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Registration number: 11538143

Quay Financial Planning LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2022

 

Quay Financial Planning LTD

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Quay Financial Planning LTD

Company Information

Directors

Mrs K Hately

Mr J Hately

Registered office

Kings Lynn Innovation Centre,
Innovation Drive,
Kings Lynn
Norfolk
PE30 5BY

Accountants

Hayhow & Co.
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Quay Financial Planning LTD

(Registration number: 11538143)
Statement of financial position as at 31 August 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,166

861

Current assets

 

Stocks

5

5,700

-

Debtors

6

5,121

6,277

Cash at bank and in hand

 

153,717

83,382

 

164,538

89,659

Creditors: Amounts falling due within one year

7

(24,115)

(18,256)

Net current assets

 

140,423

71,403

Total assets less current liabilities

 

141,589

72,264

Provisions for liabilities

(221)

-

Net assets

 

141,368

72,264

Capital and reserves

 

Called up share capital

8

100

100

Share premium reserve

25,000

25,000

Retained earnings

116,268

47,164

Shareholders' funds

 

141,368

72,264

For the financial year ending 31 August 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of comprehensive income has been taken.

Approved and authorised by the Board on 11 September 2022 and signed on its behalf by:
 

 

Quay Financial Planning LTD

(Registration number: 11538143)
Statement of financial position as at 31 August 2022

.........................................
Mrs K Hately
Director

 

Quay Financial Planning LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Kings Lynn Innovation Centre,
Innovation Drive,
Kings Lynn
Norfolk
PE30 5BY

These financial statements were authorised for issue by the Board on 11 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Quay Financial Planning LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

3 Year Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Quay Financial Planning LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 2).

 

Quay Financial Planning LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2021

1,292

1,292

Additions

1,103

1,103

At 31 August 2022

2,395

2,395

Depreciation

At 1 September 2021

431

431

Charge for the year

798

798

At 31 August 2022

1,229

1,229

Carrying amount

At 31 August 2022

1,166

1,166

At 31 August 2021

861

861

5

Stocks

2022
£

2021
£

Work in progress

5,700

-

6

Debtors

Current

2022
£

2021
£

Prepayments

5,121

6,277

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Accruals and deferred income

1,953

3,523

Other creditors

2,160

3,515

Tax liability

20,002

11,218

24,115

18,256

 

Quay Financial Planning LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

9

Related party transactions

Summary of transactions with other related parties

Mrs K Hately is a director and shareholder of Trendell Financial Advice Ltd. Quay Financial Planning Ltd paid £94,000 (2021: £70,000) in management fees to Trendell Financial Advice Ltd in the year.