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Registration number: 06652670

Courtland Services Partnership Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Courtland Services Partnership Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Courtland Services Partnership Limited

(Registration number: 06652670)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

69,813

83,775

Tangible assets

5

28,594

20,969

 

98,407

104,744

Current assets

 

Debtors

6

58,478

51,925

Cash at bank and in hand

 

130,508

155,738

 

188,986

207,663

Creditors: Amounts falling due within one year

7

(84,726)

(73,751)

Net current assets

 

104,260

133,912

Net assets

 

202,667

238,656

Capital and reserves

 

Called up share capital

100

100

Retained earnings

202,567

238,556

Shareholders' funds

 

202,667

238,656

For the financial year ending 31 July 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 February 2024 and signed on its behalf by:
 

.........................................
K Gray
Director

 

Courtland Services Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Unit 1
Clifton Bury Farm
Church Street
Clifton, Beds
SG17 5EX

These financial statements were authorised for issue by the Board on 4 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements have been prepared in sterling, which is the functional currency of the entity.

 

Courtland Services Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Judgements

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 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 that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Income that spans the year end is account for as deferred income ad released when the service is performed.

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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

 

Courtland Services Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Furniture and fittings

25% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the incorporation of the partnership is recognised at fair value and amortised over a period of 20 years. This is based on the customer base that the company now has and the loyalty associated with the repeat business that this generates. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

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

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

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 at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Courtland Services Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Courtland Services Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

279,255

279,255

At 31 July 2023

279,255

279,255

Amortisation

At 1 August 2022

195,480

195,480

Amortisation charge

13,962

13,962

At 31 July 2023

209,442

209,442

Carrying amount

At 31 July 2023

69,813

69,813

At 31 July 2022

83,775

83,775

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

3,719

43,977

175

47,871

Additions

-

15,246

-

15,246

Disposals

(166)

(2,250)

-

(2,416)

At 31 July 2023

3,553

56,973

175

60,701

Depreciation

At 1 August 2022

3,719

23,008

175

26,902

Charge for the year

-

7,414

-

7,414

Eliminated on disposal

(166)

(2,043)

-

(2,209)

At 31 July 2023

3,553

28,379

175

32,107

Carrying amount

At 31 July 2023

-

28,594

-

28,594

At 31 July 2022

-

20,969

-

20,969

 

Courtland Services Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

51,482

47,252

Prepayments

5,323

3,746

Other debtors

1,673

927

 

58,478

51,925

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,328

3,000

Taxation and social security

40,500

33,568

Accruals and deferred income

33,002

28,857

Other creditors

6,896

8,326

84,726

73,751

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 785.00 (2022 - 611.00) per each Ordinary share

 

78,500

 

61,100

         
 

Courtland Services Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Related party transactions

Summary of transactions with other related parties

At the balance sheet date the company owed the directors £279 (2022: £41). There are no terms for repayment or interest being charged.
 

11

Ultimate controlling party

The ultimate controlling party is Mr K Gray by virtue of his majority shareholding.