Company Registration No. 04380926 (England and Wales)
TANGERINE PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2024
28 February 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TANGERINE PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
Mrs S Lindsay MBE
Mrs S P Gregory
Mrs M L Harding de Pol
Mrs S H Halton
Mr M Emblem
(Appointed 12 August 2024)
Company number
04380926
Registered office
Giants Basin
Potato Wharf
Castlefield
Manchester
M3 4NB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
TANGERINE PARTNERSHIP LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
TANGERINE PARTNERSHIP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,000
Tangible assets
4
160,316
121,474
Investments
5
20
20
178,336
121,494
Current assets
Debtors
6
2,067,837
1,138,786
Cash at bank and in hand
1,443,735
972,705
3,511,572
2,111,491
Creditors: amounts falling due within one year
7
(2,963,640)
(1,690,726)
Net current assets
547,932
420,765
Total assets less current liabilities
726,268
542,259
Creditors: amounts falling due after more than one year
8
(43,465)
Provisions for liabilities
(16,539)
(23,978)
Net assets
666,264
518,281
Capital and reserves
Called up share capital
10
100
100
Share premium account
9,900
9,900
Capital redemption reserve
100
100
Profit and loss reserves
656,164
508,181
Total equity
666,264
518,281
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 28 February 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.
TANGERINE PARTNERSHIP LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 October 2024 and are signed on its behalf by:
Mrs S P Gregory
Mrs M L Harding de Pol
Director
Director
Company registration number 04380926 (England and Wales)
TANGERINE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Tangerine Partnership Limited is a private company limited by shares incorporated in England and Wales. The registered office is Giants Basin, Potato Wharf, Castlefield, Manchester, M3 4NB.
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 is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of 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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired at cost are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Branding costs
50% on cost
1.4
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:
Fixtures, fittings and equipment
33% on cost
Computer equipment
33%-50% on cost
Motor vehicles
20% on cost
Studio equipment
50% on cost
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.
TANGERINE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
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.
1.7
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 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
TANGERINE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
109
113
3
Intangible fixed assets
Branding costs
£
Cost
At 1 March 2023
Additions
18,000
At 28 February 2024
18,000
Amortisation and impairment
At 1 March 2023 and 28 February 2024
Carrying amount
At 28 February 2024
18,000
At 28 February 2023
TANGERINE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Studio equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
284,431
682,738
42,321
1,009,490
Additions
10,649
49,252
78,000
5,955
143,856
At 28 February 2024
295,080
731,990
78,000
48,276
1,153,346
Depreciation and impairment
At 1 March 2023
267,662
590,682
29,672
888,016
Depreciation charged in the year
7,824
57,925
27,300
11,965
105,014
At 28 February 2024
275,486
648,607
27,300
41,637
993,030
Carrying amount
At 28 February 2024
19,594
83,383
50,700
6,639
160,316
At 28 February 2023
16,769
92,056
12,649
121,474
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
20
20
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,887,467
930,586
Other debtors
180,370
208,200
2,067,837
1,138,786
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
262,157
182,519
Amounts owed to group undertakings
8,207
Taxation and social security
491,866
287,776
Other creditors
2,209,617
1,212,224
2,963,640
1,690,726
TANGERINE PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
43,465
9
Secured creditors
Hire purchase liabilities of £53,812 are secured on the assets to which they relate.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
26
26
26
26
Ordinary B shares of £1 each
64
64
64
64
Ordinary C shares of £1 each
10
10
10
10
100
100
100
100
11
Operating lease commitments
Lessee
At the reporting date, the company had operating lease commitments totalling £106,236.
12
Related party transactions
During the year, the company paid amounts of £361,119 (2023 - £361,119) to the Employee Ownership Trust.
At the reporting date, the company was due £17,960 (2023 - £17,960) from Tangerine Partnership Employee Ownership Trust. This loan is interest free and has no fixed repayment terms.
As at 28 February 2023, a loan of £15,909 was due from a company director. The loan was fully repaid in the year.
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