIONS FOR LIABILITIES

5,904

5,991

NET ASSETS

203,421

141,664

CAPITAL AND RESERVES

Called up share capital

101

101

Revaluation reserve

8

60,000

60,000

Retained earnings

143,320

81,563

203,421

141,664

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 18 August 2023 and were signed by:

C Petersen - Director

1.	STATUTORY INFORMATION

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Goodwill arising on the transfer from sole trader to the limited company has been fully amortised.

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 and 15% on cost

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2022

and 30 June 2023

265,500

AMORTISATION

At 1 July 2022

238,650

Charge for year

13,550

At 30 June 2023

252,200

NET BOOK VALUE

At 30 June 2023

13,300

At 30 June 2022

26,850

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2022

22,195

30,214

52,409

Additions

-

1,384

1,384

At 30 June 2023

22,195

31,598

53,793

DEPRECIATION

At 1 July 2022

-

20,878

20,878

Charge for year

-

1,839

1,839

At 30 June 2023

-

22,717

22,717

NET BOOK VALUE

At 30 June 2023

22,195

8,881

31,076

At 30 June 2022

22,195

9,336

31,531

6.

DEBTORS

30/6/23

30/6/22

£

£

Amounts falling due within one year:

Other debtors

8,693

-

Amounts falling due after more than one year:

Other debtors

20,650

20,650

Aggregate amounts

29,343

20,650

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/23

30/6/22

£

£

Taxation and social security

41,933

54,932

Other creditors

1,400

1,400

43,333

56,332

8.

RESERVES

Revaluation

reserve

£

At 1 July 2022

and 30 June 2023

60,000