The Fell Partnership Limited 05143138 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true 05143138 2022-04-01 2023-03-31 05143138 2023-03-31 05143138 core:RetainedEarningsAccumulatedLosses 2023-03-31 05143138 core:ShareCapital 2023-03-31 05143138 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05143138 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05143138 bus:SmallEntities 2022-04-01 2023-03-31 05143138 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05143138 bus:FullAccounts 2022-04-01 2023-03-31 05143138 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05143138 bus:RegisteredOffice 2022-04-01 2023-03-31 05143138 bus:Director1 2022-04-01 2023-03-31 05143138 bus:Director2 2022-04-01 2023-03-31 05143138 bus:Director3 2022-04-01 2023-03-31 05143138 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05143138 core:Goodwill 2022-04-01 2023-03-31 05143138 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05143138 core:PlantMachinery 2022-04-01 2023-03-31 05143138 core:Vehicles 2022-04-01 2023-03-31 05143138 countries:AllCountries 2022-04-01 2023-03-31 05143138 2022-03-31 05143138 2021-04-01 2022-03-31 05143138 2022-03-31 05143138 core:RetainedEarningsAccumulatedLosses 2022-03-31 05143138 core:ShareCapital 2022-03-31 05143138 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05143138 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05143138

The Fell Partnership Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

The Fell Partnership Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

The Fell Partnership Limited

(Registration number: 05143138)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

371,472

370,702

Current assets

 

Stocks

233,056

105,094

Debtors

78,113

67,163

Cash at bank and in hand

 

140,279

255,132

 

451,448

427,389

Creditors: Amounts falling due within one year

6

(145,096)

(157,135)

Net current assets

 

306,352

270,254

Total assets less current liabilities

 

677,824

640,956

Creditors: Amounts falling due after more than one year

7

(281,976)

(178,738)

Provisions for liabilities

(30,158)

(21,477)

Net assets

 

365,690

440,741

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

364,690

439,741

Total equity

 

365,690

440,741

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

Mr N R Fell
Director

Mrs D A Fell
Director

 

The Fell Partnership Limited

(Registration number: 05143138)
Abridged Balance Sheet as at 31 March 2023

Mr C T Pope
Director

 

The Fell Partnership Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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:
Merrivale Farm
Merrivale
Princetown
Devon
PL20 6ST

These financial statements were authorised for issue by the Board on 28 September 2023.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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.

Revenue recognition

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.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 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 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.

 

The Fell Partnership Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Motor vehicles

25% reducing balance

Plant and machinery

20% straight line

Fixtures and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

6.25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

The Fell Partnership Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

60,000

At 31 March 2023

60,000

Amortisation

At 1 April 2022

60,000

At 31 March 2023

60,000

Carrying amount

At 31 March 2023

-

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2022

609,454

Additions

32,707

At 31 March 2023

642,161

Depreciation

At 1 April 2022

238,753

Charge for the year

31,936

At 31 March 2023

270,689

Carrying amount

At 31 March 2023

371,472

At 31 March 2022

370,702

6

Creditors: amounts falling due within one year

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £74,266 (2022 - £20,700).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £281,976 (2022 - £178,738).