Frank Whittle Partnership Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09902341 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

FOR

FRANK WHITTLE PARTNERSHIP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Robinson

M F Whittle

REGISTERED OFFICE:

6 & 7 Ribblesdale Place

Preston

Lancashire

PR1 3NA

REGISTERED NUMBER:

09902341 (England and Wales)

ACCOUNTANTS:

Wallwork Nelson & Johnson

Chandler House

7 Ferry Road Office Park

Riversway

Preston

Lancashire

PR2 2YH

FIXED ASSETS

Intangible assets

4

1,200,000

1,275,000

Tangible assets

5

1,079,199

1,082,380

Investments

6

10,000

10,000

2,289,199

2,367,380

CURRENT ASSETS

Debtors

7

972,305

1,083,866

Cash at bank and in hand

279

530

972,584

1,084,396

CREDITORS

Amounts falling due within one year

8

2,036,943

2,256,376

NET CURRENT LIABILITIES

(1,064,359

)

(1,171,980

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,224,840

1,195,400

PROVISIONS FOR LIABILITIES

16,431

17,184

NET ASSETS

1,208,409

1,178,216

CAPITAL AND RESERVES

Called up share capital

10

431,642

681,642

Capital redemption reserve

394,000

144,000

Retained earnings

382,767

352,574

SHAREHOLDERS' FUNDS

1,208,409

1,178,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2020 and were signed on its behalf by:

D Robinson - Director

M F Whittle - Director

1.	STATUTORY INFORMATION

Frank Whittle Partnership Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill is being amortised evenly over its estimated useful life of twenty years.

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 fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life or, if held under finance lease, over the lease term, whichever is the shorter.

Freehold property - not provided

Short Leasehold - 7.5% on reducing balance

Plant and machinery - 10% on reducing balance

Fixtures and fittings - 10% on reducing balance

Motor vehicles - 25% on reducing balance

Freehold property is maintained to ensure that its value does not diminish over time. The maintenance costs are

charged to the profit and loss account as they are incurred. In the opinion of the directors, depreciation would be

immaterial and, therefore, freehold property is not depreciated.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational

existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in

preparing the annual financial statements.

Fixed asset investment

Fixed asset investments are held at cost less provision for impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2019

and 31 January 2020

1,500,000

AMORTISATION

At 1 February 2019

225,000

Amortisation for year

75,000

At 31 January 2020

300,000

NET BOOK VALUE

At 31 January 2020

1,200,000

At 31 January 2019

1,275,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Short

Plant and

and

property

leasehold

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 February 2019

979,362

6,104

106,012

21,826

1,113,304

Additions

-

-

6,609

-

6,609

At 31 January 2020

979,362

6,104

112,621

21,826

1,119,913

DEPRECIATION

At 1 February 2019

-

1,272

23,181

6,471

30,924

Charge for year

-

362

7,841

1,587

9,790

At 31 January 2020

-

1,634

31,022

8,058

40,714

NET BOOK VALUE

At 31 January 2020

979,362

4,470

81,599

13,768

1,079,199

At 31 January 2019

979,362

4,832

82,831

15,355

1,082,380

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 February 2019

and 31 January 2020

10,000

NET BOOK VALUE

At 31 January 2020

10,000

At 31 January 2019

10,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/20

31/1/19

£

£

Trade debtors

476,048

721,078

Other debtors

66,329

91,329

Directors' current accounts

48,542

80,854

Tax

59,647

-

Prepayments and accrued income

321,739

190,605

972,305

1,083,866

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/20

31/1/19

£

£

Bank loans and overdrafts

39,140

118,063

Trade creditors

1,861,833

1,855,832

Tax

5,947

80,685

VAT

57,213

62,732

Other creditors

6,000

6,000

Accruals and deferred income

66,810

133,064

2,036,943

2,256,376

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/1/20

31/1/19

£

£

Bank overdrafts

39,140

118,063

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/1/20

31/1/19

value:

£

£

75,542

Ordinary

£1

75,642

75,642

356,000

Redeemable Ordinary

Consideration

£1

356,000

606,000

431,642

681,642

The company may at any time redeem at par the whole or any part of the redeemable shares at the issuer's option.

On 31January 2020 the company redeemed 250,000 £1 Redeemable Ordinary shares for £250,000.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2020 and

31 January 2019:

31/1/20

31/1/19

£

£

D Robinson

Balance outstanding at start of year

42,354

-

Amounts advanced

320,035

157,602

Amounts repaid

(343,568

)

(115,248

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

18,821

42,354

M F Whittle

Balance outstanding at start of year

38,500

-

Amounts advanced

124,789

163,748

Amounts repaid

(133,568

)

(125,248

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

29,721

38,500

The amount outstanding at the year end is repayable on demand. Interest at a rate of 2.5% has been charged by

the company.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £60,000 (2019 - £20,000) were paid to the directors .

During the year the company was charged management fees from F.W.P Limited of £1,607,000 (2019 -

£1,480,667) excl. VAT.

At 31 January 2020 included in creditors was £1,861,833 (2019 - £1,855,833) excl VAT due to F.W.P Limited.

Included in debtors at 31 January 2020 was an amount of £66,900 (2019 - 66,900) due from F.W.P Limited