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REGISTERED NUMBER: 03694119 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

FLAXMAN PARTNERS LIMITED

FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FLAXMAN PARTNERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: R C H Flaxman
A Dallison
M J Wilson





REGISTERED OFFICE: 162-164 High Street
Rayleigh
Essex
SS6 7BS





REGISTERED NUMBER: 03694119 (England and Wales)





ACCOUNTANTS: ESW Chartered Accountants
162-164 High Street
Rayleigh
Essex
SS6 7BS

FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,666 3,487

CURRENT ASSETS
Debtors 5 400,564 417,012
Cash at bank and in hand 4,170 3,725
404,734 420,737
CREDITORS
Amounts falling due within one year 6 (328,978 ) (302,506 )
NET CURRENT ASSETS 75,756 118,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,422

121,718

CREDITORS
Amounts falling due after more than one
year

7

(57,647

)

(105,688

)

PROVISIONS FOR LIABILITIES 8 (507 ) (663 )
NET ASSETS 20,268 15,367

CAPITAL AND RESERVES
Called up share capital 9 17,158 17,158
Share premium 24,950 24,950
Retained earnings (21,840 ) (26,741 )
SHAREHOLDERS' FUNDS 20,268 15,367

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)

BALANCE SHEET - continued
31ST MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th September 2023 and were signed on its behalf by:




R C H Flaxman - Director



A Dallison - Director


FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Flaxman Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the fair value of sales arising from insurance consultancy activities, and is recognised as the right to consideration is earned. Fair value reflects the amount expected to be recoverable from client, but excludes VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on cost

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.

FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1st April 2022
and 31st March 2023 43,396
DEPRECIATION
At 1st April 2022 39,909
Charge for year 821
At 31st March 2023 40,730
NET BOOK VALUE
At 31st March 2023 2,666
At 31st March 2022 3,487

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 379,107 394,221
Other debtors 21,457 22,791
400,564 417,012

FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 39,757 46,769
Trade creditors 15,389 19,097
Taxation and social security 169,077 135,091
Other creditors 104,755 101,549
328,978 302,506

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 57,647 105,688

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 507 663

Deferred
tax
£   
Balance at 1st April 2022 663
Provided during year (156 )
Accelerated capital allowances
Balance at 31st March 2023 507

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
17,000 Redeemable Preference £1 17,000 17,000
1,500 Ordinary "A" 10p 150 150
79 Ordinary "B" 10p 8 8
17,158 17,158

All issued preference shares were due for redemption on 30 September 2013 at the discretion of the company. The preference shares carry no voting rights unless the company fails to redeem the shares by the redemption date. At the date of approval of the financial statements the issued shares remained unredeemed.

The preference shares entitle the holders to a coupon at a rate of 5% per annum.

FLAXMAN PARTNERS LIMITED (REGISTERED NUMBER: 03694119)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Other creditors include balances due to the company directors. At the balance sheet the liabilities outstanding amounted to;

Director20232022
£   £   
Mr R C H Flaxman369273
Mr A Dallison52,46548,424

11. RELATED PARTY DISCLOSURES

Other debtors include the following balances to company's under common control.

Company 2023 2022 Relationship
£    £   
Flaxmans Group Ltd 2,726 2,245 Parent
Flaxmans Publishing Ltd - - Common directors

12. ULTIMATE CONTROLLING PARTY

The controlling party is Flaxmans Group Limited, a company incorporated in the UK under Registration 09472451.

Mr R C H Flaxman is considered the ultimate controlling party by virtue of his majority shareholding in the parent company.