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COMPANY REGISTRATION NUMBER: 05197891
SR Partnership Ltd
Filleted Unaudited Financial Statements
For the year ended
28 February 2025
SR Partnership Ltd
Statement of Financial Position
28 February 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
5
2,434
4,605
Current assets
Debtors
6
225,748
287,513
Cash at bank and in hand
3,022
71,596
---------
---------
228,770
359,109
Creditors: amounts falling due within one year
7
110,471
73,893
---------
---------
Net current assets
118,299
285,216
---------
---------
Total assets less current liabilities
120,733
289,821
Creditors: amounts falling due after more than one year
8
44,800
Provisions
Deferred taxation
609
1,151
---------
---------
Net assets
75,324
288,670
---------
---------
Capital and reserves
Called up share capital
90
90
Profit and loss account
75,234
288,580
--------
---------
Shareholders funds
75,324
288,670
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SR Partnership Ltd
Statement of Financial Position (continued)
28 February 2025
These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:
S A Rawlings
Director
Company registration number: 05197891
SR Partnership Ltd
Notes to the Financial Statements
Year ended 28 February 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite C, Birch House, Almond Road, St Neots, Cambridgeshire, PE19 1DZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered stated net of discounts and of value added tax. Turnover in respect of contacts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the year end where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the year end.
Operating leases
Rentals paid under operating leases are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Office equipment
-
20% straight line
Pension contributions
The company makes contributions to the personal pension schemes of certain directors and employees. The annual contributions payable are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2024: 6 ).
5. Tangible assets
Computer equipment
Office equipment
Total
£
£
£
Cost
At 1 March 2024 and 28 February 2025
21,647
7,765
29,412
--------
-------
--------
Depreciation
At 1 March 2024
17,893
6,914
24,807
Charge for the year
1,423
748
2,171
--------
-------
--------
At 28 February 2025
19,316
7,662
26,978
--------
-------
--------
Carrying amount
At 28 February 2025
2,331
103
2,434
--------
-------
--------
At 29 February 2024
3,754
851
4,605
--------
-------
--------
6. Debtors
2025
2024
£
£
Trade debtors
25,978
23,712
Other debtors
199,770
263,801
---------
---------
225,748
287,513
---------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
7,528
16,667
Trade creditors
22,811
17,466
Social security and other taxes
21,135
34,304
Other creditors
58,997
5,456
---------
--------
110,471
73,893
---------
--------
The bank loan of £7,528 (2024: £nil) is secured by way of a personal guarantee provided by a director.
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
44,800
--------
----
The bank loan of £44,800 (2024: £nil) is secured by way of a personal guarantee provided by a director.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2025
2024
£
£
Included in debtors (note 6)
14,877
Included in provisions
( 609)
( 1,151)
--------
-------
14,268
( 1,151)
--------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2025
2024
£
£
Unused tax losses
( 14,877)
Capital allowances
609
1,151
--------
-------
(14,268)
1,151
--------
-------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
18,682
29,285
--------
--------
11. Directors' advances, credits and guarantees
2025 2024
£ £
Balance brought forward 191,642 223,702
Advances 32,856 67,940
Repayments (100,000) (100,000)
--------- ---------
Balance outstanding 124,498 191,642
--------- ---------
Annual interest at a rate of 2.25% (2024: 2%) was charged during periods when the loan account was overdrawn. Loans to the directors are unsecured and repayable on demand.