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Registration number: 06674780

Chambers Smith Financial Planning Ltd

Annual Report and Financial Statements

for the Year Ended 30 April 2023

 

Chambers Smith Financial Planning Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Chambers Smith Financial Planning Ltd

Company Information



 

Directors

Mr Daniel Christopher Smith

Mr Paul Dodds

Registered office

2 Cheapside
Derby
Derbyshire
DE1 1BR

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Chambers Smith Financial Planning Ltd

(Registration number: 06674780)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,317

6,701

Current assets

 

Stocks

6

34,713

62,011

Debtors

7

25,319

17,032

Cash at bank and in hand

 

113,324

138,398

 

173,356

217,441

Creditors: Amounts falling due within one year

8

(56,345)

(64,527)

Net current assets

 

117,011

152,914

Total assets less current liabilities

 

122,328

159,615

Provisions for liabilities

(1,036)

(1,273)

Net assets

 

121,292

158,342

Capital and reserves

 

Called up share capital

9

2,067

2,067

Capital redemption reserve

(841,065)

(841,065)

Retained earnings

960,290

997,340

Shareholders' funds

 

121,292

158,342

For the financial year ending 30 April 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Chambers Smith Financial Planning Ltd

(Registration number: 06674780)
Balance Sheet as at 30 April 2023

Approved and authorised by the Board on 2 June 2023 and signed on its behalf by:
 

.........................................
Mr Daniel Christopher Smith
Director

 

Chambers Smith Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

The principal place of business is:
Office 2
Oaklands Business Centre
103 Duffield Road
Derby
DE22 1AE

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.

Going concern

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

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.

 

Chambers Smith Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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.

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 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

Office Equipment

33% on reducing balance

Plant and machinery

15% on reducing balance

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

20 Years

 

Chambers Smith Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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

Work in progress is valued at the lower of cost and net realisable value.

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.

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.

 

Chambers Smith Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 9).

 

Chambers Smith Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

7,000

7,000

At 30 April 2023

7,000

7,000

Amortisation

At 1 May 2022

7,000

7,000

At 30 April 2023

7,000

7,000

Carrying amount

At 30 April 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

31,506

31,506

Additions

920

920

At 30 April 2023

32,426

32,426

Depreciation

At 1 May 2022

24,805

24,805

Charge for the year

2,304

2,304

At 30 April 2023

27,109

27,109

Carrying amount

At 30 April 2023

5,317

5,317

At 30 April 2022

6,701

6,701

6

Stocks

2023
£

2022
£

Work in progress

34,713

62,011

 

Chambers Smith Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

17,148

11,969

Amounts owed by related parties

830

830

Prepayments

 

7,207

4,132

Other debtors

 

134

101

   

25,319

17,032

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,413

-

Taxation and social security

45,354

61,887

Accruals and deferred income

2,411

671

Other creditors

3,167

1,969

56,345

64,527

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A1 Ordinary of £0.10 each

13,336

1,334

13,336

1,334

B1 Ordinary of £0.10 each

3,334

333

3,334

333

A Ordinary of £1 each

320

320

320

320

B Ordinary of £1 each

80

80

80

80

 

17,070

2,067

17,070

2,067