THE_RUSSELL_PARTNERSHIP_( - Accounts
THE_RUSSELL_PARTNERSHIP_( - Accounts
Company Registration No. 06948534 (England and Wales)
FOR THE YEAR ENDED 31 DECEMBER 2013
COMPANY INFORMATION
Directors
Company number
Registered office
Accountants
Business address
5 - 6 Market Place
Wallingford
Oxon
United Kingdom
OX10 0EG
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 12
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2013
- 1 -
The directors present their report and financial statements for the year ended 31 December 2013.
Principal activities
Directors
The following directors have held office since 1 January 2013:
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE RUSSELL PARTNERSHIP (UK) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2013
- 2 -
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 Russell Partnership (UK) Limited for the year ended 31 December 2013 set out on pages 3 to 12 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, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, 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 Russell Partnership (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 13 August 2013. Our work has been undertaken solely to prepare for your approval the financial statements of The Russell Partnership (UK) Limited and state those matters that we have agreed to state to the Board of Directors of The Russell Partnership (UK) Limited, 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 Russell Partnership (UK) Limited and it's Board of Directors as a body, for our work or for this report.
It is your duty to ensure that The Russell Partnership (UK) Limited 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 profit of The Russell Partnership (UK) Limited. You consider that The Russell Partnership (UK) Limited 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 Russell Partnership (UK) Limited. 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.
Bryden Johnson
Chartered Accountants
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2013
- 3 -
2013
2012
Notes
£
£
Turnover
Cost of sales
(547,144 )
(393,086 )
Gross profit
Administrative expenses
(702,912 )
(757,221 )
Operating profit
2
Interest payable and similar charges
(2,342 )
(1,332 )
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
3
(40,095 )
(12,943 )
Profit for the year
13
BALANCE SHEET
AS AT
31 DECEMBER 2013
- 4 -
2013
2012
Notes
£
£
£
£
Fixed assets
Intangible assets
5
Tangible assets
6
Investments
7
Current assets
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one year
9
(646,968 )
(653,513 )
Net current liabilities
(295,392 )
(292,144 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
10
(365,867 )
(380,267 )
Capital and reserves
Called up share capital
12
Profit and loss account
13
Shareholders' funds
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2013
- 5 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 22 September 2014
Director
Company Registration No. 06948534
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2013
- 6 -
1
Accounting policies
1.1
Accounting convention
1.2
Changes in accounting policies
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.3
Turnover
1.4
Goodwill
1.5
Tangible fixed assets and depreciation
Computer equipment
Fixtures, fittings & equipment
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Operating profit
2013
2012
£
£
Operating profit is stated after charging:
Amortisation of intangible assets
Depreciation of tangible assets
Directors' remuneration
3
Taxation
2013
2012
£
£
Domestic current year tax
U.K. corporation tax
Adjustment for prior years
(244 )
-
Total current tax
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 7 -
4
Dividends
2013
2012
£
£
Ordinary interim paid
190,772
161,580
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2013 & at 31 December 2013
Amortisation
At 1 January 2013
Charge for the year
At 31 December 2013
Net book value
At 31 December 2013
At 31 December 2012
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 8 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2013
Additions
Disposals
(899 )
At 31 December 2013
Depreciation
At 1 January 2013
On disposals
(496 )
Charge for the year
At 31 December 2013
Net book value
At 31 December 2013
At 31 December 2012
7
Fixed asset investments
Shares in group undertakings and participating interests
£
Cost
At 1 January 2013 & at 31 December 2013
55
Net book value
At 31 December 2013
At 31 December 2012
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 9 -
8
Debtors
2013
2012
£
£
Trade debtors
Other debtors
9
Creditors: amounts falling due within one year
2013
2012
£
£
Bank loans and overdrafts
Trade creditors
Amounts owed to group undertakings and undertakings in which the company has a participating interest
Taxation and social security
Other creditors
The company has a factoring arrangement with the bank, the loan is secured on the trade debtors concerned.
10
Creditors: amounts falling due after more than one year
2013
2012
£
£
Other creditors
Analysis of loans
Not wholly repayable within five years by instalments
-
25,000
Wholly repayable within five years
370,867
360,267
Included in current liabilities
(5,000)
(5,000)
365,867
380,267
Instalments not due within five years
-
-
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 10 -
11
Pension costs
Defined contribution
2013
2012
£
£
Contributions payable by the company for the year
12
Share capital
2013
2012
£
£
Allotted, called up and fully paid
13
Statement of movements on profit and loss account
Profit
and loss
account
and loss
account
£
Balance at 1 January 2013
Profit for the year
Dividends paid
(190,772 )
Balance at 31 December 2013
14
Financial commitments
At 31 December 2013 the company was committed to making the following payments under non-cancellable operating leases in the year to 31 December 2014:
2013
2012
£
£
Operating leases which expire:
Between two and five years
15
Control
The ultimate controlling party is D Russell, the majority shareholder of the company.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
- 11 -
16
Related party relationships and transactions
Loans from directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
D J Russell -
-
316,314
22,558
(1,680)
130,174
207,018
L J McCarthy -
-
501
61,063
-
61,555
9
D J Bentley -
-
10,146
41,987
-
48,497
3,636
D E Adlard -
-
138,203
45,482
(480)
19,606
163,599
S A Davis -
-
5,642
51,345
-
52,847
4,140
M James -
-
23,578
21,285
-
37,560
7,303
494,384
243,720
(2,160)
350,239
385,705
The loans from directors balances £58,588 (2012: £152,224) is included within other creditors due within one year and £327,117 (2012: £336,517) is included within other creditors due after more than one year.
Dividends to Directors
The following directors were paid dividends during the year as outlined in the table below:
2013
2012
£
£
D J Russell
-
29,682
D J Bentley
34,617
32,027
D E Adlard
34,466
32,882
L J McCarthy
58,865
34,365
S A Davis
42,840
32,624
M James
19,984
-
190,772
161,580
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2013
16
Related party relationships and transactions
(Continued)
- 12 -
Included within trade creditors are the following amounts due to the directors for business expenses:
D J Russell nil (2012: £800)
D E Adlard £170 (2012: £78)
D J Bentley £2,367 (2012: £2,246)
L J McCarthy £3,477 (2012: £1,966)
M James £2,117 (2012: £1,605)
S A Davis £2,267 (2012: £965)
During the year the company purchased services to the value of nil (2012: £142) from The Total Simulator Company Limited, sales of £15,613 (2012: £653) were made to the company and at the year end £2,880 (2012: £544) is due from the company. The directors M James and D J Russell are also directors of this company. The transactions were carried out under normal trading terms.
During the year the company purchased services to the value of £1,199 (2012: nli) from Stems by RP Limited, sales of £28,552 (2012: £21,692) were made to the company. The director D J Russell is also a director of this company. These transactions were carried out under normal trading terms.
During the year the company made sales of £145,072 (2012: nil) to RP Global Limited Liability Partnership and at the year end £17,501 (2012: nil) is due from the company. The director D J Russell is also a designated partner of this LLP. These transactions were carried out under normal trading terms.