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Unaudited Financial Statements for the Year Ended 30 October 2018 |
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SmithParsons Partnership Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 October 2018 |
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for |
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SmithParsons Partnership Ltd |
SmithParsons Partnership Ltd (Registered number: 05491234) |
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Contents of the Financial Statements |
for the Year Ended 30 October 2018 |
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Page |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SmithParsons Partnership Ltd |
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Company Information |
for the Year Ended 30 October 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants and Business Advisers |
Swan House |
Westpoint Road |
Teesdale Business Park |
Stockton on Tees |
TS17 6BP |
SmithParsons Partnership Ltd (Registered number: 05491234) |
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Abridged Balance Sheet |
30 October 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Allotted called up and fully p aid share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SmithParsons Partnership Ltd (Registered number: 05491234) |
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Abridged Balance Sheet - continued |
30 October 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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SmithParsons Partnership Ltd (Registered number: 05491234) |
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Notes to the Financial Statements |
for the Year Ended 30 October 2018 |
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1. | STATUTORY INFORMATION |
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SmithParsons Partnership Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
Investment property is shown at market value. Any aggregate surplus or deficit arising from changes in market value is |
transferred to a revaluation reserve. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
SmithParsons Partnership Ltd (Registered number: 05491234) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 October 2018 |
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3. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 31 October 2017 |
and 30 October 2018 |
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AMORTISATION |
At 31 October 2017 |
and 30 October 2018 |
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NET BOOK VALUE |
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At 30 October 2018 |
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At 30 October 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 31 October 2017 |
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Additions |
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At 30 October 2018 |
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DEPRECIATION |
At 31 October 2017 |
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Charge for year |
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At 30 October 2018 |
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NET BOOK VALUE |
At 30 October 2018 |
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At 30 October 2017 |
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5. | FIXED ASSET INVESTMENTS |
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2018 | 2017 |
£ | £ |
At 1 December 2017 | 187,274 | 187,274 |
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Disposal | - | - |
At 30 November 2018 | 187,274 | 187,274 |
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Listed Investments |
Investments having a net book value of £187,274 (2017 - £187,274) are listed on a recognised stock exchange and had a |
market value of £321,609 at the end of the year (2017 - £316,978). |
SmithParsons Partnership Ltd (Registered number: 05491234) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 October 2018 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 October 2017 |
and 30 October 2018 |
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NET BOOK VALUE |
At 30 October 2018 |
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At 30 October 2017 |
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The investment property was valued on an open market basis on 30 October 2018 by the directors of the company. The |
directors do not consider the market value to be materially different from historic cost. |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year advances totalling £170,041 were made by the company to the directors (2017 - £161,252) and the |
directors repaid £184,289 (2017 - £187,800). Interest was charged at 2.5% and the loans are repayable on demand. |
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8. | RELATED PARTY DISCLOSURES |
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During the year the company traded on an arms length basis with the unincorporated business Smith Parsons, in which the |
directors are partners. The transactions are as follows |
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2018 | 2017 |
£ | £ |
Rental Income | 4,646 | 12,546 |
Admin Expenses | 33,500 | 158,333 |
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