Company registration number 02683337 (England and Wales)
A&Q PARTNERSHIP (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
A&Q PARTNERSHIP (LONDON) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
A&Q PARTNERSHIP (LONDON) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
51,967
19,629
Current assets
Debtors
5
953,441
1,264,628
Cash at bank and in hand
526,653
52,664
1,480,094
1,317,292
Creditors: amounts falling due within one year
6
(586,887)
(497,138)
Net current assets
893,207
820,154
Total assets less current liabilities
945,174
839,783
Provisions for liabilities
(12,048)
(2,534)
Net assets
933,126
837,249
Capital and reserves
Called up share capital
7
317
317
Capital redemption reserve
683
683
Profit and loss reserves
932,126
836,249
Total equity
933,126
837,249

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 3 September 2024 and are signed on its behalf by:
K R Chapman
T Quinton
Director
Director
Company registration number 02683337 (England and Wales)
A&Q PARTNERSHIP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

A&Q Partnership (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Lux Building, 2 - 4 Hoxton Square, London, UK, N16NU.

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
Turnover
Turnover represents amounts receivable for services net of VAT.

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 contractual hourly staff rates and materials, 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 it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over life of the lease
Fixtures, fittings & equipment
25% straight line
Computer 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.

1.4
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

A&Q PARTNERSHIP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
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.

1.8
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 income statement 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has not been discounted.
1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

A&Q PARTNERSHIP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
40
45
A&Q PARTNERSHIP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
39,343
168,249
207,592
Additions
-
0
56,287
56,287
At 31 March 2024
39,343
224,536
263,879
Depreciation and impairment
At 1 April 2023
35,812
152,151
187,963
Depreciation charged in the year
2,019
21,930
23,949
At 31 March 2024
37,831
174,081
211,912
Carrying amount
At 31 March 2024
1,512
50,455
51,967
At 31 March 2023
3,531
16,098
19,629
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
847,763
1,162,854
Other debtors
105,678
101,774
953,441
1,264,628
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
58,989
Trade creditors
163,630
62,402
Corporation tax
33,169
-
0
Other taxation and social security
318,100
267,537
Other creditors
71,988
108,210
586,887
497,138
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
31,744 Ordinary shares of £0.01 each
317
317
A&Q PARTNERSHIP (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Financial commitments, guarantees and contingent liabilities
The directors were not aware of the existence of any contingent liabilities at the year end.
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
211,100
414,120
10
Events after the reporting date

The directors were not aware of any events after the reporting date which would materially affect the financial statements.

11
Directors' transactions

Dividends totalling £20,000 (2023 - £8,000) were paid in the year in respect of shares held by the directors.

During the year the company paid rent of £44,000 (2023: £44,000) to a pension fund in respect of the premises at Bourne End, of which certain directors are beneficiaries on retirement.

 

 

 

 

2024-03-312023-04-01false03 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityK R ChapmanN LawrenceP SloanT QuintonK CowellA Ingramfalsefalse026833372023-04-012024-03-31026833372024-03-31026833372023-03-3102683337core:LandBuildings2024-03-3102683337core:OtherPropertyPlantEquipment2024-03-3102683337core:LandBuildings2023-03-3102683337core:OtherPropertyPlantEquipment2023-03-3102683337core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102683337core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102683337core:CurrentFinancialInstruments2024-03-3102683337core:CurrentFinancialInstruments2023-03-3102683337core:ShareCapital2024-03-3102683337core:ShareCapital2023-03-3102683337core:CapitalRedemptionReserve2024-03-3102683337core:CapitalRedemptionReserve2023-03-3102683337core:RetainedEarningsAccumulatedLosses2024-03-3102683337core:RetainedEarningsAccumulatedLosses2023-03-3102683337bus:Director12023-04-012024-03-3102683337bus:Director42023-04-012024-03-3102683337core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3102683337core:FurnitureFittings2023-04-012024-03-3102683337core:ComputerEquipment2023-04-012024-03-31026833372022-04-012023-03-3102683337core:LandBuildings2023-03-3102683337core:OtherPropertyPlantEquipment2023-03-31026833372023-03-3102683337core:LandBuildings2023-04-012024-03-3102683337core:OtherPropertyPlantEquipment2023-04-012024-03-3102683337core:WithinOneYear2024-03-3102683337core:WithinOneYear2023-03-3102683337bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102683337bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102683337bus:FRS1022023-04-012024-03-3102683337bus:AuditExemptWithAccountantsReport2023-04-012024-03-3102683337bus:Director22023-04-012024-03-3102683337bus:Director32023-04-012024-03-3102683337bus:Director52023-04-012024-03-3102683337bus:Director62023-04-012024-03-3102683337bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP