3 false false false false false false false false false true false false false false false false No description of principal activity 2020-10-01 Sage Accounts Production Advanced 2020 - FRS102_2019 600,000 480,000 60,000 540,000 60,000 120,000 52,500 52,500 52,500 xbrli:pure xbrli:shares iso4217:GBP 02106689 2020-10-01 2021-09-30 02106689 2021-09-30 02106689 2020-09-30 02106689 2019-10-01 2020-09-30 02106689 2020-09-30 02106689 core:NetGoodwill 2020-10-01 2021-09-30 02106689 core:FurnitureFittings 2020-10-01 2021-09-30 02106689 core:MotorVehicles 2020-10-01 2021-09-30 02106689 bus:Director1 2020-10-01 2021-09-30 02106689 core:NetGoodwill 2020-09-30 02106689 core:NetGoodwill 2021-09-30 02106689 core:LandBuildings 2020-09-30 02106689 core:FurnitureFittings 2020-09-30 02106689 core:MotorVehicles 2020-09-30 02106689 core:LandBuildings 2021-09-30 02106689 core:FurnitureFittings 2021-09-30 02106689 core:MotorVehicles 2021-09-30 02106689 core:WithinOneYear 2021-09-30 02106689 core:WithinOneYear 2020-09-30 02106689 core:AfterOneYear 2021-09-30 02106689 core:AfterOneYear 2020-09-30 02106689 core:ShareCapital 2021-09-30 02106689 core:ShareCapital 2020-09-30 02106689 core:RetainedEarningsAccumulatedLosses 2021-09-30 02106689 core:RetainedEarningsAccumulatedLosses 2020-09-30 02106689 core:NetGoodwill 2020-09-30 02106689 core:CostValuation core:Non-currentFinancialInstruments 2021-09-30 02106689 core:Non-currentFinancialInstruments 2021-09-30 02106689 core:Non-currentFinancialInstruments 2020-09-30 02106689 core:LandBuildings 2020-09-30 02106689 core:FurnitureFittings 2020-09-30 02106689 core:MotorVehicles 2020-09-30 02106689 bus:Director1 2020-09-30 02106689 bus:Director1 2021-09-30 02106689 bus:Director1 2019-09-30 02106689 bus:Director1 2020-09-30 02106689 bus:Director1 2019-10-01 2020-09-30 02106689 bus:SmallEntities 2020-10-01 2021-09-30 02106689 bus:AuditExemptWithAccountantsReport 2020-10-01 2021-09-30 02106689 bus:FullAccounts 2020-10-01 2021-09-30 02106689 bus:SmallCompaniesRegimeForAccounts 2020-10-01 2021-09-30 02106689 bus:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 02106689 core:LandBuildings core:LongLeaseholdAssets 2020-10-01 2021-09-30 02106689 core:ComputerEquipment 2020-10-01 2021-09-30 02106689 core:ComputerEquipment 2021-09-30 02106689 core:ComputerEquipment 2020-09-30
COMPANY REGISTRATION NUMBER: 02106689
FINANCIAL LINK LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2021
FINANCIAL LINK LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2021
2021
2020
Note
£
£
Fixed assets
Intangible assets
5
60,000
120,000
Tangible assets
6
36,312
48,415
Investments
7
52,500
52,500
----------
----------
148,812
220,915
Current assets
Debtors
8
50,681
129,396
Cash at bank and in hand
299,967
118,329
----------
----------
350,648
247,725
Creditors: amounts falling due within one year
9
68,854
64,701
----------
----------
Net current assets
281,794
183,024
----------
----------
Total assets less current liabilities
430,606
403,939
Creditors: amounts falling due after more than one year
10
31,099
33,899
Provisions
Taxation including deferred tax
5,749
7,797
----------
----------
Net assets
393,758
362,243
----------
----------
FINANCIAL LINK LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2021
2021
2020
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
393,658
362,143
----------
----------
Shareholders funds
393,758
362,243
----------
----------
These 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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 30 September 2021 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
Mr P P Ford
Director
Company registration number: 02106689
FINANCIAL LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 29 Wayland Avenue, Withdean, Brighton, East Sussex, BN1 5LW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
The directors consider that the uncertainty caused in the financial services industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.
The company may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.
Revenue recognition
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Leasehold property improvements
-
Straight line over the life of the lease
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 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
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2020 and 30 September 2021
600,000
----------
Amortisation
At 1 October 2020
480,000
Charge for the year
60,000
----------
At 30 September 2021
540,000
----------
Carrying amount
At 30 September 2021
60,000
----------
At 30 September 2020
120,000
----------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2020 and 30 September 2021
4,497
7,713
75,214
10,540
97,964
-------
-------
---------
---------
---------
Depreciation
At 1 October 2020
4,496
6,103
31,219
7,731
49,549
Charge for the year
403
10,998
702
12,103
-------
-------
---------
---------
---------
At 30 September 2021
4,496
6,506
42,217
8,433
61,652
-------
-------
---------
---------
---------
Carrying amount
At 30 September 2021
1
1,207
32,997
2,107
36,312
-------
-------
---------
---------
---------
At 30 September 2020
1
1,610
43,995
2,809
48,415
-------
-------
---------
---------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 October 2020 and 30 September 2021
52,500
---------
Impairment
At 1 October 2020 and 30 September 2021
---------
Carrying amount
At 30 September 2021
52,500
---------
At 30 September 2020
52,500
---------
8. Debtors
2021
2020
£
£
Other debtors
50,681
129,396
---------
----------
9. Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
59,648
55,726
Social security and other taxes
1,115
1,136
Other creditors
8,091
7,839
---------
---------
68,854
64,701
---------
---------
10. Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
31,099
33,899
---------
---------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P P Ford
106,481
( 78,584)
27,897
----------
---------
---------
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P P Ford
216,771
( 110,290)
106,481
----------
----------
----------
Interest was charged on the directors loan during the year at the official rate.
12. Related party transactions
The company was under the control of Mr P P Ford and Mrs J M Ford throughout the current and previous year. Mr P P Ford is the managing director and majority shareholder.