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COMPANY REGISTRATION NUMBER: SC553235
Partnership Matters Consulting Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
31 December 2024
Partnership Matters Consulting Limited
Abridged Financial Statements
Year ended 31st December 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Partnership Matters Consulting Limited
Abridged Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
730
870
Current assets
Debtors
6
4,775
19,382
Creditors: amounts falling due within one year
7
5,265
19,917
-------
--------
Net current liabilities
490
535
----
----
Total assets less current liabilities
240
335
Provisions
139
157
----
----
Net assets
101
178
----
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
1
78
----
----
Shareholder funds
101
178
----
----
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31st December 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 member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Partnership Matters Consulting Limited
Abridged Statement of Financial Position (continued)
31 December 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 30 May 2025 , and are signed on behalf of the board by:
Mr P Thierfeldt
Director
Company registration number: SC553235
Partnership Matters Consulting Limited
Notes to the Abridged Financial Statements
Year ended 31st December 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is The Mechanics Workshop, New Lanark, Lanark, ML11 9DB.
2. Statement of compliance
These abridged 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.
Going concern
The company is reliant on the support of the director to be able to continue. The director has intimated that such support will continue over the course of the next 12 months, and so the going concern approach remains appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the amount of current 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 period. 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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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 or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Impairment of fixed assets
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
£
Cost
At 1st January 2024 and 31st December 2024
2,225
-------
Depreciation
At 1st January 2024
1,355
Charge for the year
140
-------
At 31st December 2024
1,495
-------
Carrying amount
At 31st December 2024
730
-------
At 31st December 2023
870
-------
6. Debtors
2024
2023
£
£
Other debtors
4,775
19,382
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,630
18,014
Other creditors
1,635
1,903
-------
--------
5,265
19,917
-------
--------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Thierfeldt
12,217
39,513
( 49,920)
1,810
--------
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Thierfeldt
9,123
69,260
( 66,165)
12,218
-------
--------
--------
--------
No interest is charged on the director's loan and the balance is repayable on demand.