Silverfin false 31/12/2021 31/12/2021 01/01/2021 G S P Connor 28/04/2016 S V Cowlin 28/04/2016 A M Paterson 01/01/2005 P A Smiles 01/01/2005 A M Paterson 12 September 2022 The principal activity of the Company during the financial year was that of the provision of engineering related scientific and technical consulting activities. 04982311 2021-12-31 04982311 bus:Director1 2021-12-31 04982311 bus:Director2 2021-12-31 04982311 bus:Director3 2021-12-31 04982311 bus:Director4 2021-12-31 04982311 2020-12-31 04982311 core:CurrentFinancialInstruments 2021-12-31 04982311 core:CurrentFinancialInstruments 2020-12-31 04982311 core:ShareCapital 2021-12-31 04982311 core:ShareCapital 2020-12-31 04982311 core:RetainedEarningsAccumulatedLosses 2021-12-31 04982311 core:RetainedEarningsAccumulatedLosses 2020-12-31 04982311 core:OtherPropertyPlantEquipment 2020-12-31 04982311 core:OtherPropertyPlantEquipment 2021-12-31 04982311 bus:OrdinaryShareClass1 2021-12-31 04982311 bus:OrdinaryShareClass2 2021-12-31 04982311 core:WithinOneYear 2021-12-31 04982311 core:WithinOneYear 2020-12-31 04982311 core:BetweenOneFiveYears 2021-12-31 04982311 core:BetweenOneFiveYears 2020-12-31 04982311 core:MoreThanFiveYears 2021-12-31 04982311 core:MoreThanFiveYears 2020-12-31 04982311 2021-01-01 2021-12-31 04982311 bus:FullAccounts 2021-01-01 2021-12-31 04982311 bus:SmallEntities 2021-01-01 2021-12-31 04982311 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 04982311 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 04982311 bus:Director1 2021-01-01 2021-12-31 04982311 bus:Director2 2021-01-01 2021-12-31 04982311 bus:Director3 2021-01-01 2021-12-31 04982311 bus:Director4 2021-01-01 2021-12-31 04982311 bus:CompanySecretary1 2021-01-01 2021-12-31 04982311 core:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 04982311 2020-01-01 2020-12-31 04982311 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 04982311 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 04982311 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 04982311 bus:OrdinaryShareClass2 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04982311 (England and Wales)

THE RICHARD STEPHENS PARTNERSHIP LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2021
Pages for filing with the registrar

THE RICHARD STEPHENS PARTNERSHIP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2021

Contents

THE RICHARD STEPHENS PARTNERSHIP LIMITED

BALANCE SHEET

As at 31 December 2021
THE RICHARD STEPHENS PARTNERSHIP LIMITED

BALANCE SHEET (continued)

As at 31 December 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 4 21,833 24,778
21,833 24,778
Current assets
Debtors 5 402,875 592,175
Cash at bank and in hand 383,526 462,114
786,401 1,054,289
Creditors
Amounts falling due within one year 6 ( 172,346) ( 288,625)
Net current assets 614,055 765,664
Total assets less current liabilities 635,888 790,442
Provision for liabilities ( 4,731) ( 3,609)
Net assets 631,157 786,833
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 621,157 776,833
Total shareholder's funds 631,157 786,833

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 financial statements of The Richard Stephens Partnership Limited (registered number: 04982311) were approved and authorised for issue by the Board of Directors on 12 September 2022. They were signed on its behalf by:

G S P Connor
Director
S V Cowlin
Director
A M Paterson
Director
P A Smiles
Director
THE RICHARD STEPHENS PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
THE RICHARD STEPHENS PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Richard Stephens Partnership Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mill Court, Mill Hill, Edenbridge, TN8 5DB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 and after eliminating sales within the company.

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.

Employee benefits

Defined contribution schemes
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 expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current 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 corporation 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
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
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.

Impairment of assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Trade and other debtors

Trade debtors are amounts due from customers in respect of 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 debtors.

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 and other 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Government grants

The company has received government grants through the Coronavirus Job Retention Scheme (CJRS), the company has adopted the accrual model for accounting for government grants. Grants relating to revenue are recognised in income on a systematic basis over the same period as the related costs for which the grant is intended to compensate.

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

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the recoverability of debtors and the valuation of work in progress.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods

3. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 16

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2021 331,796 331,796
Additions 3,428 3,428
At 31 December 2021 335,224 335,224
Accumulated depreciation
At 01 January 2021 307,018 307,018
Charge for the financial year 6,373 6,373
At 31 December 2021 313,391 313,391
Net book value
At 31 December 2021 21,833 21,833
At 31 December 2020 24,778 24,778

5. Debtors

2021 2020
£ £
Trade debtors 364,467 477,902
Amounts owed by Group undertakings 0 99,822
Other debtors 38,408 14,451
402,875 592,175

6. Creditors: amounts falling due within one year

2021 2020
£ £
Trade creditors 16,044 36,888
Other creditors 10,531 37,983
Corporation tax 91,960 143,251
Other taxation and social security 53,811 70,503
172,346 288,625

7. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
8,000 Ordinary shares of £ 1.00 each 8,000 8,000
2,000 Ordinary A shares of £ 1.00 each 2,000 2,000
10,000 10,000

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2021 2020
£ £
- within one year 59,901 59,498
- between one and five years 186,830 186,591
- after five years 52,800 92,400
299,531 338,489

The amount of non-cancellable operating lease payments recognised as an expense during the year 2020 was £64,491 (2020 - £64,526).

9. Related party transactions

Other related party transactions

The company has taken advantage of the exemption in FRS 102 33.1A "Related Party Disclosures" from disclosing transactions with other members of the group.