2023-04-012024-03-312024-03-31false07156604NEEDLE PARTNERS 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NEEDLE PARTNERS LIMITED

Registered Number
07156604
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

NEEDLE PARTNERS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

NEEDLE, Sharon Lesley Preston
RAMLI, Ukasha

Registered Address

Suite 4 Chapel Allerton House
Town Street, Chapel Allerton
Leeds
LS7 4NB

Registered Number

07156604 (England and Wales)
NEEDLE PARTNERS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets512,56713,424
12,56713,424
Current assets
Debtors6369,593412,074
Cash at bank and on hand27,40115,706
396,994427,780
Creditors amounts falling due within one year7(191,040)(179,639)
Net current assets (liabilities)205,954248,141
Total assets less current liabilities218,521261,565
Creditors amounts falling due after one year8(91,436)(113,860)
Provisions for liabilities10(2,400)(2,400)
Net assets124,685145,305
Capital and reserves
Called up share capital50,10050,100
Profit and loss account74,58595,205
Shareholders' funds124,685145,305
The financial statements were approved and authorised for issue by the Board of Directors on 24 October 2024, and are signed on its behalf by:
NEEDLE, Sharon Lesley Preston
Director
Registered Company No. 07156604
NEEDLE PARTNERS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or the 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Fixtures and fittings15-
Office Equipment-3
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year98
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 23250,000250,000
At 31 March 24250,000250,000
Amortisation and impairment
At 01 April 23250,000250,000
At 31 March 24250,000250,000
Net book value
At 31 March 24--
At 31 March 23--
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of the goodwill was set at 5 years and the asset was amortised on a straight line basis over that period.
5.Tangible fixed assets

Land & buildings

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 April 235,00017,02226,15848,180
Additions-2,935-2,935
Disposals-(276)-(276)
At 31 March 245,00019,68126,15850,839
Depreciation and impairment
At 01 April 232,7928,15323,81134,756
Charge for year5001,5221,4943,516
At 31 March 243,2929,67525,30538,272
Net book value
At 31 March 241,70810,00685312,567
At 31 March 232,2088,8692,34713,424
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables52,985124,560
Other debtors227,266206,737
Prepayments and accrued income89,34280,777
Total369,593412,074
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables18,1636,403
Bank borrowings and overdrafts5,1755,000
Taxation and social security88,14280,907
Other creditors71,96079,605
Accrued liabilities and deferred income7,6007,724
Total191,040179,639
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts28,92134,270
Other creditors62,51579,590
Total91,436113,860
9.Creditors: amounts due after 5 years
Other creditors repayable by instalments after more than five years amount to £nil (2023: £3,640).
10.Provisions for liabilities
The deferred tax provision is for accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)2,4002,400
Total2,4002,400
11.Other commitments
At 31 March 2024 the company had future minimum lease payments under non-cancellable operating leases of £nil (2023: £3,370).
12.Directors advances, credits and guarantees
On 1 April 2023 a Director owed the Company £155,717. During the period this director was advanced a further £113,535 and repaid £85,000. As at 31 March 2024 this Director owed the Company £184,252. No interest was charged on this loan and the loan is repayable on demand.