Company registration number 05277907 (England and Wales)
ANDREW FIREBRACE PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ANDREW FIREBRACE PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
5 - 11
ANDREW FIREBRACE PARTNERSHIP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ANDREW FIREBRACE PARTNERSHIP LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andrew Firebrace Partnership Limited for the year ended 31 March 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Andrew Firebrace Partnership Limited, as a body, in accordance with the terms of our engagement letter dated. Our work has been undertaken solely to prepare for your approval the financial statements of Andrew Firebrace Partnership Limited and state those matters that we have agreed to state to the Board of Directors of Andrew Firebrace Partnership Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Andrew Firebrace Partnership Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Andrew Firebrace Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Andrew Firebrace Partnership Limited. You consider that Andrew Firebrace Partnership Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Andrew Firebrace Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Whitings LLP
7 September 2023
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St. Edmunds
Suffolk
IP32 7GY
ANDREW FIREBRACE PARTNERSHIP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
60,000
90,000
Tangible assets
4
6,570
5,955
Investments
5
168,840
168,840
235,410
264,795
Current assets
Debtors
6
455,989
429,378
Cash at bank and in hand
234,026
342,171
690,015
771,549
Creditors: amounts falling due within one year
7
(388,844)
(502,013)
Net current assets
301,171
269,536
Total assets less current liabilities
536,581
534,331
Provisions for liabilities
(1,405)
(911)
Net assets
535,176
533,420
Capital and reserves
Called up share capital
10
360
480
Share premium account
129,880
Capital redemption reserve
480
360
Profit and loss reserves
534,336
402,700
Total equity
535,176
533,420
ANDREW FIREBRACE PARTNERSHIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 September 2023 and are signed on its behalf by:
Mr A Keppey
Director
Company Registration No. 05277907
ANDREW FIREBRACE PARTNERSHIP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2021
480
129,880
360
405,717
536,437
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
-
518,385
518,385
Dividends
-
-
-
(521,402)
(521,402)
Balance at 31 March 2022
480
129,880
360
402,700
533,420
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
507,657
507,657
Dividends
-
-
-
(355,901)
(355,901)
Redemption of shares
10
(120)
(129,880)
120
(20,120)
(150,000)
Balance at 31 March 2023
360
480
534,336
535,176
ANDREW FIREBRACE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Company information
Andrew Firebrace Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stable Barn, Park End, Swaffham Bulbeck, Cambridge, Cambridgeshire, CB25 0NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Interest income is recognised in profit or loss using the effective interest method.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ANDREW FIREBRACE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
Office equipment
20% and 33% on cost
Computer software
33% on cost
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
ANDREW FIREBRACE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ANDREW FIREBRACE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
16
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
600,000
Amortisation and impairment
At 1 April 2022
510,000
Amortisation charged for the year
30,000
At 31 March 2023
540,000
Carrying amount
At 31 March 2023
60,000
At 31 March 2022
90,000
ANDREW FIREBRACE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
4
Tangible fixed assets
Fixtures and fittings
Office equipment
Computer software
Total
£
£
£
£
Cost
At 1 April 2022
15,475
100,613
53,502
169,590
Additions
735
3,181
3,916
At 31 March 2023
16,210
103,794
53,502
173,506
Depreciation and impairment
At 1 April 2022
15,033
95,100
53,502
163,635
Depreciation charged in the year
289
3,012
3,301
At 31 March 2023
15,322
98,112
53,502
166,936
Carrying amount
At 31 March 2023
888
5,682
6,570
At 31 March 2022
442
5,513
5,955
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
168,840
168,840
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
331,601
306,301
Amounts recoverable on long term contracts
31,624
33,687
Amounts owed by group undertakings
37,000
Other debtors
403
Prepayments and accrued income
92,764
51,987
455,989
429,378
ANDREW FIREBRACE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
90,036
32,628
Amounts owed to group undertakings
5,665
Corporation tax
77,184
87,756
Other taxation and social security
106,070
98,742
Other creditors
105,565
272,782
Accruals and deferred income
4,324
10,105
388,844
502,013
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,405
911
2023
Movements in the year:
£
Liability at 1 April 2022
911
Charge to profit or loss
494
Liability at 31 March 2023
1,405
9
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
49,929
57,533
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. No contributions were payable to the fund at either balance sheet date.
ANDREW FIREBRACE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
C Ordinary shares of £1 each
120
120
120
120
D Ordinary shares of £1 each
120
120
120
120
F Ordinary shares of £1 each
-
120
-
120
G Ordinary shares of £1 each
120
120
120
120
360
480
360
480
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
105,500
46,500
2023-03-312022-04-01false07 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A KeppeyMr N A WilsonMr S C GrangeMr P L StuartMr S NesbitMr P J Austin052779072022-04-012023-03-31052779072023-03-31052779072022-03-3105277907core:NetGoodwill2023-03-3105277907core:NetGoodwill2022-03-3105277907core:FurnitureFittings2023-03-3105277907core:ComputerEquipment2023-03-3105277907core:MotorVehicles2023-03-3105277907core:FurnitureFittings2022-03-3105277907core:ComputerEquipment2022-03-3105277907core:MotorVehicles2022-03-3105277907core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105277907core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3105277907core:CurrentFinancialInstruments2023-03-3105277907core:CurrentFinancialInstruments2022-03-3105277907core:ShareCapital2023-03-3105277907core:ShareCapital2022-03-3105277907core:SharePremium2023-03-3105277907core:SharePremium2022-03-3105277907core:CapitalRedemptionReserve2023-03-3105277907core:CapitalRedemptionReserve2022-03-3105277907core:RetainedEarningsAccumulatedLosses2023-03-3105277907core:RetainedEarningsAccumulatedLosses2022-03-3105277907core:ShareCapital2021-03-3105277907core:SharePremium2021-03-3105277907core:CapitalRedemptionReserve2021-03-3105277907core:RetainedEarningsAccumulatedLosses2021-03-31052779072021-03-3105277907core:ShareCapitalOrdinaryShares2023-03-3105277907core:ShareCapitalOrdinaryShares2022-03-3105277907bus:Director12022-04-012023-03-3105277907core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3105277907core:ShareCapital2022-04-012023-03-3105277907core:SharePremium2022-04-012023-03-3105277907core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105277907core:Goodwill2022-04-012023-03-3105277907core:FurnitureFittings2022-04-012023-03-3105277907core:ComputerEquipment2022-04-012023-03-3105277907core:MotorVehicles2022-04-012023-03-31052779072021-04-012022-03-3105277907core:NetGoodwill2022-03-3105277907core:NetGoodwill2022-04-012023-03-3105277907core:FurnitureFittings2022-03-3105277907core:ComputerEquipment2022-03-3105277907core:MotorVehicles2022-03-31052779072022-03-3105277907bus:PrivateLimitedCompanyLtd2022-04-012023-03-3105277907bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105277907bus:FRS1022022-04-012023-03-3105277907bus:AuditExemptWithAccountantsReport2022-04-012023-03-3105277907bus:Director22022-04-012023-03-3105277907bus:Director32022-04-012023-03-3105277907bus:Director42022-04-012023-03-3105277907bus:Director52022-04-012023-03-3105277907bus:Director62022-04-012023-03-3105277907bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP