SmithParsons Partnership Ltd - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 05491234 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 October 2013

for

SmithParsons Partnership Ltd

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Intangible assets

2

-

20,500

Tangible assets

3

525

1,188

Investments

4

300,000

301,324

Investment property

5

230,000

230,000

530,525

553,012

CURRENT ASSETS

Debtors

422,717

233,435

Cash at bank

294,068

180,563

716,785

413,998

CREDITORS

Amounts falling due within one year

6

738,130

506,373

NET CURRENT LIABILITIES

(21,345

)

(92,375

)

TOTAL ASSETS LESS CURRENT LIABILITIES

509,180

460,637

CREDITORS

Amounts falling due after more than one year

6

(40,014

)

(44,313

)

PROVISIONS FOR LIABILITIES

(105

)

(238

)

NET ASSETS

469,061

416,086

CAPITAL AND RESERVES

Called up share capital

7

6

6

Profit and loss account

469,055

416,080

SHAREHOLDERS' FUNDS

469,061

416,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2013 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 31 July 2014 and were signed on its behalf by:

G P Parsons - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets and in

accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is

recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is shown at market value. Any aggregate surplus or deficit arising from changes in market value is transferred to a

revaluation reserve.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2012

and 31 October 2013

205,000

AMORTISATION

At 1 November 2012

184,500

Amortisation for year

20,500

At 31 October 2013

205,000

NET BOOK VALUE

At 31 October 2013

-

At 31 October 2012

20,500

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2012

and 31 October 2013

2,505

DEPRECIATION

At 1 November 2012

1,317

Charge for year

663

At 31 October 2013

1,980

NET BOOK VALUE

At 31 October 2013

525

At 31 October 2012

1,188

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST OR VALUATION

At 1 November 2012

301,324

Revaluations

(1,324

)

At 31 October 2013

300,000

NET BOOK VALUE

At 31 October 2013

300,000

At 31 October 2012

301,324

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 November 2012

and 31 October 2013

230,000

NET BOOK VALUE

At 31 October 2013

230,000

At 31 October 2012

230,000

6.

CREDITORS

Creditors include an amount of £ 44,222 (2012 - £ 48,461 ) for which security has been given.

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2013

2012

value:

£

£

6

Ordinary

£1

6

6

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2013 and 31 October 2012:

2013

2012

£

£

M D Smith

Balance outstanding at start of year

26,348

57,797

Amounts advanced

68,098

66,591

Amounts repaid

(41,609

)

(98,040

)

Balance outstanding at end of year

52,837

26,348

G P Parsons

Balance outstanding at start of year

11,729

(18,472

)

Amounts advanced

66,520

90,641

Amounts repaid

(41,609

)

(60,440

)

Balance outstanding at end of year

36,640

11,729

Interest has been charged on the above overdrawn loan accounts at 4% per annum.

The above directors loan accounts were repaid in full by the 31st July 2014.

During the year the company traded on an arms length basis with the unincorporated business Smith Parsons, in which the directors Mr.

M. Smith and Mr. G. Parsons are partners. The transactions are as follows

2013

2012

£

£

Rental Income

16,031

16,031

Admin Expenses

148,542

216,250