Registration number:
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Symphony Partners Limited
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Symphony Partners Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Symphony Partners Limited
Company Information
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Director |
A Jafarian |
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Company secretary |
A Jafarian |
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Registered office |
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Accountants |
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Symphony Partners Limited
Statement of Financial Position as at 31 March 2024
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Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
50,000 |
50,000 |
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Retained earnings |
(614,234) |
(615,025) |
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Shareholders' deficit |
(564,234) |
(565,025) |
For the financial 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.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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A Jafarian
Director
Company registration number: 02986514
Symphony Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of business and management consultancy.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had a deficiency of assets at 31 March 2024 amounting to £564,234.
The company is dependant upon the continued support of the parent undertaking to whom an amount of £492,033 was due at 31 March 2024 and also upon the continued support of a close family member of the director to whom an amount of £57,142 was due at 31 March 2024. Both have confirmed that they will not call for repayment of the respective amounts due until such time as the company has sufficient working capital.
In determining whether the company remains a going concern, the director has considered the potential effect of the cost of living crisis in the UK and of overseas conflicts on the global economy and his view is that the impact will be manageable. The company has minimal day to day working capital requirements which it is able to manage and control and funds are provided by the parent undertaking when required.
Having made sufficient enquiries, and based upon the above, the director has a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Symphony Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the
company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively
enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company during the year, was
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Debtors |
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2024 |
2023 |
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Other debtors |
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Symphony Partners Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Related party transactions |
In accordance with FRS 102 paragraph 1AC.35 exemption is taken not to disclose transactions in the year or amounts falling due between wholly owned group undertakings.
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Exceptional Item - Bad Debt Provision |
In previous years an amount of £442,449 due to the company from an unconnected overseas company was fully provided for.
In the current year an amount of £23,675 (2023: £37,500) was recovered and the provision has been reduced by this amount giving rise to an exceptional credit in the statement of income.