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Registration number: 02936197

The Savage Rea Partnership Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2014
 

Blue Spire South LLP
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

The Savage Rea Partnership Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3 to 4

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Savage Rea Partnership Limited
for the Year Ended 31 May 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Savage Rea Partnership Limited for the year ended 31 May 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of The Savage Rea Partnership Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Savage Rea Partnership Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Savage Rea Partnership Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Savage Rea Partnership Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Savage Rea Partnership Limited. You consider that The Savage Rea Partnership Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Savage Rea Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire South LLP
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

17 February 2015

 

The Savage Rea Partnership Limited
(Registration number: 02936197)
Abbreviated Balance Sheet at 31 May 2014

   

Note

   

2014
£

   

2013
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

723

   

902

 

Current assets

 

             

Debtors

 

   

5,611

   

4,500

 

Cash at bank and in hand

 

   

4,913

   

4,180

 
   

   

10,524

   

8,680

 

Creditors: Amounts falling due within one year

 

   

(6,510)

   

(5,761)

 

Net current assets

 

   

4,014

   

2,919

 

Net assets

 

   

4,737

   

3,821

 

Capital and reserves

 

             

Called up share capital

 

3

   

2

   

2

 

Profit and loss account

 

   

4,735

   

3,819

 

Shareholders' funds

 

   

4,737

   

3,821

 

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 17 February 2015

.........................................
W M Rea
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

 

The Savage Rea Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Office equipment

25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 June 2013

 

5,804

   

5,804

 

At 31 May 2014

 

5,804

   

5,804

 

Depreciation

           

At 1 June 2013

 

4,902

   

4,902

 

Charge for the year

 

179

   

179

 

At 31 May 2014

 

5,081

   

5,081

 

Net book value

           

At 31 May 2014

 

723

   

723

 

At 31 May 2013

 

902

   

902

 

3

Share capital

Allotted, called up and fully paid shares

 

2014

2013

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

2

   

2

   

2

   

2

 
                         
 

The Savage Rea Partnership Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2014
......... continued

4

Related party transactions

Director's advances and credits

 

2014
Advance/ Credit
£

2014
Repaid
£

2013
Advance/ Credit
£

2013
Repaid
£

W M Rea

Director's current account

(201)

-

(215)

-

         
         

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