Registration number: 04492795

The Severn Partnership Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

The Severn Partnership Limited

Company Information

Directors

P A Munnelly P D Munnelly G M Fisk D L C Read J Price M B Beevers

Registered office

The Dock Station Road Kings Langley WD4 8LZ

Auditors

Xeinadin Audit Limited Chartered Accountants Statutory AuditorsLeavesden Park 5 Hercules Way Watford Hertfordshire WD25 7GS

The Severn Partnership Limited

(Registration number: 04492795)
Balance Sheet as at 31 March 2026

	Note	2026		2025
		£ 000	£ 000	£ 000	£ 000
Fixed assets
Tangible assets	5		613		743
Investments	6		-		5
			613		748
Current assets
Stocks	7	528		449
Debtors	8	906		781
Cash at bank and in hand		920		857
		2,354		2,087
Creditors: Amounts falling due within one year	9	(935)		(918)
Net current assets			1,419		1,169
Total assets less current liabilities			2,032		1,917
Provisions for liabilities			(116)		(141)
Net assets			1,916		1,776
Capital and reserves
Retained earnings		1,916		1,776
Shareholders' funds			1,916		1,776

These financial statements have been prepared and delivered in accordance with the special 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.

Approved and authorised by the Board on 7 October 2026 and signed on its behalf by:
 

......................................... P D Munnelly Director

The Severn Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

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:
The Dock
Station Road
Kings Langley
WD4 8LZ

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 presentational currency of these accounts is £ Sterling and the level of rounding is to the nearest £'000.

Summary of disclosure exemptions

The company has taken advantage of the exemption under FRS 102 Section 1A not to disclose transactions with 100% wholly owned subsidiaries within the same group..

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 7 October 2026 was Philip Cole, who signed for and on behalf of Xeinadin Audit Limited.

.........................................

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.

The Severn Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

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.

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:

Asset class	Depreciation method and rate
Short leasehold land and buildings	Over the term of the lease
Fixtures and fittings	12.5% straight line
Plant and machinery	25% straight line
Motor vehicles	25% straight line

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.

The Severn Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

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:

Asset class	Amortisation method and rate
Goodwill	Straight line over ten years

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 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.

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.

The Severn Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2025 - 47).

4	Intangible assets

	Goodwill  £ 000	Total £ 000
Cost or valuation
At 1 April 2025	153	153
At 31 March 2026	153	153
Amortisation
At 1 April 2025	153	153
At 31 March 2026	153	153
Carrying amount
At 31 March 2026	-	-

The Severn Partnership Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

5	Tangible assets

	Short leasehold land and buildings £ 000	Fixtures and fittings £ 000	Plant and machinery £ 000	Motor vehicles  £ 000	Total £ 000
Cost or valuation
At 1 April 2025	22	268	2,045	16	2,351
Additions	4	2	117	3	126
Disposals	-	-	(41)	-	(41)
At 31 March 2026	26	270	2,121	19	2,436
Depreciation
At 1 April 2025	14	239	1,339	16	1,608
Charge for the year	2	12	242	-	256
Eliminated on disposal	-	-	(41)	-	(41)
At 31 March 2026	16	251	1,540	16	1,823
Carrying amount
At 31 March 2026	10	19	581	3	613
At 31 March 2025	8	29	706	-	743

Included within the net book value of land and buildings above is £10,000 (2025 - £8,000) in respect of short leasehold land and buildings.
 

6	Investments

	2026 £ 000	2025 £ 000
Investments in subsidiaries	-	5