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COMPANY REGISTRATION NUMBER: 10208019
FPZ PARTNERS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
FPZ PARTNERS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
Contents
Page
Balance sheet 1
Notes to the financial statements 3
FPZ PARTNERS LIMITED
BALANCE SHEET
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
77,835
77,056
Investments
6
20,486
31,590
------------
------------
98,321
108,646
Current assets
Debtors
7
59,121
58,153
Cash at bank and in hand
28,600
110,983
------------
------------
87,721
169,136
Creditors: amounts falling due within one year
8
( 46,024)
( 97,319)
------------
------------
Net current assets
41,697
71,817
------------
------------
Total assets less current liabilities
140,018
180,463
Creditors: amounts falling due after more than one year
9
( 16,508)
( 19,356)
Provisions
( 9,379)
( 10,432)
------------
------------
Net assets
114,131
150,675
------------
------------
Capital and reserves
Called up share capital
11
4
4
Profit and loss account
114,127
150,671
------------
------------
Shareholders funds
114,131
150,675
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 May 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 .
FPZ PARTNERS LIMITED
BALANCE SHEET (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
Mr M D'Onofrio
Director
Company registration number: 10208019
FPZ PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 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 35 Westgate, Huddersfield, HD1 1PA.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold Improvements
-
10% straight line
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Leasehold improvements
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 June 2022
23,525
43,386
24,140
91,051
Additions
20,690
20,690
------------
------------
------------
------------
At 31 May 2023
44,215
43,386
24,140
111,741
------------
------------
------------
------------
Depreciation
At 1 June 2022
1,372
904
11,719
13,995
Charge for the year
2,525
10,394
6,992
19,911
------------
------------
------------
------------
At 31 May 2023
3,897
11,298
18,711
33,906
------------
------------
------------
------------
Carrying amount
At 31 May 2023
40,318
32,088
5,429
77,835
------------
------------
------------
------------
At 31 May 2022
22,153
42,482
12,421
77,056
------------
------------
------------
------------
6. Investments
Other investments other than loans
£
Cost
At 1 June 2022
31,590
Disposals
( 11,104)
------------
At 31 May 2023
20,486
------------
Impairment
At 1 June 2022 and 31 May 2023
------------
Carrying amount
At 31 May 2023
20,486
------------
At 31 May 2022
31,590
------------
The company owns the whole of the issued share capital of Family Partnerz Limited and Sixpointzero Pilates Limited included within investments above.
7. Debtors
2023
2022
£
£
Prepayments and accrued income
4,252
1,276
Corporation tax repayable
22,767
Directors loan accounts
43,236
Other debtors
11,633
34,110
------------
------------
59,121
58,153
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,936
2,866
Trade creditors
2,775
1,124
Amounts owed to group undertakings
111
111
Accruals and deferred income
750
750
Corporation tax
14,538
Other creditors
24,914
18,434
Directors loan accounts
74,034
------------
------------
46,024
97,319
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,508
19,356
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
9,379
10,432
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
9,379
10,432
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
Ordinary A shares of £ 1 each
2
2
2
2
------------
------------
------------
------------
4
4
4
4
------------
------------
------------
------------
12. Related party transactions
Included in debtors are loans owed by the directors. The loans are unsecured, repayable on demand and currently incurs interest of 2.25% per annum. There is no one controlling party of the company.