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Registered number: 03690870
Partition Graphics Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
SRL ACCOUNTING LIMITED
Unit 7a Waterside Business Park Waterside
Chesham
HP5 1PE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03690870
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 120,135 98,219
Investments 5 115,048 115,048
235,183 213,267
CURRENT ASSETS
Stocks 6 9,500 9,500
Debtors 7 352,312 294,699
Cash at bank and in hand 25,996 50,788
387,808 354,987
Creditors: Amounts Falling Due Within One Year 8 (301,134 ) (266,865 )
NET CURRENT ASSETS (LIABILITIES) 86,674 88,122
TOTAL ASSETS LESS CURRENT LIABILITIES 321,857 301,389
Creditors: Amounts Falling Due After More Than One Year 9 (145,357 ) (183,335 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (19,725 ) (17,985 )
NET ASSETS 156,775 100,069
CAPITAL AND RESERVES
Called up share capital 11 6 6
Profit and Loss Account 156,769 100,063
SHAREHOLDERS' FUNDS 156,775 100,069
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Dale Fosbury
Director
Mr Stuart Gorton
Director
19 August 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
Partition Graphics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03690870 . The registered office is Unit 7a Waterside Business Park, Waterside, Chesham, Buckinghamshire, HP5 1PE.
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. 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 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
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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.
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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 July 2023 285,047 99,124 384,171
Additions 53,337 - 53,337
As at 30 June 2024 338,384 99,124 437,508
Depreciation
As at 1 July 2023 218,851 67,101 285,952
Provided during the period 23,415 8,006 31,421
As at 30 June 2024 242,266 75,107 317,373
Net Book Value
As at 30 June 2024 96,118 24,017 120,135
As at 1 July 2023 66,196 32,023 98,219
Page 4
Page 5
5. Investments
Unlisted
£
Cost
As at 1 July 2023 115,048
As at 30 June 2024 115,048
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 115,048
As at 1 July 2023 115,048
6. Stocks
2024 2023
£ £
Finished goods 9,500 9,500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 299,185 294,699
Directors' loan accounts 53,127 -
352,312 294,699
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,229 5,229
Trade creditors (3 ) 68,035
Bank loans and overdrafts 5,000 5,000
Corporation tax 100,119 57,661
HMRC - PAYE Creditor 596 1,758
VAT 48,887 34,096
Other creditors 4,114 4,114
Pension 50,968 1,223
Other loans 79,167 50,000
Credit card 5,324 5,277
Accruals and deferred income 1,733 1,733
Directors' loan accounts - 32,739
301,134 266,865
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 50,688 19,168
Trade creditors 64,669 -
Bank loans 30,000 35,000
Other loans. - 129,167
145,357 183,335
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,229 5,229
Later than one year and not later than five years 50,688 19,168
55,917 24,397
55,917 24,397
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 6 6
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 262,398 202,463
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