REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2022 |
FOR |
THE BOWERS PARTNERSHIP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2022 |
FOR |
THE BOWERS PARTNERSHIP LIMITED |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
BALANCE SHEET |
31 MARCH 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Non-distributable reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
BALANCE SHEET - continued |
31 MARCH 2022 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
1. | STATUTORY INFORMATION |
The Bowers Partnership Limited is a |
Registered number: |
Registered office: |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about The Bowers Partnership Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Equipment | - |
All fixed assets are initially recorded at cost. |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
The company has prepared these accounts on a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the existing and potential effects of coronavirus on the activities of the business in future. |
Leases |
Rentals payable under operating lease, including any lease incentives received, and charged to profit or loss on a straight line basis over the term of the revenant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases assets are consumed. |
Equity instruments |
Changes in the fair value of derivatives that are designate and qualify as fair value hedges are recognised in profit and loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings | Equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
6. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 April 2021 |
Additions |
Revaluations |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Cost or valuation at 31 March 2022 is represented by: |
Listed |
investments |
£ |
Valuation in 2022 | 6,994 |
Valuation in 2021 | 19,587 |
Valuation in 2020 | (3,401 | ) |
Cost | 201,385 |
224,565 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 38,849 | 17,709 |
Prepayments and accrued income |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Debentures |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
PAYE and social security |
VAT | 14,567 | 38,667 |
Wages control account | - | 1,254 |
Accruals and deferred income |
9. | SECURED DEBTS |
Santander UK Plc created a charge on 27 May 2020 in relation to security over cash deposits. This charge was released on 07 April 2021. |
10. | PROVISIONS FOR LIABILITIES |
31.3.22 | 31.3.21 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Other timing differences | 4,404 | 3,075 |
6,405 | 5,515 |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Charge to Profit and loss account during year |
Balance at 31 March 2022 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
THE BOWERS PARTNERSHIP LIMITED (REGISTERED NUMBER: 08610517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
12. | RESERVES |
Non-distributable |
reserve |
£ |
At 1 April 2021 |
Fair value adjustment | 5,664 |
At 31 March 2022 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021: |
31.3.22 | 31.3.21 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year, interest of £735 (2021: £470) was charged on overdrawn directors current account, interest was charged at the official rate of 2% (2021: 2.25%). |
14. | RELATED PARTY DISCLOSURES |
Included in other debtors is a loan balance of £381,481 (2021: £380,905) due from Lionfoxco Limited, a member of the group. The amount is interest free and on demand. |
Included in other creditors is a loan balance of £11,527 (2021: £11,862) due to The Bowers Investment Limited, the parent company. The amount is interest free and repayable on demand. |
The company paid £174,860 (2021: £177,000) dividends to the parent company during the year. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
16. | PARENT COMPANY |
The company is a wholly owned subsidiary of The Bowers Investment Company Ltd whose address is Pharmacy Chambers, High Street, Wadhurst, East Sussex, TN5 6AP. |