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Registration number: 09716796

Westminster Partnership Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Westminster Partnership Limited
for the Year Ended 31 May 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Westminster Partnership Limited for the year ended 31 May 2022 as set out on pages 2 to 7 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Westminster Partnership Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Westminster Partnership Limited and state those matters that we have agreed to state to the Board of Directors of Westminster Partnership Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westminster Partnership Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Westminster Partnership Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Westminster Partnership Limited. You consider that Westminster Partnership 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 accounts of Westminster Partnership 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 accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

28 July 2022

 

Westminster Partnership Limited

(Registration number: 09716796)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

46

61

Current assets

 

Debtors

5

5,567

60

Cash at bank and in hand

 

3,539

23,604

 

9,106

23,664

Creditors: Amounts falling due within one year

6

(8,954)

(16,374)

Net current assets

 

152

7,290

Total assets less current liabilities

 

198

7,351

Provisions for liabilities

(9)

(12)

Net assets

 

189

7,339

Capital and reserves

 

Called up share capital

7

120

120

Retained earnings

69

7,219

Shareholders' funds

 

189

7,339

For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 5 September 2022 and signed on its behalf by:
 

.........................................
Mr P J Lamb
Director

 

Westminster Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

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.

All figures are presented in British Sterling, which is the functional currency of the company, are are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Westminster Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% reducing balance

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 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Westminster Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 June 2021

259

259

At 31 May 2022

259

259

Depreciation

At 1 June 2021

198

198

Charge for the year

15

15

At 31 May 2022

213

213

Carrying amount

At 31 May 2022

46

46

At 31 May 2021

61

61

 

Westminster Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Debtors

Current

2022
£

2021
£

Prepayments

572

60

Other debtors

4,995

-

6

Creditors

Note

2022
 £

2021
 £

Due within one year

 

Amounts due to related parties

8

4,750

7,053

Social security and other taxes

 

222

117

Accrued expenses

 

1,200

1,200

Corporation tax liability

2,782

8,004

 

8,954

16,374

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

120

120

120

120

         
 

Westminster Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8

Related party transactions

Transactions with directors

2022

At 1 June 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 May 2022
£

Mr P J Lamb

Directors loan account

(278)

19,523

(14,250)

4,995

         
       

Mr J G Cook

(6,775)

6,775

(4,750)

(4,750)

         
       

 

2021

At 1 June 2020
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 May 2021
£

Mr P J Lamb

Directors loan account

5,010

15,037

-

(20,325)

(278)

           
         

Mr J G Cook

(2,450)

2,450

-

(6,775)

(6,775)