36 false false false false false false false false false false true false false false false true false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 684,597 684,597 684,597 88,440 44,959 133,399 8,570 22,841 31,411 101,988 3,353,590 3,353,590 3,353,590 xbrli:pure xbrli:shares iso4217:GBP 08455919 2023-01-01 2023-12-31 08455919 2023-12-31 08455919 2022-12-31 08455919 2021-11-15 2022-12-31 08455919 2022-12-31 08455919 2021-11-14 08455919 bus:Director5 2023-01-01 2023-12-31 08455919 core:WithinOneYear 2023-12-31 08455919 core:WithinOneYear 2022-12-31 08455919 core:AfterOneYear 2022-12-31 08455919 core:ShareCapital 2023-12-31 08455919 core:ShareCapital 2022-12-31 08455919 core:RetainedEarningsAccumulatedLosses 2023-12-31 08455919 core:RetainedEarningsAccumulatedLosses 2022-12-31 08455919 core:NetGoodwill 2023-12-31 08455919 core:NetGoodwill 2022-12-31 08455919 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 08455919 core:Non-currentFinancialInstruments 2023-12-31 08455919 core:Non-currentFinancialInstruments 2022-12-31 08455919 bus:SmallEntities 2023-01-01 2023-12-31 08455919 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08455919 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08455919 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08455919 bus:FullAccounts 2023-01-01 2023-12-31 08455919 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08455919 core:FurnitureFittingsToolsEquipment 2022-12-31 08455919 core:FurnitureFittingsToolsEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 08455919
Tapestry (Partners) Limited
Filleted Unaudited Financial Statements
31 December 2023
Tapestry (Partners) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
684,597
684,597
Tangible assets
6
101,988
88,440
Investments
7
3,353,590
2,064,964
------------
------------
4,140,175
2,838,001
Current assets
Debtors
8
1,773,925
2,308,346
Cash at bank and in hand
186,992
797,969
------------
------------
1,960,917
3,106,315
Creditors: amounts falling due within one year
9
1,856,309
2,302,934
------------
------------
Net current assets
104,608
803,381
------------
------------
Total assets less current liabilities
4,244,783
3,641,382
Creditors: amounts falling due after more than one year
10
684,580
------------
------------
Net assets
4,244,783
2,956,802
------------
------------
Capital and reserves
Called up share capital
1,000
1,033
Profit and loss account
4,243,783
2,955,769
------------
------------
Shareholders funds
4,244,783
2,956,802
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tapestry (Partners) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr P Le Blanc
Director
Company registration number: 08455919
Tapestry (Partners) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1-2 St John's Path, London, EC1M 4DD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2022: 26 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
684,597
---------
Amortisation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
684,597
---------
At 31 December 2022
684,597
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023
88,440
88,440
Additions
44,959
44,959
---------
---------
At 31 December 2023
133,399
133,399
---------
---------
Depreciation
At 1 January 2023
8,570
8,570
Charge for the year
22,841
22,841
---------
---------
At 31 December 2023
31,411
31,411
---------
---------
Carrying amount
At 31 December 2023
101,988
101,988
---------
---------
At 31 December 2022
79,870
79,870
---------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
3,353,590
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
3,353,590
------------
At 31 December 2022
3,353,590
------------
8. Debtors
2023
2022
£
£
Trade debtors
1,834,111
2,208,167
Other debtors
( 60,186)
100,179
------------
------------
1,773,925
2,308,346
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
658,150
655,897
Social security and other taxes
14,722
Other creditors
1,198,159
1,632,315
------------
------------
1,856,309
2,302,934
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
684,580
----
---------
11. Related party transactions
The company was under the control of its shareholders throughout the current period.