Dinardo Partnership Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC124667 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 May 2017

for

Dinardo Partnership Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Dinardo

Ms K Dinardo

Mrs I Dinardo

M Dinardo

Dr. L R B Dinardo

SECRETARY:

M Dinardo

REGISTERED OFFICE:

Mirren Court (One)

119 Renfrew Road

Paisley

RENFREWSHIRE

PA3 4EA

REGISTERED NUMBER:

SC124667 (Scotland)

ACCOUNTANTS:

Adam I Armstrong, LL.B., C.A.

Armstrongs Accounting Services Limited

Victoria Chambers

142 West Nile Street

Glasgow

G1 2RQ

BANKERS:

Bank of Scotland

P.O. Box 10

38 St Andrews Square

Edinburgh

EH2 2YR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

3,910

4,345

3,910

4,345

CURRENT ASSETS

Stocks

13,070

12,826

Debtors

6

502,364

506,992

Cash at bank and in hand

405

34

515,839

519,852

CREDITORS

Amounts falling due within one year

7

36,860

29,846

NET CURRENT ASSETS

478,979

490,006

TOTAL ASSETS LESS CURRENT LIABILITIES

482,889

494,351

CREDITORS

Amounts falling due after more than one year

8

(110,472

)

(131,509

)

PROVISIONS FOR LIABILITIES

(627

)

-

NET ASSETS

371,790

362,842

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

41,517

41,517

Retained earnings

329,273

320,325

SHAREHOLDERS' FUNDS

371,790

362,842

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 23 February 2018 and were signed on its behalf by:

M Dinardo - Director

1.	STATUTORY INFORMATION

Dinardo Partnership Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. 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.

Where there is an assignment which is only partially completed at the balance sheet date turnover represents the

value of service provided to date based on a proportion of the total contract value.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1991, 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.

Plant and machinery etc

-

10%-25% Reducing balance and 5% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

Pensions

The defined contribution pension scheme was discontinued on 27 November 1998 and a third party rights

procedure adopted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2016

and 31 May 2017

120,000

AMORTISATION

At 1 June 2016

and 31 May 2017

120,000

NET BOOK VALUE

At 31 May 2017

-

At 31 May 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

and 31 May 2017

197,090

DEPRECIATION

At 1 June 2016

192,745

Charge for year

435

At 31 May 2017

193,180

NET BOOK VALUE

At 31 May 2017

3,910

At 31 May 2016

4,345

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

4,412

368

Other debtors

497,952

506,624

502,364

506,992

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans and overdrafts

20,400

20,405

Trade creditors

12,654

2,173

Taxation and social security

3,806

7,268

36,860

29,846

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.17

31.5.16

£

£

Bank loans

4,472

25,509

Trade creditors

106,000

106,000

110,472

131,509

9.	RELATED PARTY DISCLOSURES

The directors are also the directors in the associated companies of DP lighting Consultants Limited, Dinardo

Porticos Limited, Dinardo Properties Limited, Scotus Investments Limited, Mirren Drawing Office Services

Limited, Heraldic Properties Limited, Dinardo Practices Group Limited and are partners in the Firm of Dinardo

and Partners. From time to time inter company loans are provided through the Firm. No interest is charged on

these loans nor is there a fixed date for repayment.

The balance due at the year end was £497,952 (2016 £505,624).

10.	ULTIMATE CONTROLLING PARTY

11.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the year ended 31 May 2017. The directors have reviewed the prior year

balances and accounting policies and consider that no adjustment to the comparative amounts is necessary.