The Thomas Gray Partnership Limited - Period Ending 2016-03-31

Registration number: 03162295

The Thomas Gray Partnership Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

The Thomas Gray Partnership Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

The Thomas Gray Partnership Limited
(Registration number: 03162295)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					-			3,358
Tangible fixed assets					388			517
					388			3,875
Current assets
Debtors					130,687			138,317
Cash at bank and in hand					190,775			251,930
					321,462			390,247
Creditors: Amounts falling due within one year					(211,648)			(203,439)
Net current assets					109,814			186,808
Total assets less current liabilities					110,202			190,683
Provisions for liabilities					(78)			(103)
Net assets					110,124			190,580
Capital and reserves
Called up share capital		3			301			301
Profit and loss account					109,823			190,279
Shareholders' funds					110,124			190,580

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 1 December 2016 and signed on its behalf by:

.........................................
D Gray
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

The Thomas Gray Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts receivable in respect of commissions and fees earned from insurance products.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance basis

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		191,640			28,741			220,381
At 31 March 2016		191,640			28,741			220,381
Depreciation
At 1 April 2015		188,282			28,224			216,506
Charge for the year		3,358			129			3,487
At 31 March 2016		191,640			28,353			219,993
Net book value
At 31 March 2016		-			388			388
At 31 March 2015		3,358			517			3,875

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £0.01 each		10,000			100			10,000			100
Ordinary B shares of £1 each		100			100			100			100
Ordinary C shares of £1 each		1			1			1			1
Ordinary D shares of £1 each		100			100			100			100
		10,201			301			10,201			301

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
D Gray
Interest free loan	-	498	-	2,030
P A Thomas
Interest free loan	10,000	498	-	-

Page 2

The Thomas Gray Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

5

Control

The company is controlled by the directors who have a beneficial interest in 100% of the called up share capital.

Page 3