The Mathews Partnership Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07987454 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

The Mathews Partnership Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S R Mathews

Mrs B Mathews

REGISTERED OFFICE:

7 Derby Road

Garstang

Preston

Lancashire

PR3 1EU

REGISTERED NUMBER:

07987454 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Intangible assets

5

15,000

18,000

Tangible assets

6

2,162

2,147

17,162

20,147

CURRENT ASSETS

Stocks

-

193

Debtors

7

65

7,625

Cash at bank

413

4,391

478

12,209

CREDITORS

Amounts falling due within one year

8

12,783

24,581

NET CURRENT LIABILITIES

(12,305

)

(12,372

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,857

7,775

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

4,757

7,675

SHAREHOLDERS' FUNDS

4,857

7,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15 December 2017 and were signed on its behalf by:

S R Mathews - Director

1.	STATUTORY INFORMATION

The Mathews 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.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten 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

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

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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.

Transition to frs 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st April 2015. Details of how FRS 102 has affected the

reported financial position and financial performance is given in the notes to the financial statements.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

30,000

AMORTISATION

At 1 April 2016

12,000

Amortisation for year

3,000

At 31 March 2017

15,000

NET BOOK VALUE

At 31 March 2017

15,000

At 31 March 2016

18,000

6.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2016

5,029

Additions

1,411

Disposals

(1,987

)

At 31 March 2017

4,453

DEPRECIATION

At 1 April 2016

2,882

Charge for year

933

Eliminated on disposal

(1,524

)

At 31 March 2017

2,291

NET BOOK VALUE

At 31 March 2017

2,162

At 31 March 2016

2,147

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

5,914

Other debtors

65

1,711

65

7,625

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

-

12,793

Tax

2,463

2,325

Other creditors

9,377

108

Directors' current accounts

193

8,105

Accruals and deferred income

750

1,250

12,783

24,581

9.

RESERVES

Retained

earnings

£

At 1 April 2016

7,675

Profit for the year

7,082

Dividends

(10,000

)

At 31 March 2017

4,757

10.	TRANSITION TO FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April

2015.

No transitional adjustments were required in equity or profit or loss for the year.