SmithParsons Partnership Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 05491234 (England and Wales)

Unaudited Financial Statements

for the Period 1 November 2016 to 30 October 2017

for

SmithParsons Partnership Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G P Parsons

M D Smith

SECRETARY:

M D Smith

REGISTERED OFFICE:

Cathedral House

26-28 Church Bank

Bradford

West Yorkshire

BD1 4DZ

REGISTERED NUMBER:

05491234 (England and Wales)

ACCOUNTANTS:

Davies Tracey

Chartered Accountants and Business Advisers

Swan House

Westpoint Road

Teesdale Business Park

Stockton on Tees

TS17 6BP

FIXED ASSETS

Intangible assets

3

-

Tangible assets

4

3,714

7,144

Investments

5

187,274

Investment property

6

230,000

420,988

424,418

CURRENT ASSETS

Stocks

700,000

706,228

Debtors

131,231

250,393

Cash at bank

30,644

25,255

861,875

981,876

CREDITORS

Amounts falling due within one year

604,663

739,366

NET CURRENT ASSETS

257,212

242,510

TOTAL ASSETS LESS CURRENT LIABILITIES

678,200

666,928

CREDITORS

Amounts falling due after more than one year

(170,827

)

(181,837

)

PROVISIONS FOR LIABILITIES

(706

)

(1,429

)

NET ASSETS

506,667

483,662

CAPITAL AND RESERVES

Allotted called up and fully p aid share capital

6

Retained earnings

506,661

483,656

SHAREHOLDERS' FUNDS

506,667

483,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 October 2017.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 October 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 30 October 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 31 October 2018 and were signed on its behalf by:

G P Parsons - Director

1.	STATUTORY INFORMATION

SmithParsons Partnership Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

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 reducing balance

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

Taxation for the period 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 period 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.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

and 30 October 2017

205,000

AMORTISATION

At 1 November 2016

and 30 October 2017

205,000

NET BOOK VALUE

At 30 October 2017

-

At 31 October 2016

-

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 November 2016

and 30 October 2017

12,892

DEPRECIATION

At 1 November 2016

5,748

Charge for period

3,430

At 30 October 2017

9,178

NET BOOK VALUE

At 30 October 2017

3,714

At 31 October 2016

7,144

5.	FIXED ASSET INVESTMENTS

2017

2016

£

At 1 December 2016

187,274

277,572

Disposal

-

(90,298

)

At 30 November 2017

187,274

Listed Investments

Investments having a net book value of £187,274 (2016 - £187,274) are listed on a recognised stock exchange and had a

market value of £316,978 at the end of the year (2016 - £289,800).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2016

and 30 October 2017

230,000

NET BOOK VALUE

At 30 October 2017

230,000

At 31 October 2016

230,000

The investment property was valued on an open market basis on 31 October 2017 by the directors of the company. The

directors do not consider the market value to be materially different from historic cost.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances totalling £161,252 were made by the company to the directors (2016 - £238,497) and the

directors repaid £187,800 (2016 - £197,044). The advances were interest free and repayable on demand.

8.	RELATED PARTY DISCLOSURES

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

directors are partners. The transactions are as follows

2017

2016

£

Rental Income

12,546

11,501

Admin Expenses

158,333

170,000

SmithParsons Partnership Ltd - Accounts to registrar (filleted) - small 18.2

SmithParsons Partnership Ltd - Accounts to registrar (filleted) - small 18.2