COMPANY REGISTRATION NUMBER:
09632005
Abbreviated Unaudited Financial Statements
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THE CHARTWELL PARTNERSHIP LTD
Chartered Certified Accountants
47 Bury New Road
Prestwich
Manchester
M25 9JY
Abbreviated Financial Statements
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Period from 10 June 2015 to 30 June 2016
Officers and professional advisers
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1
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Abbreviated statement of financial position
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2
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Notes to the abbreviated financial statements
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3
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Abbreviated Statement of Financial Position
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30 June 2016
Fixed assets
Current assets
Debtors
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900
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Cash at bank and in hand
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839
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1,739
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Creditors: amounts falling due within one year
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3,536
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-------
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Net current liabilities
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1,797
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Total assets less current liabilities
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(
703)
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----
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Net liabilities
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(
703)
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----
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Capital and reserves
Called up share capital
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4
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900
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Profit and loss account
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(
1,603)
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-------
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Members deficit
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(
703)
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-------
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For the period ending 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These abbreviated financial statements were approved by the
board of directors
and authorised for issue on
7 March 2017
, and are signed on behalf of the board by:
Company registration number:
09632005
Notes to the Abbreviated Financial Statements
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Period from 10 June 2015 to 30 June 2016
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodberry House, 2 Woodberry Grove, Finchley, London, N12 0DR.
2.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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:
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Equipment
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25% straight line
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Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3.
Tangible assets
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£
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Cost
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Additions
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1,459
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At 30 June 2016
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1,459
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Depreciation
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Charge for the period
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365
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At 30 June 2016
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365
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Carrying amount
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At 30 June 2016
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1,094
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4.
Called up share capital
Issued and called up
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30 Jun 16
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No.
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£
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Ordinary shares of £ 0.90 each
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1,000
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900
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Shares issued and fully paid
Shares issued and partly paid
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30 Jun 16
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No.
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£
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Ordinary shares - £– paid of £ 0.90 each
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1,000
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–
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