The Pensions Partnership Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10086423 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2019 TO 28 NOVEMBER 2019

FOR

THE PENSIONS PARTNERSHIP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G M Muir

J B Talbot

D Bonneywell

P A Darvill

REGISTERED OFFICE:

55 Maid Marian Way

Nottingham

NG1 6GE

REGISTERED NUMBER:

10086423 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

FIXED ASSETS

Intangible assets

4

11,900

16,433

Tangible assets

5

6,625

7,950

18,525

24,383

CURRENT ASSETS

Debtors

6

323,124

373,554

Cash at bank

221,800

403,356

544,924

776,910

CREDITORS

Amounts falling due within one year

7

(206,488

)

(211,991

)

NET CURRENT ASSETS

338,436

564,919

TOTAL ASSETS LESS CURRENT LIABILITIES

356,961

589,302

PROVISIONS FOR LIABILITIES

(1,259

)

(1,511

)

NET ASSETS

355,702

587,791

CAPITAL AND RESERVES

Called up share capital

200

229,597

Retained earnings

355,502

358,194

355,702

587,791

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 November 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 November 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 July 2020 and were signed on its behalf by:

G M Muir - Director

1.	STATUTORY INFORMATION

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:

Investment House

Bolton Road

Bradshaw

Bolton

BL2 3EU

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act

2006.

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.

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 companies activities. Turnover is shown net of sales/value added tax,

returns, rebates and discounts.

The company recognizes 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.

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.

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.

Tangible fixed assets

Tangible assets are stated in the statement of financial position 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

Office equipment

25% reducing balance method

Fixtures and fittings

25% reducing balance method

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 5 years

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

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.

Taxation

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

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

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.

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.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments

under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 28 November 2019

34,000

AMORTISATION

At 1 April 2019

17,567

Charge for period

4,533

At 28 November 2019

22,100

NET BOOK VALUE

At 28 November 2019

11,900

At 31 March 2019

16,433

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2019

and 28 November 2019

15,496

DEPRECIATION

At 1 April 2019

7,546

Charge for period

1,325

At 28 November 2019

8,871

NET BOOK VALUE

At 28 November 2019

6,625

At 31 March 2019

7,950

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2019

£

£

Trade debtors

198,052

345,941

Amounts owed by group undertakings

-

9,851

Other debtors

125,072

17,762

323,124

373,554

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2019

£

£

Trade creditors

1,857

3,813

Social security and other taxes

19,840

61,882

Other creditors

117,011

108,049

Accruals and deferred income

67,780

38,247

206,488

211,991

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 28 November 2019 and the

year ended 31 March 2019:

2019

2019

£

£

J Linley

Balance outstanding at start of period

-

-

Amounts advanced

1,158

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

1,158

-

Mrs J Linley's loan account has been repaid since the period end.

9.	POST BALANCE SHEET EVENTS

On the 29 November 2019, the share capital of The Pensions Partnership Limited was acquired by Talbot and

Muir Limited and the company is now under its control. Subsequent to the acquisition, the company's trade has

been hived up into Talbot and Muir Limited with effect from this date.