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Registered number: 07144615









SULLIVAN STREET PARTNERS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
SULLIVAN STREET PARTNERS LIMITED
REGISTERED NUMBER: 07144615

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
244,181
465,169

  
244,181
465,169

Current assets
  

Debtors: amounts falling due within one year
 5 
683,467
512,958

Cash at bank and in hand
  
130,423
502,997

  
813,890
1,015,955

Creditors: amounts falling due within one year
 6 
(586,867)
(504,825)

Net current assets
  
 
 
227,023
 
 
511,130

Total assets less current liabilities
  
471,204
976,299

Creditors: amounts falling due after more than one year
 7 
(295,833)
(443,749)

Provisions for liabilities
  

Other provisions
  
(150,000)
(150,000)

  
 
 
(150,000)
 
 
(150,000)

Net assets
  
25,371
382,550


Capital and reserves
  

Called up share capital 
  
250,002
250,002

Profit and loss account
  
(224,631)
132,548

  
25,371
382,550


Page 1

 
SULLIVAN STREET PARTNERS LIMITED
REGISTERED NUMBER: 07144615
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 September 2024.




R B Sanders
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SULLIVAN STREET PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Sullivan Street Partners Limited is a private company limited by shares incorporated in England & Wales (registered number 07144615). The registered office is 110 Wigmore Street, London, W1U 3RW. 
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SULLIVAN STREET PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the life of the lease
Motor vehicles
-
25% Straight Line
Fixtures and fittings
-
25% Straight Line
Office equipment
-
33% Straight Line
Computer equipment
-
33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
SULLIVAN STREET PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).

Page 5

 


 
SULLIVAN STREET PARTNERS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


4.


Tangible fixed assets






Short-term leasehold property
Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 September 2022
442,242
142,703
179,650
16,709
60,976
842,280


Additions
-
-
1,203
-
2,398
3,601



At 31 August 2023

442,242
142,703
180,853
16,709
63,374
845,881



Depreciation


At 1 September 2022
232,045
2,129
84,753
5,690
52,496
377,113


Charge for the year on owned assets
142,515
35,154
36,812
4,513
5,595
224,589



At 31 August 2023

374,560
37,283
121,565
10,203
58,091
601,702



Net book value



At 31 August 2023
67,682
105,420
59,288
6,506
5,283
244,179



At 31 August 2022
210,197
140,575
94,897
11,019
8,481
465,169

Page 6

 
SULLIVAN STREET PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Debtors

2023
2022
£
£


Trade debtors
481,498
349,136

Other debtors
131,400
70,581

Prepayments and accrued income
70,569
93,241

683,467
512,958



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
152,293
21,111

Corporation tax
33,918
54,534

Other taxation and social security
118,442
63,318

Other creditors
15,716
47,341

Accruals and deferred income
266,498
318,521

586,867
504,825



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
295,833
443,749

295,833
443,749


 
Page 7