Company registration number 09621741 (England and Wales)
PATRICK CONNOLLY ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
PATRICK CONNOLLY ASSOCIATES LTD
COMPANY INFORMATION
Director
Mr P A Connolly
Company number
09621741
Registered office
9 Pump Lane
Ascot
Berkshire
SL5 7RW
Accountants
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
PATRICK CONNOLLY ASSOCIATES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
PATRICK CONNOLLY ASSOCIATES LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PATRICK CONNOLLY ASSOCIATES LTD FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Patrick Connolly Associates Ltd for the year ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Patrick Connolly Associates Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Patrick Connolly Associates Ltd and state those matters that we have agreed to state to the Board of Directors of Patrick Connolly Associates Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Patrick Connolly Associates Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Patrick Connolly Associates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Patrick Connolly Associates Ltd. You consider that Patrick Connolly Associates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Patrick Connolly Associates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
6 March 2024
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
PATRICK CONNOLLY ASSOCIATES LTD
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
77
396
Current assets
Debtors
5
3,000
5,000
Cash at bank and in hand
357,063
357,515
360,063
362,515
Creditors: amounts falling due within one year
6
(19,054)
(27,591)
Net current assets
341,009
334,924
Net assets
341,086
335,320
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
340,986
335,220
Total equity
341,086
335,320
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 financial statements were approved and signed by the director and authorised for issue on 6 March 2024
Mr P A Connolly
Director
Company registration number 09621741 (England and Wales)
PATRICK CONNOLLY ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Patrick Connolly Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 9 Pump Lane, Ascot, Berkshire, SL5 7RW.
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 represents the total amount receivable by the company for services provided and is recognised in line with the performance of these services.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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
33.3% on cost
Computers
33.3% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
PATRICK CONNOLLY ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
PATRICK CONNOLLY ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
853
4,323
5,176
Depreciation and impairment
At 1 July 2022
610
4,170
4,780
Depreciation charged in the year
243
76
319
At 30 June 2023
853
4,246
5,099
Carrying amount
At 30 June 2023
77
77
At 30 June 2022
243
153
396
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,000
5,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
1,428
10,074
Other creditors
17,626
17,517
19,054
27,591