2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 830,352 776,605 13,437 790,042 40,310 53,747 xbrli:pure xbrli:shares iso4217:GBP 08277073 2022-03-01 2023-02-28 08277073 2023-02-28 08277073 2022-02-28 08277073 2021-03-01 2022-02-28 08277073 2022-02-28 08277073 2021-02-28 08277073 core:FurnitureFittings 2022-03-01 2023-02-28 08277073 bus:Director3 2022-03-01 2023-02-28 08277073 core:WithinOneYear 2023-02-28 08277073 core:WithinOneYear 2022-02-28 08277073 core:NetGoodwill 2022-02-28 08277073 core:NetGoodwill 2023-02-28 08277073 core:FurnitureFittings 2022-02-28 08277073 core:FurnitureFittings 2023-02-28 08277073 core:AfterOneYear 2023-02-28 08277073 core:AfterOneYear 2022-02-28 08277073 core:ShareCapital 2023-02-28 08277073 core:ShareCapital 2022-02-28 08277073 core:RetainedEarningsAccumulatedLosses 2023-02-28 08277073 core:RetainedEarningsAccumulatedLosses 2022-02-28 08277073 core:NetGoodwill 2022-03-01 2023-02-28 08277073 core:NetGoodwill 2022-02-28 08277073 core:FurnitureFittings 2022-02-28 08277073 bus:SmallEntities 2022-03-01 2023-02-28 08277073 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08277073 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08277073 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08277073 bus:FullAccounts 2022-03-01 2023-02-28 08277073 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-02-28 08277073 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-02-28 08277073 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 08277073
John Partridge & Co Limited
Filleted Unaudited Financial Statements
28 February 2023
John Partridge & Co Limited
Financial Statements
Year ended 28 February 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
John Partridge & Co Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
40,310
53,747
Tangible assets
6
13,390
14,481
---------
---------
53,700
68,228
Current assets
Stocks
109,358
129,103
Debtors
7
6,461
12,612
Cash at bank and in hand
11,870
9,579
---------
---------
127,689
151,294
Creditors: amounts falling due within one year
8
500,498
503,407
---------
---------
Net current liabilities
372,809
352,113
---------
---------
Total assets less current liabilities
( 319,109)
( 283,885)
Creditors: amounts falling due after more than one year
9
17,642
24,942
---------
---------
Net liabilities
( 336,751)
( 308,827)
---------
---------
John Partridge & Co Limited
Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 336,851)
( 308,927)
---------
---------
Shareholders deficit
( 336,751)
( 308,827)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 September 2023 , and are signed on behalf of the board by:
Mr D S Mehat
Director
Company registration number: 08277073
John Partridge & Co Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The financial statements have been prepared on the going concern basis due to the continued financial support of the directors and an associated company. The total amounts owing to them as at 28 February 2023 is £446,879. Furthermore the bank borrowings are secured by one of the directors. The directors intend to continue their support in the future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Equipment
-
20% reducing balance
Website
-
Over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
830,352
---------
Amortisation
At 1 March 2022
776,605
Charge for the year
13,437
---------
At 28 February 2023
790,042
---------
Carrying amount
At 28 February 2023
40,310
---------
At 28 February 2022
53,747
---------
6. Tangible assets
Fixtures and fittings
Website
Total
£
£
£
Cost
At 1 March 2022
68,593
5,484
74,077
Additions
1,823
1,823
---------
---------
---------
At 28 February 2023
70,416
5,484
75,900
---------
---------
---------
Depreciation
At 1 March 2022
54,112
5,484
59,596
Charge for the year
2,914
2,914
---------
---------
---------
At 28 February 2023
57,026
5,484
62,510
---------
---------
---------
Carrying amount
At 28 February 2023
13,390
13,390
---------
---------
---------
At 28 February 2022
14,481
14,481
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
4,753
3,666
Prepayments and accrued income
1,708
7,909
Other debtors
1,037
---------
---------
6,461
12,612
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,300
7,300
Trade creditors
42,757
46,251
Amounts owed to related party
285,669
282,781
Accruals and deferred income
2,900
3,133
Social security and other taxes
663
99
Director loan accounts
161,209
163,833
Other creditors
10
---------
---------
500,498
503,407
---------
---------
The bank loan is secured by a personal guarantee from one of the directors.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
17,642
24,942
---------
---------
10. Directors' advances, credits and guarantees
At the end of the financial year the company owed the directors £161,209 (2022: £163,833).
11. Related party transactions
The company was under the control of the directors throughout the current and previous year. The company trades on normal commercial terms with L.S. Manufacturing UK Limited, a company controlled by Mr D S Mehat , a director of John Partridge & Co Ltd. The balance due to L.S. Manufacturing UK Limited at the year end amounted to £285,669 (2022: £282,781).