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Registration number: 7504494

Wright Partners Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Wright Partners Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wright Partners Limited

Company Information

Directors

Mrs Natalie Anne Wright

Mr Nigel James Wright

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered AccountantsSilver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Wright Partners Limited

(Registration number: 7504494)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

274,287

274,931

Current assets

 

Debtors

6

-

3,610

Cash at bank and in hand

 

56,610

59,508

 

56,610

63,118

Creditors: Amounts falling due within one year

7

(46,780)

(72,727)

Net current assets/(liabilities)

 

9,830

(9,609)

Total assets less current liabilities

 

284,117

265,322

Creditors: Amounts falling due after more than one year

7

(151,783)

(159,258)

Net assets

 

132,334

106,064

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

132,234

105,964

Shareholders' funds

 

132,334

106,064

 

Wright Partners Limited

(Registration number: 7504494)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
Mrs Natalie Anne Wright
Director

.........................................
Mr Nigel James Wright
Director

 

Wright Partners Limited

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

1

General information

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

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
England

These financial statements were authorised for issue by the Board on 28 January 2025.

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.

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 sales/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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wright Partners Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

20% net book value

Office equuipment

20% net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Asset class

Amortisation method and rate

Goodwill

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Borrowings

 

Wright Partners Limited

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

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 2).

 

Wright Partners Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

11,393

11,393

At 31 January 2024

11,393

11,393

Amortisation

At 1 February 2023

11,393

11,393

At 31 January 2024

11,393

11,393

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

271,714

14,008

285,722

At 31 January 2024

271,714

14,008

285,722

Depreciation

At 1 February 2023

-

10,791

10,791

Charge for the year

-

644

644

At 31 January 2024

-

11,435

11,435

Carrying amount

At 31 January 2024

271,714

2,573

274,287

At 31 January 2023

271,714

3,217

274,931

Included within the net book value of land and buildings above is £146,714 (2023 - £146,714) in respect of freehold land and buildings and £125,000 (2023 - £125,000) in respect of long leasehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

3,610

 

-

3,610

 

Wright Partners Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

39,173

56,292

Taxation and social security

 

7,607

16,435

 

46,780

72,727

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

151,783

159,258

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary J of £1 each

50

50

50

50

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

151,783

159,258

Current loans and borrowings

2024
£

2023
£

Other borrowings

39,173

56,292

 

Wright Partners Limited

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

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £20.00 (2023 - £Nil) per each Ordinary A

1,000

-

Interim dividend of £72.00 (2023 - £40.00) per each Ordinary J

3,600

2,000

4,600

2,000

11

Related party transactions

 

Wright Partners Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,593

11,334