Company registration number 00646557 (England and Wales)
F PARTRIDGE & SON (HEEL MANUFACTURERS) ROTHWELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
F PARTRIDGE & SON (HEEL MANUFACTURERS) ROTHWELL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
F PARTRIDGE & SON (HEEL MANUFACTURERS) ROTHWELL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
243,992
260,129
Current assets
Debtors
5
953
7
Cash at bank and in hand
5,177
1,455
6,130
1,462
Creditors: amounts falling due within one year
6
(16,320)
(9,131)
Net current liabilities
(10,190)
(7,669)
Net assets
233,802
252,460
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
8
232,802
251,460
Total equity
233,802
252,460
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 2 September 2023
Mr J M Partridge
Director
Company Registration No. 00646557
F PARTRIDGE & SON (HEEL MANUFACTURERS) ROTHWELL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
F Partridge & Son (Heel Manufacturers) Rothwell Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thorpe House, 93 Headlands, Kettering, Northamptonshire, United Kingdom, NN15 6BL.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value, and present information about the company as an individual undertaking. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover represents dividend income, interest receivable and profits less losses arising from sales of investments.
2.3
Fixed asset investments
Listed investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date. The profit and loss account includes the net gains and losses arising on revaluations and disposals throughout the year.
Fair value changes in listed investments are classified as realised profits or losses and are included in distributable reserves.
2.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
F PARTRIDGE & SON (HEEL MANUFACTURERS) ROTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
2
Accounting policies
(Continued)
- 3 -
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
F PARTRIDGE & SON (HEEL MANUFACTURERS) ROTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
3
Employees
The average monthly number of persons employed by the company during the year was 0 (2022 - 0).
2023
2022
Number
Number
Total
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
243,992
260,129
Fixed asset investments revalued
Listed investments comprise managed funds held in a general investment account. Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date.
Units held in each managed fund are valued by reference to the the market value of the fund assets adjusted for any liabilities. Fund assets comprise stocks and shares traded in quoted public markets. The basis of fair value for the investments is equivalent to the fund unit values at the balance sheet date. The historical cost of investment assets was £243,468 (2022: £232,635).
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 February 2022
260,129
Additions
272,787
Valuation changes
524
Disposals
(289,448)
At 31 January 2023
243,992
Carrying amount
At 31 January 2023
243,992
At 31 January 2022
260,129
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
7
Other debtors
953
953
7
F PARTRIDGE & SON (HEEL MANUFACTURERS) ROTHWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
16,320
9,131
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
251,460
255,316
(Loss)/profit for the year
(14,218)
584
Dividends declared and paid in the year
(4,440)
(4,440)
At the end of the year
232,802
251,460
9
Related party transactions
During the year, the company received loans totalling £12,642 from shareholders owning a participating interest in the company. The amount owed by the company at the year end was £12,642.The loans are interest -free and there are no specific terms or conditions.