IRIS Accounts Production v24.3.2.46 07640324 director 1.6.23 31.5.24 31.5.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh076403242023-05-31076403242024-05-31076403242023-06-012024-05-31076403242022-05-31076403242022-06-012023-05-31076403242023-05-3107640324ns15:EnglandWales2023-06-012024-05-3107640324ns14:PoundSterling2023-06-012024-05-3107640324ns10:Director12023-06-012024-05-3107640324ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3107640324ns10:SmallEntities2023-06-012024-05-3107640324ns10:AuditExemptWithAccountantsReport2023-06-012024-05-3107640324ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3107640324ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3107640324ns10:FullAccounts2023-06-012024-05-3107640324ns10:Director22023-06-012024-05-3107640324ns10:CompanySecretary12023-06-012024-05-3107640324ns10:RegisteredOffice2023-06-012024-05-3107640324ns5:CurrentFinancialInstruments2024-05-3107640324ns5:CurrentFinancialInstruments2023-05-3107640324ns5:ShareCapital2024-05-3107640324ns5:ShareCapital2023-05-3107640324ns5:CapitalRedemptionReserve2024-05-3107640324ns5:CapitalRedemptionReserve2023-05-3107640324ns5:FurtherSpecificReserve3ComponentTotalEquity2024-05-3107640324ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-3107640324ns5:RetainedEarningsAccumulatedLosses2024-05-3107640324ns5:RetainedEarningsAccumulatedLosses2023-05-3107640324ns5:PlantMachinery2023-06-012024-05-3107640324ns5:PlantMachinery2023-05-3107640324ns5:PlantMachinery2024-05-3107640324ns5:PlantMachinery2023-05-3107640324ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3107640324ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3107640324ns5:FurtherSpecificReserve3ComponentTotalEquity2023-05-31
REGISTERED NUMBER: 07640324 (England and Wales)















THE RUSSELL PARTNERSHIP LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024






THE RUSSELL PARTNERSHIP LIMITED (REGISTERED NUMBER: 07640324)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

THE RUSSELL PARTNERSHIP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: R Russell





SECRETARY: Kerry Secretarial Services Limited





REGISTERED OFFICE: c/o Cox Costello & Horne
Batchworth Lock House
99 Church Street
Rickmansworth
WD3 1JJ





REGISTERED NUMBER: 07640324 (England and Wales)





ACCOUNTANTS: Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

THE RUSSELL PARTNERSHIP LIMITED (REGISTERED NUMBER: 07640324)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 46,580 60,779
Investment property 5 220,000 169,096
266,580 229,875

CURRENT ASSETS
Debtors 6 556,706 357,715
Cash at bank 107,423 593,308
664,129 951,023
CREDITORS
Amounts falling due within one year 7 563,274 170,990
NET CURRENT ASSETS 100,855 780,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

367,435

1,009,908

PROVISIONS FOR LIABILITIES 38,681 21,840
NET ASSETS 328,754 988,068

CAPITAL AND RESERVES
Called up share capital 132 400
Capital redemption reserve 268 -
Fair value reserve 8 101,466 67,560
Retained earnings 226,888 920,108
SHAREHOLDERS' FUNDS 328,754 988,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 February 2025 and were signed by:





T W Russell - Director


THE RUSSELL PARTNERSHIP LIMITED (REGISTERED NUMBER: 07640324)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

The Russell Partnership Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern basis
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months after signing the financial statements. No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover comprises the rendering of services in the ordinary course of the company's activity. Turnover is presented net of value-added tax. Services comprise fees and charges in respect of professional management consultancy activities. The company recognises turnover when the amount of revenue and related costs can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The cost of an asset initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property
Investment property consist of property(ies) held for long-term rental yields or for capital appreciation or both, and not held for the social benefit or for use in the business. Investment property(ies) are measured at cost, including related transaction costs, on initial recognition and subsequently at fair value as at the year end, with changes in fair value recognised in profit and loss. Subsequent expenditure is capitalised to the asset's carrying value only when it is probable that future economic benefits associated with the expenditure will flow to the company. All other repairs and maintenance costs are expensed when incurred. Fair value is determined by either independent professional third party valuers or company officers, such as the directors. Depreciation is not provided in respect of the investment properties. Fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

Rental income from operating leases is recognised on a straight-line basis over the lease term. When the company provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income.

THE RUSSELL PARTNERSHIP LIMITED (REGISTERED NUMBER: 07640324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
a) Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

b) Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

c) Cash at bank
Cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Cash and bank balances are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
-the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
The company contributes towards personal pension schemes of staff. The contributions payable by the company and staff are deposited in the respective pension funds within 30 days following the deduction. Once the contributions have been paid, the company as employer, has no further payment obligations. The company's contributions are charged to the profit and loss in the period to which they relate.

Contributions outstanding at the reporting date was £6,643 (2023 - £1,083).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

THE RUSSELL PARTNERSHIP LIMITED (REGISTERED NUMBER: 07640324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 June 2023 191,253
Additions 845
At 31 May 2024 192,098
DEPRECIATION
At 1 June 2023 130,474
Charge for year 15,044
At 31 May 2024 145,518
NET BOOK VALUE
At 31 May 2024 46,580
At 31 May 2023 60,779

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 June 2023 169,096
Revaluations 50,904
At 31 May 2024 220,000
NET BOOK VALUE
At 31 May 2024 220,000
At 31 May 2023 169,096

Fair value at 31 May 2024 is represented by:
£
Valuation in 2021 81,096
Valuation in 2024 50,904
Cost 88,000
220,000

If investment property had not been revalued it would have been included at the following historical cost:

31.5.24 31.5.23
£ £
Cost 88,000 88,000
Aggregate depreciation (21,120 ) (19,360 )

At the reporting date, the investment property had been valued internally by the director, using informal internet based market values of properties of similar nature and similar location of the property. Based on these valuations a gain of £50,904 was recognised. The assumptions used in valuing the property are supported by market evidence, and the director is confident the value of the investment property is accurately reflected above. At the reporting date, the director considers the carrying value of the investment property to be line with market expectations.

THE RUSSELL PARTNERSHIP LIMITED (REGISTERED NUMBER: 07640324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£ £
Trade debtors 497,186 265,182
Other debtors 59,520 92,533
556,706 357,715

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£ £
Trade creditors 178,186 92,836
Taxation and social security 119,991 72,954
Other creditors 265,097 5,200
563,274 170,990

8. RESERVES
Fair value
reserve
£
At 1 June 2023 67,560
Investment property 50,904
Deferred tax transfer (16,998 )

At 31 May 2024 101,466

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £nil (2023 - £123,000) were paid to director and close family.

At the reporting date, the company owed the directors £180,229 (2023: £526). Amounts due to the director are unsecured, attract no interest, have no fixed terms of repayment and considered payable on demand.

10. SHARE-BASED PAYMENT TRANSACTIONS

The company operates an equity-settled share based remuneration scheme for employees. All employees are eligible to participate in the long term incentive scheme, the only vesting condition being that the individual remains an employee of the company over the two and half year vesting period. Once vested, there is a 10 year exercisable period before they expire.

Number
Outstanding at the beginning of the period-
Outstanding at the end of the period88
Exercisable at the end of the period-

£   
The total expense recognised in profit or loss for the period-
The total carrying amount at the end of the period for liabilities arising from
share-based payment transactions

-


CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
THE RUSSELL PARTNERSHIP LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Russell Partnership Limited for the year ended 31 May 2024 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of The Russell Partnership Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Russell Partnership Limited and state those matters that we have agreed to state to the director of The Russell Partnership Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Russell Partnership Limited and its director for our work or for this report.

It is your duty to ensure that The Russell Partnership Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Russell Partnership Limited. You consider that The Russell Partnership Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Russell Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ


10 February 2025