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COMPANY REGISTRATION NUMBER: 10326746
Buckden Partners Limited
Filleted Unaudited Financial Statements
31 March 2024
Buckden Partners Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Buckden Partners Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
54,458
8,802
Current assets
Debtors
6
636,023
611,228
Cash at bank and in hand
807,798
799,460
------------
------------
1,443,821
1,410,688
Creditors: amounts falling due within one year
7
243,234
241,033
------------
------------
Net current assets
1,200,587
1,169,655
------------
------------
Total assets less current liabilities
1,255,045
1,178,457
------------
------------
Net assets
1,255,045
1,178,457
------------
------------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
1,255,043
1,178,455
------------
------------
Shareholders funds
1,255,045
1,178,457
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Buckden Partners Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 December 2024 , and are signed on behalf of the board by:
Mr C Bullock
Mr S Sergeant
Director
Director
Company registration number: 10326746
Buckden Partners Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Maltings, Bridge Street, Hitchin, Herts, SG5 2DE, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
10% straight line
Office Equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 4 ).
5. Tangible assets
Freehold property
Office Equipment
Total
£
£
£
Cost
At 1 April 2023
15,196
15,196
Additions
40,311
11,407
51,718
--------
--------
--------
At 31 March 2024
40,311
26,603
66,914
--------
--------
--------
Depreciation
At 1 April 2023
6,394
6,394
Charge for the year
1,958
4,104
6,062
--------
--------
--------
At 31 March 2024
1,958
10,498
12,456
--------
--------
--------
Carrying amount
At 31 March 2024
38,353
16,105
54,458
--------
--------
--------
At 31 March 2023
8,802
8,802
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
150,699
135,048
Amounts owed by related undertakings
269,559
274,459
Prepayments and accrued income
10,991
2,073
Directors loan account
70,601
95,320
Other debtors
134,173
104,328
---------
---------
636,023
611,228
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,327
10,941
Accruals and deferred income
6,180
3,425
Corporation tax
191,681
190,071
Social security and other taxes
42,276
35,540
Other creditors
770
1,056
---------
---------
243,234
241,033
---------
---------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
8,167
12,250
Later than 1 year and not later than 5 years
20,417
-------
--------
8,167
32,667
-------
--------
10. Directors' advances, credits and guarantees
At the year end the directors owed or were owed the following amounts to or from the company. Mr S Sergeant - £70,649 due to the company (2023 - £89,215) - This was repaid on 06/04/2024. The maximum amount outstanding during the year was £89,576. Mr C Bullock - £48 due from the company (2023 - £6,104). The maximum amount outstanding during the year was £6,680.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Related undertakings
269,559
274,459
----
----
---------
---------