Partner Trading Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12003112

PARTNER TRADING LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2024

PARTNER TRADING LTD

STATEMENT OF FINANCIAL POSITION

30 September 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		5,910		5,601

CURRENT ASSETS

Stocks		23,476	23,033
Debtors	6	–	23,127
Cash at bank and in hand		360	292
		---------	---------
		23,836	46,452

CREDITORS: amounts falling due within one year	7	( 59,491)		( 74,454)
		---------		---------
NET CURRENT LIABILITIES			( 35,655)		( 28,002)
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 29,745)		( 22,401)

CREDITORS: amounts falling due after more than one year	8	( 27,706)	( 33,032)
		---------	---------
NET LIABILITIES		( 57,451)	( 55,433)
		---------	---------

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	( 57,452)	( 55,434)
	---------	---------
SHAREHOLDER DEFICIT	( 57,451)	( 55,433)
	---------	---------

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 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 member has 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 .

PARTNER TRADING LTD

STATEMENT OF FINANCIAL POSITION (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 7 May 2026 , and are signed on behalf of the board by:

Mr M Leichtag

Director

Company registration number: 12003112

PARTNER TRADING LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Going concern

The financial statements have been prepared on the going concern basis notwithstanding the company's net liabilities. The director considers this to be appropriate given the continued support of the company's director and creditors. As such the director believes it is appropriate to prepare the financial statements on a going concern basis because the company is in a position to meet all its obligations on the foreseeable future.

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. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and fittings	-	20% reducing balance
Equipment	-	20% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Trade and other debtors Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment. Trade and other creditors Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid. Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash at bank.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).

5. TANGIBLE ASSETS

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 October 2023	8,394	1,618	10,012
Additions	1,786	–	1,786
	---------	-------	---------
At 30 September 2024	10,180	1,618	11,798
	---------	-------	---------
Depreciation
At 1 October 2023	3,765	646	4,411
Charge for the year	1,283	194	1,477
	---------	-------	---------
At 30 September 2024	5,048	840	5,888
	---------	-------	---------
Carrying amount
At 30 September 2024	5,132	778	5,910
	---------	-------	---------
At 30 September 2023	4,629	972	5,601
	---------	-------	---------

6. DEBTORS

	2024	2023
	£	£
Trade debtors	–	20,567
Other debtors	–	2,560
	----	---------
	–	23,127
	----	---------

7. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	5,000	5,000
Social security and other taxes	2,311	655
Other creditors	52,180	68,799
	---------	---------
	59,491	74,454
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	27,706	33,032
	---------	---------

9. ACCOUNTING ESTIMATES AND JUDGEMENTS

Stock

Management considers the nature and condition of the stock held at the year end in determining an appropriate provision.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets.