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Registration number: 12082527

Partridge Ventilation Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Partridge Ventilation Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Partridge Ventilation Limited

Company Information

Directors

Mrs Victoria Louise Partridge

Mr Richard Charles Partridge

Mr Oliver Raine Malcolm Partridge

Registered office

Partridge Ventilation
Stanley Way
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1SH

 

Partridge Ventilation Limited

(Registration number: 12082527)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

400,000

450,000

Tangible assets

5

554,852

492,598

Investments

6

1

1

 

954,853

942,599

Current assets

 

Stocks

7

94,183

76,863

Debtors

8

793,419

907,007

Cash at bank and in hand

 

543,987

188,608

 

1,431,589

1,172,478

Creditors: Amounts falling due within one year

9

(1,203,626)

(1,509,363)

Net current assets/(liabilities)

 

227,963

(336,885)

Total assets less current liabilities

 

1,182,816

605,714

Creditors: Amounts falling due after more than one year

9

(55,961)

(78,354)

Provisions for liabilities

(89,238)

(91,651)

Net assets

 

1,037,617

435,709

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,037,517

435,609

Shareholders' funds

 

1,037,617

435,709

For the financial year ending 30 September 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Partridge Ventilation Limited

(Registration number: 12082527)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

Mrs Victoria Louise Partridge

Director

Mr Richard Charles Partridge

Director

Mr Oliver Raine Malcolm Partridge

Director

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Partridge Ventilation
Stanley Way
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1SH
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 19).

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

500,000

500,000

At 30 September 2024

500,000

500,000

Amortisation

At 1 October 2023

50,000

50,000

Amortisation charge

50,000

50,000

At 30 September 2024

100,000

100,000

Carrying amount

At 30 September 2024

400,000

400,000

At 30 September 2023

450,000

450,000

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 October 2023

99,899

55,200

295,511

16,503

Additions

87,806

-

48,257

-

Disposals

-

-

(1,750)

-

At 30 September 2024

187,705

55,200

342,018

16,503

Depreciation

At 1 October 2023

16,649

8,280

43,842

2,389

Charge for the year

34,210

7,039

44,774

2,118

Eliminated on disposal

-

-

(263)

-

At 30 September 2024

50,859

15,319

88,353

4,507

Carrying amount

At 30 September 2024

136,846

39,881

253,665

11,996

At 30 September 2023

83,250

46,920

251,669

14,114

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

116,783

583,896

Additions

97,237

233,300

Disposals

(52,388)

(54,138)

At 30 September 2024

161,632

763,058

Depreciation

At 1 October 2023

20,138

91,298

Charge for the year

37,489

125,630

Eliminated on disposal

(8,459)

(8,722)

At 30 September 2024

49,168

208,206

Carrying amount

At 30 September 2024

112,464

554,852

At 30 September 2023

96,645

492,598

Included within the net book value of land and buildings above is £136,846 (2023 - £83,250) in respect of short leasehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 October 2023

1

Provision

Carrying amount

At 30 September 2024

1

At 30 September 2023

1

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Stocks

2024
£

2023
£

Other inventories

94,183

76,863

8

Debtors

Current

2024
£

2023
£

Trade debtors

734,963

874,287

Prepayments

56,356

32,001

Other debtors

2,100

719

 

793,419

907,007

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

59,095

67,956

Trade creditors

 

257,314

400,187

Taxation and social security

 

364,938

272,458

Accruals and deferred income

 

19,906

15,789

Other creditors

 

502,373

752,973

 

1,203,626

1,509,363

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

55,961

78,354

 

Partridge Ventilation Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

51

51

51

51

Ordinary B of £1 each

44

44

44

44

Ordinary C of £1 each

5

5

5

5

100

100

100

100

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

55,961

78,354

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

59,095

67,956