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Registration number: 01475294

Alec French Partnership Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Alec French Partnership Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Alec French Partnership Limited

(Registration number: 01475294)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Tangible assets

4

13,422

19,635

Investments

5

100

100

 

13,522

19,735

Current assets

 

Debtors

6

381,288

297,532

Cash at bank and in hand

 

1,914

52,221

 

383,202

349,753

Creditors: Amounts falling due within one year

7

(349,286)

(354,185)

Net current assets/(liabilities)

 

33,916

(4,432)

Total assets less current liabilities

 

47,438

15,303

Creditors: Amounts falling due after more than one year

7

(35,833)

(45,000)

Net assets/(liabilities)

 

11,605

(29,697)

Capital and reserves

 

Called up share capital

25,600

25,600

Profit and loss account

(13,995)

(55,297)

Shareholders' funds/(deficit)

 

11,605

(29,697)

 

Alec French Partnership Limited

(Registration number: 01475294)
Balance Sheet as at 31 December 2021

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.

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 May 2022 and signed on its behalf by:
 

Mr R Gray
Director

   
     
 

Alec French Partnership 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 and Wales.

The address of its registered office is:
27 Trenchard Street
Bristol
BS1 5AN

These financial statements were authorised for issue by the Board on 5 May 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The worldwide COVID-19 pandemic has impacted the client base of the company which has had a knock-on effect upon the company's trading activity. The directors are confident that the business through Government support packages and the continued support of the directors has adequate resources to survive the crisis and accordingly the company has continued to prepare its financial statements on a going concern basis.

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 measured reliably;
it is probable that economic benefits associated with the transaction will flow to the entity;
the stage of completion of the transaction at the end of the reporting period can be measured reliably;
and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

 

Alec French Partnership Limited

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

Government grants

Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

Tax

The tax expense for the period comprises current 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.

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

10% - 20% Straight line method

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Alec French Partnership Limited

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

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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowing are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Alec French Partnership Limited

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

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 24 (2020 - 24).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

114,436

114,436

At 31 December 2021

114,436

114,436

Depreciation

At 1 January 2021

94,801

94,801

Charge for the year

6,213

6,213

At 31 December 2021

101,014

101,014

Carrying amount

At 31 December 2021

13,422

13,422

At 31 December 2020

19,635

19,635

 

Alec French Partnership Limited

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

5

Investments

2021
£

2020
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost

At 1 January 2021

100

At 31 December 2021

100

Carrying amount

At 31 December 2021

100

At 31 December 2020

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2021

2020

Subsidiary undertakings

Alec French Architects Limited

27 Trenchard Street
Bristol
BS1 5AN

UK

Ordinary

100%

100%

The principal activity of Alec French Architects Limited is that of a dormant company.

6

Debtors

2021
£

2020
£

Trade debtors

215,391

215,425

Other debtors

86,053

56,396

Prepayments and accrued income

79,844

25,711

 

381,288

297,532

 

Alec French Partnership Limited

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

7

Creditors

Due within one year

Note

2021
£

2020
£

 

Loans and borrowings

8

39,355

48,734

Trade creditors

 

72,197

56,050

Amounts due to related parties

10

25,126

563

Social security and other taxes

 

197,760

203,920

Other creditors

 

1,133

16,330

Accruals

 

13,715

28,588

 

349,286

354,185

Due after one year

 

Loans and borrowings

8

35,833

45,000

Creditors include bank overdrafts of £29,355 (2020 - £43,734), which are secured over the property of the company.

8

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

35,833

45,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

10,000

5,000

Bank overdrafts

29,355

43,734

39,355

48,734

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £441,910 (2020 - £501,667).

 

Alec French Partnership Limited

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

10

Related party transactions

All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.

Transactions with directors

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Mr M L Osborne

Loans to directors are interest free and repayable on demand

1,185

936

(2,121)

-

         
       

Mr N H Dyke

Loans to directors are interest free and repayable on demand

741

937

(1,678)

-

         
       

Mr N Vaughan

Loans to directors are interest free and repayable on demand

1,185

937

(2,122)

-

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Mr M L Osborne

Loans to directors are interest free and repayable on demand

953

1,185

(953)

1,185

         
       

Mr N H Dyke

Loans to directors are interest free and repayable on demand

-

741

-

741

         
       

Mr N Vaughan

Loans to directors are interest free and repayable on demand

-

1,185

-

1,185