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Registered number: 04599024










THE LITMUS PARTNERSHIP LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
THE LITMUS PARTNERSHIP LIMITED
REGISTERED NUMBER: 04599024

BALANCE SHEET
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
64,400
91,335

Tangible assets
 5 
32,274
40,804

Investments
 6 
171
211

  
96,845
132,350

Current assets
  

Debtors: amounts falling due after more than one year
 7 
6,042
-

Debtors: amounts falling due within one year
 7 
635,395
470,384

Cash at bank and in hand
 8 
1,392,348
353,805

  
2,033,785
824,189

Creditors: amounts falling due within one year
 9 
(636,146)
(547,091)

Net current assets
  
 
 
1,397,639
 
 
277,098

Total assets less current liabilities
  
1,494,484
409,448

Creditors: amounts falling due after more than one year
  
(9,167)
(19,167)

Provisions for liabilities
  

Deferred tax liability
  
-
(32,859)

  
 
 
-
 
 
(32,859)

Net assets
  
1,485,317
357,422


Capital and reserves
  

Called up share capital 
  
13,345
13,345

Share premium account
  
36,497
36,497

Capital redemption reserve
  
19,751
19,751

Profit and loss account
  
1,415,724
287,829

  
1,485,317
357,422


Page 1

 
THE LITMUS PARTNERSHIP LIMITED
REGISTERED NUMBER: 04599024
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.




P S Silva
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge 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.

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

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years
Goodwill
-
5
years
Trademarks
-
3
years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3-5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 27).

Page 6

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Develop-ment expenditure
Trademarks
Goodwill
Total

£
£
£
£



Cost


At 1 July 2023
91,335
3,030
225,000
319,365


Additions
64,400
-
-
64,400



At 30 June 2024

155,735
3,030
225,000
383,765



Amortisation


At 1 July 2023
-
3,030
225,000
228,030


Charge for the year on owned assets
15,222
-
-
15,222


Impairment charge
76,113
-
-
76,113



At 30 June 2024

91,335
3,030
225,000
319,365



Net book value



At 30 June 2024
64,400
-
-
64,400



At 30 June 2023
91,335
-
-
91,335



Page 7

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 July 2023
56,411


Additions
10,430


Disposals
(2,219)



At 30 June 2024

64,622



Depreciation


At 1 July 2023
15,607


Charge for the year on owned assets
17,799


Disposals
(1,058)



At 30 June 2024

32,348



Net book value



At 30 June 2024
32,274



At 30 June 2023
40,804


6.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 July 2023
171
40
211


Disposals
-
(40)
(40)



At 30 June 2024
171
-
171




Page 8

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
6,042
-

6,042
-


As restated
2024
2023
£
£

Due within one year

Trade debtors
275,835
299,166

Other debtors
218,328
94,500

Prepayments and accrued income
125,337
76,718

Deferred taxation
15,895
-

635,395
470,384



8.


Cash and cash equivalents

As restated
2024
2023
£
£

Cash at bank and in hand
1,392,348
353,805

1,392,348
353,805


Page 9

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
300,285
230,830

Amounts owed to group undertakings
32,499
78,153

Other taxation and social security
81,809
111,720

Other creditors
3,996
6,495

Accruals and deferred income
207,557
109,893

636,146
547,091



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,167
19,167

9,167
19,167



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
9,167
19,167


9,167
19,167



19,167
29,167


Page 10

 
THE LITMUS PARTNERSHIP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Deferred taxation




2024


£






At beginning of year
(32,859)


Charged to profit or loss
48,754



At end of year
15,895

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(43,197)
(32,859)

Tax losses carried forward
59,092
-

15,895
(32,859)


13.


Prior year adjustment

In the prior year £114,004 relating to funds held on behalf of subsidiaries was incorrectly deducted from the cash at bank balance. This amount has now been amended, with a corresponding creditor recognised for amounts due to group companies. There is no impact on the Statement of Comprehensive Income in the current or prior years.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £26,604 (2023 - £21,273). No contributions were payable to the fund at the balance sheet date.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 7 March 2025 by Alice Lynch BSc FCA DChA (Senior statutory auditor) on behalf of MA Partners Audit LLP.

 
Page 11