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COMPANY REGISTRATION NUMBER: 09025941
J R Partridge Ltd
Filleted Unaudited Financial Statements
31 May 2023
J R Partridge Ltd
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
J R Partridge Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
252,046
262,139
Current assets
Debtors
6
99
99
Cash at bank and in hand
6,145
10,408
-------
--------
6,244
10,507
Creditors: amounts falling due within one year
7
6,198
10,382
-------
--------
Net current assets
46
125
---------
---------
Total assets less current liabilities
252,092
262,264
Creditors: amounts falling due after more than one year
8
184,055
185,712
Provisions
14,301
12,769
---------
---------
Net assets
53,736
63,783
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
53,636
63,683
--------
--------
Shareholders funds
53,736
63,783
--------
--------
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 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 .
J R Partridge Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr J R Partridge
Director
Company registration number: 09025941
J R Partridge Ltd
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 49 Shimbrooks, Great Leighs, Chelmsford, Essex, CM3 1SG, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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.
Income tax
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Equipment
-
20 % straight line
Investment property
Investment property, which is property held to earn rentals, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Provisions
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 2 (2022 - 2).
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost or valuation
At 1 June 2022
262,000
370
262,370
Revaluations
( 10,000)
( 10,000)
---------
----
---------
At 31 May 2023
252,000
370
252,370
---------
----
---------
Depreciation
At 1 June 2022
231
231
Charge for the year
93
93
---------
----
---------
At 31 May 2023
324
324
---------
----
---------
Carrying amount
At 31 May 2023
252,000
46
252,046
---------
----
---------
At 31 May 2022
262,000
139
262,139
---------
----
---------
In the opinion of the directors the fair value of the properties at 31 May 2023 was £252,000, in line with independent valuations in the year. The historical cost of the properties is £194,795.
6. Debtors
2023
2022
£
£
Called up share capital not paid
99
99
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,536
1,758
Social security and other taxes
962
Director loan accounts
62
4,062
Other creditors
3,600
3,600
-------
--------
6,198
10,382
-------
--------
Other creditors of £3,600 is a loan which is secured by a fixed and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
176,820
175,812
Other creditors
7,235
9,900
---------
---------
184,055
185,712
---------
---------
Bank loans of £175,812 (2022: £175,812) are interest only loans repayable more than five years after the balance sheet date. These loans are secured by charges over the investment properties.
Other creditors of £7,235 is a loan which is secured by a fixed and floating charge over the assets of the company.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Related party transactions
At year end the company owed the directors £62 (2022: £4,062) which is shown amongst creditors. During the year the company repaid £3,600 of the £75,000 borrowed from the J R Partridge pension scheme. At the year end £10,835 (2022: £13,500) was outstanding. Mr J R Partridge is the beneficiary of the scheme. Interest of £688 (2022: £2,323) was payable on the loan.