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Registered number: 06057445
The Partyman Company Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06057445
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,999
Tangible Assets 5 492,279 625,390
492,279 627,389
CURRENT ASSETS
Stocks 6 161,777 161,879
Debtors 7 3,464,172 3,098,382
Cash at bank and in hand 4,177 4,222
3,630,126 3,264,483
Creditors: Amounts Falling Due Within One Year 8 (4,649,365 ) (4,201,081 )
NET CURRENT ASSETS (LIABILITIES) (1,019,239 ) (936,598 )
TOTAL ASSETS LESS CURRENT LIABILITIES (526,960 ) (309,209 )
Creditors: Amounts Falling Due After More Than One Year 9 (13,333 ) (23,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (128,921 ) (128,921 )
NET LIABILITIES (669,214 ) (461,463 )
CAPITAL AND RESERVES
Called up share capital 10 200 200
Share premium account 149,900 149,900
Profit and Loss Account (819,314 ) (611,563 )
SHAREHOLDERS' FUNDS (669,214) (461,463)
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Sinclair
Director
20th December 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Partyman Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06057445 . The registered office is Marsh Farm Animal Adventure Park, Marsh Farm Road, South Woodham Ferrers, Essex, CM3 5WP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% 20% and 25% reducing balance and straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 81 (2023: 151)
81 151
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 93,095
As at 31 March 2024 93,095
Amortisation
As at 1 April 2023 91,096
Provided during the period 1,999
As at 31 March 2024 93,095
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 1,999
Page 4
Page 5
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 April 2023 2,456,707
Additions 54,389
Disposals (24,402 )
As at 31 March 2024 2,486,694
Depreciation
As at 1 April 2023 1,831,317
Provided during the period 163,098
As at 31 March 2024 1,994,415
Net Book Value
As at 31 March 2024 492,279
As at 1 April 2023 625,390
6. Stocks
2024 2023
£ £
Materials 161,777 161,879
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 10,193 11,137
Prepayments and accrued income 129,484 43,089
Other debtors 2,355,935 1,878,329
Director's loan account 444 144,779
Amounts owed by other participating interests 968,116 1,021,048
3,464,172 3,098,382
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 435,598 590,581
Bank loans and overdrafts 21,144 10,522
Corporation tax 2,389 2,184
Other taxes and social security 404,574 413,748
Other creditors 354,938 85,617
Accruals and deferred income 97,241 93,898
Amounts owed to other participating interests 3,333,481 3,004,531
4,649,365 4,201,081
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,333 23,333
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr James Sinclair 144,779 444 144,779 - 444
The above loan is unsecured, interest free and is repayable on demand.
12. Related Party Transactions
The company has provided security for a loan to a company with common control in the form of a cross company guarantee.
A number of Partyman World (Lakeside) Limited's and Partyman World (Wembley) Limited's leases include a cross-guarantee given by the company. The company in conjunction with Partyman World (Lakeside) Ltd and Partyman World (Wembley) Ltd has guaranteed loans advanced to Partyman Group Ltd. The total loans owed by Partyman Group Ltd at the balance sheet date amounted to £Nil (2023: £Nil).
As at the balance sheet date there was an amount due to companies with a participating interest totalling £3,333,4819 (2023: £3,004,531).
As at the balance sheet date there was an amount due from companies with a participating interest totalling £968,116 (2023: £1,021,048).
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