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Registration number: 07726968

The Simon Pinnell Partnership Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

The Simon Pinnell Partnership Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,428

14,072

Current assets

 

Debtors

5

1,596,164

1,479,035

Cash at bank and in hand

 

72,137

69,526

 

1,668,301

1,548,561

Creditors: Amounts falling due within one year

6

(214,122)

(218,618)

Net current assets

 

1,454,179

1,329,943

Total assets less current liabilities

 

1,463,607

1,344,015

Creditors: Amounts falling due after more than one year

6

(15,725)

(25,583)

Provisions for liabilities

(1,901)

(2,825)

Net assets

 

1,445,981

1,315,607

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,445,979

1,315,605

Shareholders' funds

 

1,445,981

1,315,607

For the financial year ending 31 March 2024 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

The Simon Pinnell Partnership Limited

Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 1 September 2024 and signed on its behalf by:
 

.........................................

Mrs KJ Pinnell

Director

.........................................

Mr SJR Pinnell

Director

Company registration number: 07726968

 

The Simon Pinnell Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of recruitment consultancy.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 March 2024 and had net assets at that date amounting to £1,445,981.

After having made enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises recruitment fees when the amount of revenue can be reliably measured and it is certain that future economic value with flow to the company which is when a candidate commences employment with a client.

The company recognises retainer fees evenly over the period to which the retainer relates.

Government grants

Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

The Simon Pinnell Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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 statement of financial position 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 assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% Reducing balance

Office equipment

20% Straight line

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.

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 income statement 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 Simon Pinnell Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the company during the year was 2 (2023 - 2).

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

32,785

34,415

67,200

Additions

2,148

-

2,148

Disposals

(3,289)

-

(3,289)

At 31 March 2024

31,644

34,415

66,059

Depreciation

At 1 April 2023

24,046

29,082

53,128

Charge for the year

4,703

1,067

5,770

Eliminated on disposal

(2,267)

-

(2,267)

At 31 March 2024

26,482

30,149

56,631

Carrying amount

At 31 March 2024

5,162

4,266

9,428

At 31 March 2023

8,739

5,333

14,072

 

The Simon Pinnell Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

33,300

124,200

Other debtors

1,562,864

1,354,835

1,596,164

1,479,035

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

10,000

10,000

Taxation and social security

 

201,020

204,994

Other creditors

 

3,102

3,624

 

214,122

218,618

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

15,725

25,583

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loans

10,000

10,000

2024
£

2023
£

Non-current loans and borrowings

Bank loans

15,725

25,583

8

Transactions with directors

At 31 March 2024 an amount of £1,245,968 (2023 - £1,113,748) was due from the directors. During the year advances of £307,255 and repayments of £198,812 were made. Interest of £23,777 (2022 - £18,751) has been charged at a rate of 2.25% pa. There are no agreed terms in place.