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Registration number: 11010669

Partisan Products International Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Partisan Products International Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Partisan Products International Limited

Company Information

Directors

Mr N A C Cordwell

Mr J B Dandridge

Registered office

Unit 601
Merlin Park
Ringtail Road
Burscough
Lancashire
L40 8JY

 

Partisan Products International Limited

(Registration number: 11010669)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,861

2,171

Other financial assets

5

67,665

68,097

 

69,526

70,268

Current assets

 

Debtors

6

-

3,332

Cash at bank and in hand

 

7,753

11,078

 

7,753

14,410

Creditors: Amounts falling due within one year

7

(5,645)

(8,041)

Net current assets

 

2,108

6,369

Net assets

 

71,634

76,637

Capital and reserves

 

Called up share capital

87,003

87,003

Revaluation reserve

16,298

18,097

Profit and loss account

(31,667)

(28,463)

Shareholders' funds

 

71,634

76,637

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 28 July 2022 and signed on its behalf by:
 

.........................................
Mr N A C Cordwell
Director

.........................................
Mr J B Dandridge
Director

 
     
 

Partisan Products International 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 & Wales.

The address of its registered office is:
Unit 601
Merlin Park
Ringtail Road
Burscough
Lancashire
L40 8JY

These financial statements were authorised for issue by the Board on 28 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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:

 

Partisan Products International Limited

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

Asset class

Depreciation method and rate

Office equipment

10% Straight line

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 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 3).

 

Partisan Products International Limited

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

3,102

3,102

At 31 December 2021

3,102

3,102

Depreciation

At 1 January 2021

931

931

Charge for the year

310

310

At 31 December 2021

1,241

1,241

Carrying amount

At 31 December 2021

1,861

1,861

At 31 December 2020

2,171

2,171

5

Other financial assets (current and non-current)

2021
£

2020
£

Non-current financial assets

Financial assets at fair value through profit and loss

67,665

68,097

6

Debtors

Note

2021
£

2020
£

Amounts owed by directors

9

-

3,332

 

-

3,332

 

Partisan Products International Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Amounts owed to related parties

9

1,125

1,125

Accruals

 

1,507

5,531

Loans from directors

 

3,013

1,385

 

5,645

8,041

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

16,298

16,298

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company received a loan from a Partisan Products Ltd.
The loan is interest free and repayable on demand.
At the balance sheet date, the loan is presented within creditors: amounts falling due within one year.

 

Loans from related parties

 

Entities with joint control or significant influence

2021
£

2020
£

At start of period

1,125

1,125

At end of period

1,125

1,125