Company registration number 10334641 (England and Wales)
The Boutique Partnership London Limited
Unaudited Financial Statements
For the year ended 31 October 2023
PAGES FOR FILING WITH REGISTRAR
The Boutique Partnership London Limited
Contents
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
The Boutique Partnership London Limited
Balance sheet
For the year ended 31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,622
5
Current assets
Stocks
45,000
45,000
Debtors
4
6,500
6,500
Cash at bank and in hand
1,633
5,011
53,133
56,511
Creditors: amounts falling due within one year
5
(9,731)
(11,009)
Net current assets
43,402
45,502
Total assets less current liabilities
47,024
45,507
Creditors: amounts falling due after more than one year
6
(15,544)
(17,905)
Net assets
31,480
27,602
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
31,380
27,502
Total equity
31,480
27,602
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Boutique Partnership London Limited
Balance sheet (Continued)
For the year ended 31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
Ms V Harris
Ms V Mallinson
Director
Director
Company registration number 10334641 (England and Wales)
The Boutique Partnership London Limited
Notes to the Financial Statements
For the year ended 31 October 2023
- 3 -
1
Accounting policies
Company information
The Boutique Partnership London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 273 Wandsworth Bridge Road, London, SW6 2TX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20 % Straight line
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
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. Basic financial instruments are initially recognised at the transaction price.
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.
The Boutique Partnership London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other creditors 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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
5
The Boutique Partnership London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2022
1,773
Additions
3,746
At 31 October 2023
5,519
Depreciation and impairment
At 1 November 2022
1,768
Depreciation charged in the year
129
At 31 October 2023
1,897
Carrying amount
At 31 October 2023
3,622
At 31 October 2022
5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
6,500
6,500
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
5,659
8,170
Other creditors
4,072
2,839
9,731
11,009
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,544
17,905
The Boutique Partnership London Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
- 6 -
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
58,500
78,000