Black & White Financial Planning Ltd 08148502 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is Financial Advisor Digita Accounts Production Advanced 6.30.9574.0 true 08148502 2021-01-01 2021-12-31 08148502 2021-12-31 08148502 bus:OrdinaryShareClass1 2021-12-31 08148502 bus:OrdinaryShareClass2 2021-12-31 08148502 core:CurrentFinancialInstruments 2021-12-31 08148502 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 08148502 core:Non-currentFinancialInstruments 2021-12-31 08148502 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 08148502 core:Goodwill 2021-12-31 08148502 core:FurnitureFittingsToolsEquipment 2021-12-31 08148502 bus:SmallEntities 2021-01-01 2021-12-31 08148502 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 08148502 bus:FullAccounts 2021-01-01 2021-12-31 08148502 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 08148502 bus:RegisteredOffice 2021-01-01 2021-12-31 08148502 bus:CompanySecretaryDirector1 2021-01-01 2021-12-31 08148502 bus:Director2 2021-01-01 2021-12-31 08148502 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 08148502 bus:OrdinaryShareClass2 2021-01-01 2021-12-31 08148502 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08148502 core:Goodwill 2021-01-01 2021-12-31 08148502 core:ComputerEquipment 2021-01-01 2021-12-31 08148502 core:FurnitureFittings 2021-01-01 2021-12-31 08148502 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 08148502 countries:AllCountries 2021-01-01 2021-12-31 08148502 2020-12-31 08148502 core:Goodwill 2020-12-31 08148502 core:FurnitureFittingsToolsEquipment 2020-12-31 08148502 2020-01-01 2020-12-31 08148502 2020-12-31 08148502 bus:OrdinaryShareClass1 2020-12-31 08148502 bus:OrdinaryShareClass2 2020-12-31 08148502 core:CurrentFinancialInstruments 2020-12-31 08148502 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 08148502 core:Non-currentFinancialInstruments 2020-12-31 08148502 core:Non-currentFinancialInstruments core:AfterOneYear 2020-12-31 08148502 core:FurnitureFittingsToolsEquipment 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08148502

Black & White Financial Planning Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Black & White Financial Planning Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Black & White Financial Planning Ltd

Company Information

Directors

Mr James Burke

Mrs Stephanie Burke

Company secretary

Mr James Burke

Registered office

Victoria House
1 Maison Dieu Road
Dover
Kent
CT16 1RW

Accountants

Stones Accountancy Limited
Chartered Accountants
5 North Court
Armstrong Road
Maidstone
Kent
ME15 6JZ

 

Black & White Financial Planning Ltd

(Registration number: 08148502)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

1,809

128

Current assets

 

Debtors

6

1,415

1,414

Cash at bank and in hand

 

72,827

68,863

 

74,242

70,277

Creditors: Amounts falling due within one year

7

(16,908)

(11,777)

Net current assets

 

57,334

58,500

Total assets less current liabilities

 

59,143

58,628

Creditors: Amounts falling due after more than one year

7

(22,000)

(30,000)

Net assets

 

37,143

28,628

Capital and reserves

 

Called up share capital

8

10,500

10,500

Profit and loss account

26,643

18,128

Shareholders' funds

 

37,143

28,628

For the financial year ending 31 December 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 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 within Part 15 of the Companies Act 2006.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 September 2022 and signed on its behalf by:
 

.........................................
Mr James Burke
Company secretary and director

 

Black & White Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
Victoria House
1 Maison Dieu Road
Dover
Kent
CT16 1RW
England

The principal place of business is:
Victoria House
1 Maison Dieu Road
Dover
Kent
CT16 1RW
England

These financial statements were authorised for issue by the Board on 14 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 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.

 

Black & White Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

15% Straight line

Office equipment

3 year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over seven years

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.

 

Black & White Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 3 (2020 - 3).

 

Black & White Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

10,900

10,900

At 31 December 2021

10,900

10,900

Amortisation

At 1 January 2021

10,900

10,900

At 31 December 2021

10,900

10,900

Carrying amount

At 31 December 2021

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

2,885

2,885

Additions

2,699

2,699

At 31 December 2021

5,584

5,584

Depreciation

At 1 January 2021

2,757

2,757

Charge for the year

1,018

1,018

At 31 December 2021

3,775

3,775

Carrying amount

At 31 December 2021

1,809

1,809

At 31 December 2020

128

128

 

Black & White Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
£

2020
£

Prepayments

1,415

1,414

1,415

1,414

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

6,000

-

Taxation and social security

 

3,103

3,050

Accruals and deferred income

 

2,717

2,603

Other creditors

 

5,088

6,124

 

16,908

11,777

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

22,000

30,000

 

Black & White Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

B Ordinary of £1 each

500

500

500

500

 

10,500

10,500

10,500

10,500

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

22,000

30,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

6,000

-

10

Dividends

   

2021

 

2020

   

£

 

£

Interim dividend of £1 (2020 - £1) per ordinary share

 

6,267

 

4,000

         

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2021
£

2020
£

Remuneration

24,407

13,700