ACCOUNTS - Final Accounts

Registered number: 05885987

THE LITCHFIELD PARTNERSHIP LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

THE LITCHFIELD PARTNERSHIP LIMITED

REGISTERED NUMBER: 05885987

BALANCE SHEET

AS AT 30 SEPTEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		-		897
			-		897
Current assets
Debtors: amounts falling due within one year	5	27,687		33,517
Bank and cash balances		6		2,399
		27,693		35,916
Creditors: amounts falling due within one year	6	(16,644)		(22,085)
Net current assets			11,049		13,831
Total assets less current liabilities			11,049		14,728

Net assets			11,049		14,728

Capital and reserves
Called up share capital	7	1	1
Profit and loss account		11,048	14,727
		11,049	14,728

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THE LITCHFIELD PARTNERSHIP LIMITED

REGISTERED NUMBER: 05885987

BALANCE SHEET (CONTINUED)

AS AT 30 SEPTEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 4 April 2025.

S. H. L. Pratt

Director

The notes on pages 3 to 8 form part of these financial statements.

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THE LITCHFIELD PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.	General information

The Litchfield Partnership Limited is a private limited company incorporated in the United Kingdom and it's registered office address is 3rd Floor, 24 Old Bond Street, London, W1S 4AP. The company is not part of a group.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The director intends to close the company within 12 months of the year end and the company is in the process of winding down.
As a result, the financial statements have been prepared on a basis other than that of the going
concern basis. This basis includes, where applicable, writing the company's assets down to net realisable value.
No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

2.3

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.

2.4

Interest income

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

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THE LITCHFIELD PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 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

Taxation

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.

2.8

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:

Computer equipment

20%

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.

2.9

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.

2.10

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.

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THE LITCHFIELD PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

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THE LITCHFIELD PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.	Tangible fixed assets

		Other fixed assets
		£

	At 1 October 2023	1,232
	Disposals	(1,232)
	At 30 September 2024	-

	At 1 October 2023	335
	Disposals	(335)
	At 30 September 2024	-
	Net book value
	At 30 September 2024	-
	At 30 September 2023	897

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THE LITCHFIELD PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

Debtors

					2024	2023
					£	£


Other debtors	19,230	25,060
Tax recoverable	8,457	8,457
	27,687	33,517

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	1,931	-
Trade creditors	1,260	-
Corporation tax	3,290	11,147
Other creditors	7,834	7,834
Accruals and deferred income	2,329	3,104
	16,644	22,085

Within creditors is £7,834 (2022 - £7,834) owed to a finance provider. The company is actively pursuing compensation against the balance due in light of a ‘scam’ which occurred in the comparative period. The balance is not currently being pursued by the finance provider nor has there been compensation confirmed against the amount and as such the balance represents the last known balance showing as owed to the finance provider.

7.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1.00	1	1

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THE LITCHFIELD PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.	Transactions with directors

The HMRC approved interest rate of 2.25% from 6 April 2023 (2023 - 2%/2.25%) was applied to the loan. As at year end the amount due to the company by the director was included in other debtors.

					2024	2023
					£	£


Balance at 1 October	25,059	13,607
Amounts advanced in the period	2,098	13,968
Amounts repaid in the period	(7,927)	(2,516)
Balance at period end	19,230	25,059

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