Company Registration No. 08920603 (England and Wales)
121 PARTNERS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
121 PARTNERS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
121 PARTNERS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,232
-
Current assets
Debtors
71,517
216,138
Cash at bank and in hand
224,746
167,568
296,263
383,706
Creditors: amounts falling due within one year
(319,285)
(398,985)
Net current liabilities
(23,022)
(15,279)
Total assets less current liabilities
(21,790)
(15,279)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(21,890)
(15,379)
Shareholders' funds
(21,790)
(15,279)
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 December 2016
Mr P Martin
Director
Company Registration No. 08920603
121 PARTNERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
As at the balance sheet date the Company's liabilities exceeded its assets by £21,790. This is due to the accounting policy for revenue recognition and deferring income and expenditure until an event has taken place. The directors continue to support the company and consider that the company has adequate resources to continue in operational existence for the foreseeable future therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT. Income in relation to an event is recognised in the period in which the event took place.
Income in relation to an event is recognised in the period in which the event took place.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% straight line
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.6
Event Income & Direct Expenditure
Income and direct expenditure in relation to an event is recognised in the period in which the event took place. Income and direct expenditure invoiced in advance of the event is held on the balance sheet and included in Other Creditors and Other Debtors respectively.
121 PARTNERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
-
Additions
1,643
At 31 March 2016
1,643
Depreciation
At 1 April 2015
-
Charge for the year
411
At 31 March 2016
411
Net book value
At 31 March 2016
1,232
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100