The Folio Partnership Limited - Accounts to registrar (filleted) - small 23.2.5

The Folio Partnership Limited - Accounts to registrar (filleted) - small 23.2.5

THE FOLIO PARTNERSHIP LIMITED - Company Information

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REGISTERED NUMBER: 06031763 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

The Folio Partnership Limited
The Folio Partnership Limited (Registered number: 06031763)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Chartered Accountants' Report 2

Abridged Balance Sheet 3

Notes to the Financial Statements 4


The Folio Partnership Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr P W Thorner
Mrs R J Thorner





SECRETARY: Mr P W Thorner





REGISTERED OFFICE: 1 The Larches
St Brides
Netherwent
Caldicot
Monmouthshire
NP26 3BP





REGISTERED NUMBER: 06031763 (England and Wales)





ACCOUNTANTS: Macario Lewin
Chartered Accountants
Bellarmine House
14 Upper Church Street
Chepstow
Monmouthshire
NP16 5EX
Page 1
Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Folio Partnership Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Folio Partnership Ltd for the year ended 31 December 2015 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of The Folio Partnership Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Folio Partnership Ltd and state those matters that we have agreed to state to the Board of Directors of The Folio Partnership Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Folio Partnership Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Folio Partnership Ltd. You consider that The Folio Partnership Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Folio Partnership Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Macario Lewin
Chartered Accountants
Bellarmine House
14 Upper Church Street
Chepstow
Monmouthshire
NP16 5EX


9 February 2024

This page does not form part of the statutory financial statements

Page 2
The Folio Partnership Limited (Registered number: 06031763)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 116 355

CURRENT ASSETS
Debtors 500,460 534,647
Cash at bank 30,916 75,514
531,376 610,161
CREDITORS
Amounts falling due within one year 22,884 142,365
NET CURRENT ASSETS 508,492 467,796
TOTAL ASSETS LESS CURRENT
LIABILITIES
508,608
468,151

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 507,608 467,151
SHAREHOLDERS' FUNDS 508,608 468,151

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 February 2024 and were signed on its behalf by:




Mr P W Thorner - Director



Mrs R J Thorner - Director


The notes form part of these financial statements

Page 3
The Folio Partnership Limited (Registered number: 06031763)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Folio 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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. Turnover is recognised when the right to consideration arises which occurs when the services are provided. Where services have not been invoiced at the balance sheet date turnover represents the value of services provided to date.

Tangible fixed assets
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at a rate of 33% straight line and 25% reducing balance.

At each Balance Sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount and the impairment loss recognised as an expense immediately.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3. EMPLOYEES AND DIRECTORS

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

Page 4 continued...
The Folio Partnership Limited (Registered number: 06031763)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 8,674
DEPRECIATION
At 1 January 2023 8,319
Charge for year 239
At 31 December 2023 8,558
NET BOOK VALUE
At 31 December 2023 116
At 31 December 2022 355

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year one of the directors repaid advances of £20,000. The balance outstanding at the year end was £370,000. The advances are unsecured, interest free and repayable on demand.

6. RELATED PARTY DISCLOSURES

During the year, total dividends of £22,222 (2022 - £30,000) were paid to the directors .

Page 5