ACCOUNTS - Final Accounts

Registered number: 01193786

PARTRIDGES OF SLOANE SQUARE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


PARTRIDGES OF SLOANE SQUARE LIMITED REGISTERED NUMBER:01193786

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	5		139,066		149,028
			139,066		149,028
Current assets
Stocks	6	219,893		457,498
Debtors: amounts falling due within one year	7	1,456,865		1,006,512
Cash at bank and in hand	8	1,738,493		1,042,828
		3,415,251		2,506,838
Creditors: amounts falling due within one year	9	(1,427,332)		(664,179)
Net current assets			1,987,919		1,842,659
Total assets less current liabilities			2,126,985		1,991,687
Provisions for liabilities
Deferred tax	10	(32,997)		(32,504)
Other provisions	11	(250,000)		(250,000)
			(282,997)		(282,504)
Net assets			1,843,988		1,709,183

Capital and reserves
Called up share capital	600,100	600,100
Profit and loss account	1,243,888	1,109,083
	1,843,988	1,709,183

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PARTRIDGES OF SLOANE SQUARE LIMITED REGISTERED NUMBER:01193786

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider 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 directors acknowledge their 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 comprehensive income 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 by:

J A W Shepherd

Director

Date: 18 September 2025

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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Partridges of Sloane Square is a private company limited by shares, incorporated in England and Wales. Its registered office address is 17-19 Gloucester Road, London SW7 4PL.
The company's principal activity continues to be that of providing the finest conventional and prepared foods with an emphasis on fine wines and traditional counter services. The company's philosophy is to be 'providers of good things for the larder.

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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a basis other than the going concern basis due to the store closing on 2 February 2025.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

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

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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

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:

S/Term Leasehold Property	-	Over the period of the lease
Motor vehicles	-	25% reducing balance
Fixtures & fittings	-	10% and 33% straight line

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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.10

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.

2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.12

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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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Employees

The average monthly number of employees, including directors, during the year was 56 (2023 -64).

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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	S/Term Leasehold Property Improve-ments	Motor vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	745,518	18,085	480,325	1,243,928
Additions	-	-	30,511	30,511
At 31 December 2024	745,518	18,085	510,836	1,274,439
Depreciation
At 1 January 2024	734,956	6,708	353,236	1,094,900
Charge for the year on owned assets	10,562	2,844	27,067	40,473
At 31 December 2024	745,518	9,552	380,303	1,135,373
Net book value
At 31 December 2024	-	8,533	130,533	139,066
At 31 December 2023	10,562	11,377	127,089	149,028

6.	Stocks
		2024	2023
		£	£

Finished goods and goods for resale	219,893	457,498
	219,893	457,498

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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	78,024	13,743
Amounts owed by group undertakings	689,838	671,810
Other debtors	557,280	89,806
Prepayments and accrued income	131,723	231,153
	1,456,865	1,006,512

8.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	1,738,493	1,042,828
	1,738,493	1,042,828

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

Trade creditors	282,058	380,246
Taxation and social security	166,453	86,439
Other creditors	198,852	7,292
Accruals and deferred income	779,969	190,202
	1,427,332	664,179

The company is part of a composite cross guarantee between this company, Shepherd Foods (London) Limited, Partridges of Sloane Street Limited and C & J Carpets Limited which secures the bank overdrafts of these companies. The company's bankers hold a mortgage debenture over all assets of the company.

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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(32,504)	(26,968)
Charged/(credited) to profit or loss	(493)	(5,536)
At end of year	(32,997)	(32,504)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(33,647)	(33,251)
Pension surplus	650	747
	(32,997)	(32,504)

11.	Provisions

		Dilapidation provision
		£

	At 1 January 2024	250,000
	At 31 December 2024	250,000

12.	Pension commitments

Defined contribution pension scheme
The Company operates a Defined contributions pension scheme for its employees. The assets of the Scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £35,442 (2023: £37,048). Contributions totaling £6,369 (2023: £7,292) were payable to the fund at the balance sheet date and are included in creditors.

13.	Related party transactions
	At the balance sheet date the company was owed £340,738 (2023: £31,433) by company's under common control. The balance does not bear interest and is repayable on demand. The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

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PARTRIDGES OF SLOANE SQUARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Controlling party

The ultimate parent company is Partridges of Sloane Street Limited which owns 100% of the share capital in Partridges of Sloane Square Limited.

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