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Company registration number: 08903152
Connect Financial Solutions Limited
Unaudited filleted financial statements
28 February 2023
Connect Financial Solutions Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Connect Financial Solutions Limited
Directors and other information
Directors Mr. J. Fidler
Company number 08903152
Registered office Unit 8 Acorn Buusiness Park
Woodseats Close
Sheffield
South Yorkshire
S8 0TB
Business address 987 Abbeydale Road
Sheffield
South Yorkshire
S7 2QD
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Bankers Natwest Bank PLC
Direct Business Banking
PO Box 4115
Essex
RM12 4DF
Connect Financial Solutions Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Connect Financial Solutions Limited
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Connect Financial Solutions Limited for the year ended 28 February 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Connect Financial Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Connect Financial Solutions Limited and state those matters that we have agreed to state to the board of directors of Connect Financial Solutions Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Connect Financial Solutions Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Connect Financial Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Connect Financial Solutions Limited. You consider that Connect Financial Solutions 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 financial statements of Connect Financial Solutions 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 financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
3 October 2023
Connect Financial Solutions Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 18,216 35,020
_______ _______
18,216 35,020
Current assets
Debtors 7 709,773 709,710
Cash at bank and in hand 144,323 139,413
_______ _______
854,096 849,123
Creditors: amounts falling due
within one year 8 ( 125,621) ( 245,563)
_______ _______
Net current assets 728,475 603,560
_______ _______
Total assets less current liabilities 746,691 638,580
Creditors: amounts falling due
after more than one year 9 ( 22,380) ( 33,125)
Provisions for liabilities ( 3,461) ( 5,182)
_______ _______
Net assets 720,850 600,273
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 720,830 600,253
_______ _______
Shareholders funds 720,850 600,273
_______ _______
For the year ending 28 February 2023 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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2023 , and are signed on behalf of the board by:
Mr. J. Fidler
Director
Company registration number: 08903152
Connect Financial Solutions Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Henry Bramall & Co Limited, Unit 8 Acorn Buusiness Park, Woodseats Close, Sheffield, South Yorkshire, S8 0TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received for services rendered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20 %
Improvements to leasehold property - 20 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2022 and 28 February 2023 150,000 150,000
_______ _______
Amortisation
At 1 March 2022 and 28 February 2023 150,000 150,000
_______ _______
Carrying amount
At 28 February 2023 - -
_______ _______
At 28 February 2022 - -
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2022 38,720 64,860 103,580
Additions - 1,758 1,758
_______ _______ _______
At 28 February 2023 38,720 66,618 105,338
_______ _______ _______
Depreciation
At 1 March 2022 30,976 37,583 68,559
Charge for the year 7,744 10,819 18,563
_______ _______ _______
At 28 February 2023 38,720 48,402 87,122
_______ _______ _______
Carrying amount
At 28 February 2023 - 18,216 18,216
_______ _______ _______
At 28 February 2022 7,744 27,277 35,021
_______ _______ _______
7. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 387,500 387,500
Other debtors 322,273 322,210
_______ _______
709,773 709,710
_______ _______
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Other debtors 226,033 231,026
_______ _______
Other debtors after more than one year include Director's loans and S455 tax thereon.
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,648 9,548
Corporation tax 32,187 71,712
Social security and other taxes 23,402 -
Other creditors 59,384 164,303
_______ _______
125,621 245,563
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 22,380 33,125
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr. J. Fidler 174,350 2,400 ( 6,159) 170,591
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr. J. Fidler 361,595 12,755 ( 200,000) 174,350
_______ _______ _______ _______
Section 455 tax is due on £170,591 of the above overdrawn directors loan account. No interest is being charged by the company on this loan. Additional monies of £2,400 have been advanced to Mr. J. Fidler with £6,159 being offset by expenses incurred.
11. Related party transactions
This company has loaned £95,700 (2020 - £90,700), which is included in other debtors, to a third party being an associate of a diector of this company. No interest is being charged.
12. Controlling party
This company is a wholly owned subsidiary of RB Connect Holdings Limited being the ultimate holding company, a company incorporated in England and Wales.