Company registration number 05815150 (England and Wales)
DAVID TOLSON PARTNERSHIP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
DAVID TOLSON PARTNERSHIP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DAVID TOLSON PARTNERSHIP LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,914
4,613
Current assets
Debtors
4
1,205,160
1,009,776
Cash at bank and in hand
291,262
301,748
1,496,422
1,311,524
Creditors: amounts falling due within one year
5
(565,360)
(459,125)
Net current assets
931,062
852,399
Net assets
934,976
857,012
Capital and reserves
Called up share capital
6
1,600
1,600
Share premium account
14,990
14,990
Capital redemption reserve
160
160
Profit and loss reserves
918,226
840,262
Total equity
934,976
857,012
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 14 September 2024 and are signed on its behalf by:
Mr D M Tolson
Director
Company registration number 05815150 (England and Wales)
DAVID TOLSON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
David Tolson Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP.
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
Going concern
The directors have considered the resources available to the company and consider that they are adequate for the company to continue in operation for the foreseeable future. In making this assessment, the directors have given due consideration to the truecash position and budget for the next 12 months, and have concluded that this does not lead to any material uncertainty regarding going concern. As such, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT. Retainers are recognised on a straight line basis over the period to which they relate.
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 chargeable hours, 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 are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Office building
10% Straight Line
Equipment
25% Straight Line
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.
DAVID TOLSON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
DAVID TOLSON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
11
DAVID TOLSON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Office building
Equipment
Total
£
£
£
Cost
At 1 June 2023
10,690
12,632
23,322
Additions
1,736
1,736
Disposals
(753)
(753)
At 31 May 2024
10,690
13,615
24,305
Depreciation and impairment
At 1 June 2023
10,690
8,019
18,709
Depreciation charged in the year
2,247
2,247
Eliminated in respect of disposals
(565)
(565)
At 31 May 2024
10,690
9,701
20,391
Carrying amount
At 31 May 2024
3,914
3,914
At 31 May 2023
4,613
4,613
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
133,039
94,926
Other debtors
912,000
742,000
Prepayments and accrued income
160,121
172,850
1,205,160
1,009,776
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,353
41,329
Taxation and social security
201,698
154,473
Other creditors
334,309
263,323
565,360
459,125
DAVID TOLSON PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
614
614
614
614
Ordinary B shares of £1 each
585
585
585
585
Ordinary C shares of £1 each
1
1
1
1
Ordinary D shares of £1 each
160
160
160
160
Ordinary F shares of £1 each
160
160
160
160
Ordinary G shares of £1 each
80
80
80
80
1,600
1,600
1,600
1,600
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jack Steer BA(Hons) ACA
Statutory Auditor:
MHA
8
Related party transactions
David Tolson Partnership Limited has provided a loan to a company controlled by owners holding a participating interest. The loan is interest-free and repayable on demand. A further £170,000 was advanced by the company during the year. At the year end, £912,000 (2023: £742,000) was outstanding, which is included within other debtors.
9
Client money or assets
The firm did not hold client money or custody assets during the period. This is stated in accordance with section 3.10.4 of the FCA handbook.