THE PERRY LITHGOW PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
Company Registration Number: 04761077
THE PERRY LITHGOW PARTNERSHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
THE PERRY LITHGOW PARTNERSHIP LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024
DIRECTORS
R P Lithgow
died 9 October 2023
M A Perry
SECRETARY
F C Perry
REGISTERED OFFICE
3 Fairview Terrace
Evenlode Road
Moreton-In-Marsh
Gloucestershire
GL56 OHU
COMPANY REGISTRATION NUMBER
04761077 England and Wales
THE PERRY LITHGOW PARTNERSHIP LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 4,896 5,276
CURRENT ASSETS
Stock 3,150 -
Debtors 7 1,528 6,085
Cash at bank and in hand 145,215 107,100
149,893 113,185
CREDITORS: Amounts falling due within one year 8 78,067 39,462
NET CURRENT ASSETS 71,826 73,723
TOTAL ASSETS LESS CURRENT LIABILITIES 76,722 78,999
Provisions for liabilities and charges 988 1,005
NET ASSETS 75,734 77,994
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 75,634 77,894
SHAREHOLDERS' FUNDS 75,734 77,994
THE PERRY LITHGOW PARTNERSHIP LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
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.
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
Signed on behalf of the board
M A Perry
Director
Date approved by the board: 26 February 2025
THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
1 GENERAL INFORMATION
The Perry Lithgow Partnership Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
3 Fairview Terrace
Evenlode Road
Moreton-In-Marsh
Gloucestershire
GL56 OHU
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
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.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of art conservation services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which was estimated to be 20 years. Goodwill is now fully amortised.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
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.
Furniture and fittings Reducing balance basis at 25% per annum
Computer equipment Reducing balance basis at 25% per annum
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.
Financial Instruments
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.
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.
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.
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.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Work in progress
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.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
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.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
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.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 1 2
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 June 2023 62,000
At 31 May 2024 62,000
Accumulated amortisation and impairments
At 1 June 2023 62,000
At 31 May 2024 62,000
Net book value
At 1 June 2023 -
At 31 May 2024 -
THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
6 TANGIBLE ASSETS
Furniture and fittings Computer equipment Total
£ £ £
Cost
At 1 June 2023 15,428 16,197 31,625
Additions - 957 957
At 31 May 2024 15,428 17,154 32,582
Accumulated depreciation and impairments
At 1 June 2023 12,021 14,328 26,349
Charge for year 851 486 1,337
At 31 May 2024 12,872 14,814 27,686
Net book value
At 1 June 2023 3,407 1,869 5,276
At 31 May 2024 2,556 2,340 4,896
7 DEBTORS
2024 2023
£ £
Trade debtors - 4,697
Prepayments and accrued income 1,396 1,256
Other debtors 132 132
1,528 6,085
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Taxation and social security 32,111 17,324
Accruals and deferred income 3,166 3,166
Other creditors 42,790 18,972
78,067 39,462
THE PERRY LITHGOW PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
9 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
K Lithgow
Shareholder 2024 2023
£ £
Amount owed to shareholder 20,823 10,085
M A Perry
Director 2024 2023
£ £
Amount owed to director 21,968 8,887
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