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The Laurel Partnership Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2024
The Laurel Partnership Ltd
16 Broad Street
Eye
Suffolk
IP23 7AF
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 08067380
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 8,000 16,000
Tangible Assets 5 299,851 10,076
307,851 26,076
CURRENT ASSETS
Stocks 43,966 6,680
Debtors 88,499 75,285
Cash at bank and in hand 10,427 3,023
142,892 84,988
Creditors: Amounts Falling Due Within One Year (120,715 ) (54,897 )
NET CURRENT ASSETS (LIABILITIES) 22,177 30,091
TOTAL ASSETS LESS CURRENT LIABILITIES 330,028 56,167
Creditors: Amounts Falling Due After More Than One Year (231,268 ) (3,152 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,118 ) (1,914 )
NET ASSETS 90,642 51,101
CAPITAL AND RESERVES
Called up share capital 6 80 80
Share premium account 50,000 50,000
Revaluation reserve 7 33,120 -
Capital redemption reserve 20 20
Profit and Loss Account 7,422 1,001
SHAREHOLDERS' FUNDS 90,642 51,101
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 March 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Matthew Aldous
Director
07/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Abridged Financial Statements
1. General Information
The Laurel Partnership Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08067380 . The registered office is 16 Broad Street, Eye, Suffolk, IP23 7AF.
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 is the revenue earned from the rendering of accoutancy and advisory services. 
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Freehold Revaluation
Leasehold 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Work-in-progress is reflected in the accounts on a client by client basis by recording turnover and related costs as client activity progresses.
2.6. 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 year 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. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 9)
11 9
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4. Intangible Assets
Total
£
Cost
As at 1 April 2023 80,000
As at 31 March 2024 80,000
Amortisation
As at 1 April 2023 64,000
Provided during the period 8,000
As at 31 March 2024 72,000
Net Book Value
As at 31 March 2024 8,000
As at 1 April 2023 16,000
5. Tangible Assets
Total
£
Cost or Valuation
As at 1 April 2023 37,001
Additions 259,610
Revaluation 33,120
As at 31 March 2024 329,731
Depreciation
As at 1 April 2023 26,925
Provided during the period 2,955
As at 31 March 2024 29,880
Net Book Value
As at 31 March 2024 299,851
As at 1 April 2023 10,076
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 80 80
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7. Reserves
Revaluation Reserve
£
Transfer to profit and loss 33,120
As at 31 March 2024 33,120
The freehold property occupied by the company is revalued annual to market value with the movement recognised in revaluation reserves.  
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