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Registration number: 05716710

Sherman & Partners Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Sherman & Partners Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Sherman & Partners Limited

(Registration number: 05716710)
Balance Sheet as at 31 December 2021

Note

2021

2020

Fixed assets

 

Tangible assets

5

2,718

3,103

Current assets

 

Debtors

6

44,024

40,349

Cash at bank and in hand

 

26,980

30,802

 

71,004

71,151

Creditors: Amounts falling due within one year

7

(48,277)

(48,879)

Net current assets

 

22,727

22,272

Net assets

 

25,445

25,375

Capital and reserves

 

Called up share capital

999

999

Retained earnings

24,446

24,376

Shareholders' funds

 

25,445

25,375

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 June 2022
 

.........................................
N Parolin
Director

 

Sherman & Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
7/10 Chandos Street
5th Floor, North Side
Cavendish Square
London
W1G 9DQ
United Kingdom

These financial statements were authorised for issue by the director on 9 June 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with terms of the contract.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Sherman & Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Sherman & Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors,loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in Profit or Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2021

2020

Depreciation expense

1,404

1,191

5

tangible assets

Other tangible assets
 €

Total

Cost or valuation

At 1 January 2021

5,220

5,220

Additions

1,020

1,020

At 31 December 2021

6,240

6,240

Depreciation

At 1 January 2021

2,118

2,118

Charge for the year

1,404

1,404

At 31 December 2021

3,522

3,522

Carrying amount

At 31 December 2021

2,718

2,718

At 31 December 2020

3,103

3,103

 

Sherman & Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

debtors

Current

2021

2020

Trade debtors

41,600

40,250

Other debtors

2,424

99

 

44,024

40,349

7

Creditors

Creditors: amounts falling due within one year

2021

2020

Due within one year

Trade creditors

-

45,551

Accruals and deferred income

2,500

2,780

Other creditors

45,777

548

48,277

48,879