THE PERRY LITHGOW PARTNERSHIP LIMITED |
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BALANCE SHEET |
AS AT 31 MAY 2024 |
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These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. |
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For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. |
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Signed on behalf of the board |
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M A Perry |
Director |
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Date approved by the board: 26 February 2025 |
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THE PERRY LITHGOW PARTNERSHIP LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
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1 |
GENERAL INFORMATION |
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The Perry Lithgow Partnership Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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3 Fairview Terrace |
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Evenlode Road |
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Moreton-In-Marsh |
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Gloucestershire |
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GL56 OHU |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006. |
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Revenue recognition |
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THE PERRY LITHGOW PARTNERSHIP LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) |
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Tangible fixed assets |
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Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. |
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Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. |
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Furniture and fittings |
Reducing balance basis at 25% per annum |
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Computer equipment |
Reducing balance basis at 25% per annum |
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On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. |
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Financial Instruments |
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The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
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The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Impairment of non-financial assets |
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THE PERRY LITHGOW PARTNERSHIP LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) |
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Work in progress |
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Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction. |
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Debtors |
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Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost. |
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Taxation |
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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THE PERRY LITHGOW PARTNERSHIP LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
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3 |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS |
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No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements. |
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4 |
EMPLOYEES |
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The average number of persons employed by the company (including directors) during the year was: |
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2024 |
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2023 |
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Average number of employees |
1 |
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2 |
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5 |
INTANGIBLE FIXED ASSETS |
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Goodwill |
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£ |
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Cost |
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At 1 June 2023 |
62,000 |
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At 31 May 2024 |
62,000 |
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Accumulated amortisation and impairments |
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At 1 June 2023 |
62,000 |
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At 31 May 2024 |
62,000 |
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Net book value |
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At 1 June 2023 |
- |
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At 31 May 2024 |
- |
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