Partformat Limited Small abridged accounts

Partformat Limited Small abridged accounts


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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Partformat Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 03634024
Partformat Limited
Filleted Unaudited Abridged Financial Statements
31 March 2017
Partformat Limited
Abridged Financial Statements
Year ended 31 March 2017
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 7
Partformat Limited
Abridged Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
4
750,777
800,610
Investments
5
384
384
---------
---------
751,161
800,994
Current assets
Debtors
660
1,260
Cash at bank and in hand
8,817
11,720
-------
--------
9,477
12,980
Creditors: amounts falling due within one year
44,262
43,821
--------
--------
Net current liabilities
34,785
30,841
---------
---------
Total assets less current liabilities
716,376
770,153
Creditors: amounts falling due after more than one year
6
276,888
298,342
Provisions
Taxation including deferred tax
21,070
28,762
---------
---------
Net assets
418,418
443,049
---------
---------
Partformat Limited
Abridged Statement of Financial Position (continued)
31 March 2017
2017
2016
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
268,861
268,861
Profit and loss account
149,457
174,088
---------
---------
Members funds
418,418
443,049
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 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 abridged 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 abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 29 December 2017 , and are signed on behalf of the board by:
J.F. Hughes, F.C.A.
Director
Company registration number: 03634024
Partformat Limited
Notes to the Abridged Financial Statements
Year ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lilac House, Kinnerley, Oswestry, Shropshire, SY10 8DF.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 .
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents rents receivable from tenants net of value added tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
£
Cost or valuation
At 1 April 2016
808,128
Additions
549
Revaluations
( 45,250)
---------
At 31 March 2017
763,427
---------
Depreciation
At 1 April 2016
7,518
Charge for the year
5,132
---------
At 31 March 2017
12,650
---------
Carrying amount
At 31 March 2017
750,777
---------
At 31 March 2016
800,610
---------
Tangible assets held at valuation
Investment properties included above at £750,000 (2016: £800,000) are carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the statement of Comprehensive Income.
5. Investments
£
Cost
At 1 April 2016 and 31 March 2017
384
----
Impairment
At 1 April 2016 and 31 March 2017
----
Carrying amount
At 31 March 2017
384
----
6. Creditors: amounts falling due after more than one year
The bank loans and overdrafts are secured by fixed charges over the freehold investment properties of the company.
7. Related party transactions
The accounts of the company have been prepared by Garner Pugh & Sinclair, a firm of Chartered Accountants in which J.F. Hughes, a director and 25% shareholder , is a partner. The fee charged for accountancy services in 2017 was £1,440 (2016:£1,440). The company uses Bowen Son & Watson, Estate Agents to manage and let the properties, a firm in which T.E. Bowen, a director and 25% shareholder, is a partner. The fee charged for such services in 2017 was £ 2,400 ( 2016: £2,400).
8. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
Reconciliation of equity
1 April 2015
31 March 2016
As previously stated
Effect of transition
FRS 102 (as restated)
As previously stated
Effect of transition
FRS 102 (as restated)
£
£
£
£
£
£
Fixed assets
889,593
889,593
800,994
800,994
Current assets
39,448
39,448
12,980
12,980
Creditors: amounts falling due within one year
( 39,899)
( 39,899)
( 43,821)
( 43,821)
---------
----
---------
---------
----
---------
Net current liabilities
( 451)
( 451)
( 30,841)
( 30,841)
---------
----
---------
---------
----
---------
Total assets less current liabilities
889,142
889,142
770,153
770,153
Creditors: amounts falling due after more than one year
( 318,394)
( 318,394)
( 298,342)
( 298,342)
Provisions
( 45,706)
( 45,706)
( 28,762)
( 28,762)
---------
--------
---------
---------
--------
---------
Net assets
570,748
( 45,706)
525,042
471,811
( 28,762)
443,049
---------
--------
---------
---------
--------
---------
---------
--------
---------
---------
--------
---------
Capital and reserves
570,748
( 45,706)
525,042
471,811
( 28,762)
443,049
---------
--------
---------
---------
--------
---------
As required under FRS 102 the movement in value of investment properties is required to be included within the Statement of Comprehensive Income. This has resulted in a decrease in profits of £99,671 in 2016. As a result of this adjustment the deferred tax charge decreased £16,944.