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Registered number: 03798716
The Side by Side Partnership Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Advoco (SW) Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03798716
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 56,309 76,362
Investment Properties 5 3,114,807 3,114,807
3,171,116 3,191,169
CURRENT ASSETS
Debtors 6 129,166 100,549
Cash at bank and in hand 3,742 5
132,908 100,554
Creditors: Amounts Falling Due Within One Year 7 (89,307 ) (65,215 )
NET CURRENT ASSETS (LIABILITIES) 43,601 35,339
TOTAL ASSETS LESS CURRENT LIABILITIES 3,214,717 3,226,508
Creditors: Amounts Falling Due After More Than One Year 8 (2,982,009 ) (2,896,043 )
NET ASSETS 232,708 330,465
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 930,184 930,184
Profit and Loss Account (697,576 ) (599,819 )
SHAREHOLDERS' FUNDS 232,708 330,465
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Scadden
Director
26 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Side by Side Partnership Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03798716 . The registered office is Middle Farm Barns, Middle Farm Way Poundbury, Dorchester, Dorset, DT1 3WA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 12)
14 12
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 75,809 53,666 164,883 10,029 304,387
Disposals - (19,783 ) - - (19,783 )
As at 31 December 2023 75,809 33,883 164,883 10,029 284,604
Depreciation
As at 1 January 2023 43,129 37,486 140,744 6,666 228,025
Provided during the period 4,902 2,298 6,562 1,110 14,872
Disposals - (14,602 ) - - (14,602 )
As at 31 December 2023 48,031 25,182 147,306 7,776 228,295
Net Book Value
As at 31 December 2023 27,778 8,701 17,577 2,253 56,309
As at 1 January 2023 32,680 16,180 24,139 3,363 76,362
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 3,114,807
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 129,166 87,872
Prepayments and accrued income - 10,000
VAT - 2,677
129,166 100,549
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 52,445 14,644
Bank loans and overdrafts 25,550 21,925
Corporation tax liability - 7,316
Social security and other tax 5,522 2,545
Accrued expenses 5,790 18,785
89,307 65,215
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 31,611 25,846
Other loans 1,787,148 1,834,111
Inter - company TE Childcare 107,578 59,437
Intercompany Sunny Day 690,863 632,830
S D Nursery Ltd 220,493 97,837
Directors loan account 144,316 245,982
2,982,009 2,896,043
9. Share Capital
2023 2022
Allotted, called up but not fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
10. Reserves
Revaluation Reserve
£
As at 1 January 2023 930,184
As at 31 December 2023 930,184
Page 5