Registered number
02098020
Partmast Limited
Report and Accounts
31 December 2021
DAVIS, BURTON, WILLIAMS & CO
Chartered Certified Accountants
Office B11, Sutton Business Centre
Restmor Way
Wallington
Surrey, SM6 7AH
________________________________________________
Partmast Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6-8
Partmast Limited
Company Information
Directors
R A Prentis
E K Prentis
Secretary
E K Prentis
Accountants
Davis Burton Williams & Co
Office B11 Sutton Business Centre
Restmor Way
Wallington
Surrey
SM6 7AH
Registered office
1st Floor
28 Astwood Mews
London
SW7 4DE
Registered number
02098020
Partmast Limited
Registered number: 02098020
Directors' Report
The directors present their report and accounts for the year ended 31 December 2021.
Principal activities
The company's principal activity during the year continued to be that of an export agency and consultants.The company confirm that during the year it complied with all necessary rules and regulations with regard to Covid 19. During the year the company did not experience any financial cash flow problems.
Directors
The following persons served as directors during the year:
R A Prentis
E K Prentis
Political donations
The company made no political donations during the year.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 31 August 2022 and signed on its behalf.
E K Prentis
Director
Partmast Limited
Profit and Loss Account
for the year ended 31 December 2021
2021 2020
£ £
Turnover 1,223,393 773,039
Cost of sales (1,189,042) (771,013)
Gross profit 34,351 2,026
Administrative expenses (4,628) (6,627)
Operating profit/(loss) 29,723 (4,601)
Profit/(loss) before taxation 29,723 (4,601)
Tax on profit/(loss) (5,599) 808
Profit/(loss) for the financial year 24,124 (3,793)
Partmast Limited
Registered number: 02098020
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 586 323
586 323
Current assets
Debtors 4 6,601 7,441
Cash at bank and in hand 80,308 50,696
86,909 58,137
Creditors: amounts falling due within one year 5 (82,853) (77,942)
Net current assets/(liabilities) 4,056 (19,805)
Total assets less current liabilities 4,642 (19,482)
Net assets/(liabilities) 4,642 (19,482)
Capital and reserves
Called up share capital 80 80
Share premium 3,920 3,920
Profit and loss account 642 (23,482)
Shareholders' funds 4,642 (19,482)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The detailed profit and loss account has not been delivered to the Registrar of Companies.
R A Prentis
Director
Approved by the board on 31 August 2022
Partmast Limited
Statement of Changes in Equity
for the year ended 31 December 2021
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 January 2020 80 3,920 - (19,689) (15,689)
Loss for the financial year - - - (3,793) (3,793)
Total comprehensive income for the financial year - - - (3,793) (3,793)
At 31 December 2020 80 3,920 - (23,482) (19,482)
At 1 January 2021 80 3,920 - (23,482) (19,482)
Profit for the financial year - - - 24,124 24,124
Total comprehensive income for the financial year - - - 24,124 24,124
At 31 December 2021 80 3,920 - 642 4,642
Partmast Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Items are purchased from France and exported to Japan.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery Total
£ £
Cost
At 1 January 2021 39,560 39,560
Additions 458 458
Disposals - -
At 31 December 2021 40,018 40,018
Depreciation
At 1 January 2021 39,237 39,237
Charge for the year 195 195
On disposals - -
At 31 December 2021 39,432 39,432
Net book value
At 31 December 2021 586 586
At 31 December 2020 323 323
4 Debtors 2021 2020
£ £
Trade debtors 6,505 6,505
Other debtors 96 936
6,601 7,441
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 164 368
Taxation and social security costs 4,790 -
Other creditors 77,899 77,574
82,853 77,942
6 Events after the reporting date
The directors were not aware of any events after the reporting date which would materially affect the financial statements at the year end.
7 Pension commitments
The company had no pension commitments during the year.
8 Contingent liabilities
The directors were not aware of the existence of any contingent liability at the year end.
9 Related party transactions
Included in other creditors are amounts owed to the directors of £77,340 (2020 - £77,024).
10 Controlling party
For the whole of the year the company was controlled by the directors Mr and Mrs Prentis.
11 Other information
Partmast Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor
28 Astwood Mews
London
SW7 4DE
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