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Registration number: SC276697

The 2gether Partnership Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

The 2gether Partnership Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

The 2gether Partnership Limited

Company Information

Directors

Mrs P A Haydock

Mr T F Costello

Registered office

Woodfield House
85 Woodfield Park
Colinton
Edinburgh
EH13 0RA

Bankers

Royal Bank of Scotland
Edinburgh Nicolson Street
30 Nicolson Street
Edinburgh
EH8 9DL

Accountants

Giles Hewitt & Co Ltd
Chartered Certified Accountants
257 Clifton Dr South
St Annes on Sea
Lytham St Annes
Lancashire
FY8 1HW

 

The 2gether Partnership Limited

(Registration number: SC276697)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

65,636

2,890

Investments

5

10

10

 

65,646

2,900

Current assets

 

Stocks

6

4,818

2,623

Debtors

7

118,401

115,914

Cash at bank and in hand

 

121,137

98,792

 

244,356

217,329

Creditors: Amounts falling due within one year

8

(122,468)

(125,271)

Net current assets

 

121,888

92,058

Total assets less current liabilities

 

187,534

94,958

Creditors: Amounts falling due after more than one year

8

(39,204)

-

Provisions for liabilities

(16,419)

(444)

Net assets

 

131,911

94,514

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

131,711

94,314

Shareholders' funds

 

131,911

94,514

 

The 2gether Partnership Limited

(Registration number: SC276697)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 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 10 August 2024 and signed on its behalf by:
 

.........................................
Mrs P A Haydock
Director

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Woodfield House
85 Woodfield Park
Colinton
Edinburgh
EH13 0RA

These financial statements were authorised for issue by the Board on 10 August 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents work done in the year.

In respect of contracts for ongoing services, turnover includes amounts not invoiced. Amounts in such circumstances are recognised by reference to the stage of completion and at the selling price.

Government grants

The company received no Government grants in the year.

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.

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 tangible fixed assets less their residual value over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

over 5 years on cost

Fixtures and fittings

25% on net book value

Office equipment

over 3 years on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 3 (2022 - 3).

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

9,293

42,201

-

51,494

Additions

-

4,054

61,955

66,009

At 30 November 2023

9,293

46,255

61,955

117,503

Depreciation

At 1 December 2022

8,742

39,863

-

48,605

Charge for the year

550

1,420

1,292

3,262

At 30 November 2023

9,292

41,283

1,292

51,867

Carrying amount

At 30 November 2023

1

4,972

60,663

65,636

At 30 November 2022

551

2,339

-

2,890

Included within the net book value of land and buildings above is £1 (2022 - £551) in respect of short leasehold land and buildings.

The company motor vehicle is held under a hire purchase contract.
 

5

Investments

2023
£

2022
£

Investments in associates

10

10

Associates

£

Cost

At 1 December 2022

10

Provision

Carrying amount

At 30 November 2023

10

At 30 November 2022

10

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Associates

Leadership Mindset Partners Limited

c/o Fruition Accountancy Ltd, Unit 4, Three Spires House, Station Road, Lichfield WS13 6HX

ordinary

33.33%

33.33%

England

Associates

Leadership Mindset Partners Limited

The principal activity of Leadership Mindset Partners Limited is management consulting.

6

Stocks

2023
£

2022
£

Other inventories

4,818

2,623

7

Debtors

Current

2023
£

2022
£

Trade debtors

106,265

113,664

Prepayments

12,136

2,250

 

118,401

115,914

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

8,283

3,046

Trade creditors

 

10,672

10,849

Taxation and social security

 

64,080

76,365

Accruals and deferred income

 

27,795

25,075

Other creditors

 

11,638

9,936

 

122,468

125,271

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

39,204

-

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

39,204

-

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

7,752

-

Other borrowings

531

3,046

8,283

3,046

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

11

Related party transactions

 

The 2gether Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,200

25,200

Contributions paid to money purchase schemes

46,382

34,781

71,582

59,981

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

Summary of transactions with associates

Leadership Mindset Partners Limited

The company received dividends in the year of £35,000 (2022 £22,000).