Curtis Partners Ltd 09885910 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of farming. Digita Accounts Production Advanced 6.30.9574.0 true true 09885910 2023-04-01 2024-03-31 09885910 2024-03-31 09885910 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 09885910 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 09885910 core:CurrentFinancialInstruments 2024-03-31 09885910 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09885910 core:Non-currentFinancialInstruments 2024-03-31 09885910 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09885910 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 09885910 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09885910 core:OfficeEquipment 2024-03-31 09885910 core:PlantMachinery 2024-03-31 09885910 bus:SmallEntities 2023-04-01 2024-03-31 09885910 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09885910 bus:FilletedAccounts 2023-04-01 2024-03-31 09885910 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09885910 bus:RegisteredOffice 2023-04-01 2024-03-31 09885910 bus:Director1 2023-04-01 2024-03-31 09885910 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09885910 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09885910 core:OfficeEquipment 2023-04-01 2024-03-31 09885910 core:PlantMachinery 2023-04-01 2024-03-31 09885910 core:VehiclesPlantMachinery 2023-04-01 2024-03-31 09885910 countries:EnglandWales 2023-04-01 2024-03-31 09885910 2023-03-31 09885910 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 09885910 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09885910 core:OfficeEquipment 2023-03-31 09885910 core:PlantMachinery 2023-03-31 09885910 2022-04-01 2023-03-31 09885910 2023-03-31 09885910 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 09885910 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 09885910 core:CurrentFinancialInstruments 2023-03-31 09885910 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09885910 core:Non-currentFinancialInstruments 2023-03-31 09885910 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09885910 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09885910 core:OfficeEquipment 2023-03-31 09885910 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09885910

Curtis Partners Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Curtis Partners Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Curtis Partners Ltd

(Registration number: 09885910)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

211,499

234,815

Current assets

 

Stocks

6

73,290

173,050

Debtors

7

6,091

5,788

Cash at bank and in hand

 

26,069

99,699

 

105,450

278,537

Creditors: Amounts falling due within one year

8

(516,687)

(693,525)

Net current liabilities

 

(411,237)

(414,988)

Total assets less current liabilities

 

(199,738)

(180,173)

Creditors: Amounts falling due after more than one year

8

(13,619)

(23,900)

Provisions for liabilities

(34,052)

(39,882)

Net liabilities

 

(247,409)

(243,955)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(247,509)

(244,055)

Shareholders' deficit

 

(247,409)

(243,955)

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 18 October 2024
 

 

Curtis Partners Ltd

(Registration number: 09885910)
Statement of Financial Position as at 31 March 2024 (continued)


Mr R N Curtis
Director

 

Curtis Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT

Principal activity

The principal activity of the company is that of farming.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Curtis Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

8% straight line

Computer equipment

33% straight line

 

Curtis Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Curtis Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Curtis Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Basic payment entitlements
 £

Total
£

Cost or valuation

At 1 April 2023

2,488

2,488

At 31 March 2024

2,488

2,488

Amortisation

At 1 April 2023

2,488

2,488

At 31 March 2024

2,488

2,488

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

75,288

304,327

681

380,296

Additions

-

4,815

-

4,815

Disposals

-

(5,000)

-

(5,000)

At 31 March 2024

75,288

304,142

681

380,111

Depreciation

At 1 April 2023

-

144,800

681

145,481

Charge for the year

-

24,331

-

24,331

Eliminated on disposal

-

(1,200)

-

(1,200)

At 31 March 2024

-

167,931

681

168,612

Carrying amount

At 31 March 2024

75,288

136,211

-

211,499

At 31 March 2023

75,288

159,527

-

234,815

Included within the net book value of land and buildings above is £75,288 (2023 - £75,288) in respect of freehold land and buildings.
 

 

Curtis Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

73,290

173,050

7

Debtors

2024
£

2023
£

Trade debtors

5,388

5,380

Other debtors

703

408

6,091

5,788

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

11,400

205,599

Trade creditors

 

19,061

15,443

Taxation and social security

 

72

65

Accruals and deferred income

 

2,490

3,200

Other creditors

 

483,664

469,218

 

516,687

693,525

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

13,619

23,900

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Curtis Partners Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,619

22,500

Hire purchase contracts

-

1,400

13,619

23,900

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

202,656

Hire purchase contracts

1,400

2,943

11,400

205,599