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Registration number: 06687200

Part and Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Part and Company Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Part and Company Limited

(Registration number: 06687200)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,968

4,083

Current assets

 

Debtors

5

155,876

140,434

Creditors: Amounts falling due within one year

6

(157,722)

(91,310)

Net current (liabilities)/assets

 

(1,846)

49,124

Total assets less current liabilities

 

3,122

53,207

Creditors: Amounts falling due after more than one year

6

(4,965)

(9,976)

Provisions for liabilities

(1,172)

(1,172)

Net (liabilities)/assets

 

(3,015)

42,059

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(3,016)

42,058

Shareholders' (deficit)/funds

 

(3,015)

42,059

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.

Director's 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 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 and 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 23 May 2025
 


Mr S P Part
Director

 

Part and Company 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:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of a recruitment agency for the food and drink industry.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company has net current liabilities of £6,119 (2023 Net assets of £49,124) and net liabilities of £7,288 (2023 - Net assets of £42,059). The director is of the opinion that the financial statements can be prepared on the going concern basis.

 

Part and Company Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Part and Company Limited

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

2

Accounting policies (continued)

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:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Computer equipment

25% straight line

Plant and machinery

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Part and Company Limited

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

2

Accounting policies (continued)

Borrowings

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 statement of comprehensive income 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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Part and Company Limited

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

4

Tangible assets

Office equipment
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 October 2023

2,237

3,283

1,467

6,987

Additions

2,191

-

864

3,055

At 30 September 2024

4,428

3,283

2,331

10,042

Depreciation

At 1 October 2023

1,037

1,249

618

2,904

Charge for the year

1,079

509

582

2,170

At 30 September 2024

2,116

1,758

1,200

5,074

Carrying amount

At 30 September 2024

2,312

1,525

1,131

4,968

At 30 September 2023

1,200

2,034

849

4,083

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

22,572

Other debtors

 

126,636

117,862

Taxation

29,240

-

 

155,876

140,434

 

Part and Company Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

13,088

9,947

Trade creditors

 

937

1,268

Taxation and social security

 

135,890

73,417

Accruals and deferred income

 

1,060

1,200

Other creditors

 

6,747

5,478

 

157,722

91,310

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

4,965

9,976

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Part and Company Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,965

9,976

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,167

4,167

Bank overdrafts

8,921

5,780

13,088

9,947

9

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr S P Part

Transactions with Director

117,860

126,777

(118,000)

126,637

         
       

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr S P Part

Transactions with Director

53,317

144,543

(80,000)

117,860

Interest on overdrawn loan balances is charged at the official rate.