Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr M C Duncan 29/07/2022 Mr D A Penny 29/07/2022 12/04/2006 14 October 2023 The principal activity of the Company during the financial year is that of financial services. 05771562 2023-01-31 05771562 bus:Director1 2023-01-31 05771562 bus:Director2 2023-01-31 05771562 2022-01-31 05771562 core:CurrentFinancialInstruments 2023-01-31 05771562 core:CurrentFinancialInstruments 2022-01-31 05771562 core:ShareCapital 2023-01-31 05771562 core:ShareCapital 2022-01-31 05771562 core:RetainedEarningsAccumulatedLosses 2023-01-31 05771562 core:RetainedEarningsAccumulatedLosses 2022-01-31 05771562 core:FurnitureFittings 2022-01-31 05771562 core:OfficeEquipment 2022-01-31 05771562 core:FurnitureFittings 2023-01-31 05771562 core:OfficeEquipment 2023-01-31 05771562 core:DeferredTaxation 2023-01-31 05771562 core:DeferredTaxation 2022-01-31 05771562 core:OtherProvisionsContingentLiabilities 2023-01-31 05771562 core:OtherProvisionsContingentLiabilities 2022-01-31 05771562 2022-02-01 2023-01-31 05771562 bus:FullAccounts 2022-02-01 2023-01-31 05771562 bus:SmallEntities 2022-02-01 2023-01-31 05771562 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 05771562 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05771562 bus:Director1 2022-02-01 2023-01-31 05771562 bus:Director2 2022-02-01 2023-01-31 05771562 core:FurnitureFittings 2022-02-01 2023-01-31 05771562 core:OfficeEquipment core:TopRangeValue 2022-02-01 2023-01-31 05771562 2021-02-01 2022-01-31 05771562 core:OfficeEquipment 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 05771562 (England and Wales)

INVEST SOUTHWEST LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

INVEST SOUTHWEST LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

INVEST SOUTHWEST LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2023
INVEST SOUTHWEST LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
DIRECTOR Mr M C Duncan
REGISTERED OFFICE 12 Hammet Street
Taunton
Somerset
TA1 1RZ
United Kingdom
COMPANY NUMBER 05771562 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
INVEST SOUTHWEST LIMITED

BALANCE SHEET

As at 31 January 2023
INVEST SOUTHWEST LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 13,561 36,365
13,561 36,365
Current assets
Debtors 4 103,700 418,952
Cash at bank and in hand 494,459 604,090
598,159 1,023,042
Creditors: amounts falling due within one year 5 ( 244,630) ( 125,579)
Net current assets 353,529 897,463
Total assets less current liabilities 367,090 933,828
Provision for liabilities 6 ( 7,714) ( 13,060)
Net assets 359,376 920,768
Capital and reserves
Called-up share capital 300 300
Profit and loss account 359,076 920,468
Total shareholder's funds 359,376 920,768

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Invest Southwest Limited (registered number: 05771562) were approved and authorised for issue by the Director on 14 October 2023. They were signed on its behalf by:

Mr M C Duncan
Director
INVEST SOUTHWEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
INVEST SOUTHWEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Invest Southwest Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 12 Hammet Street, Taunton, Somerset, TA1 1RZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents commissions receivable in the course of providing advice relating to financial services. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 11

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 February 2022 108,528 58,089 166,617
Additions 619 12,217 12,836
At 31 January 2023 109,147 70,306 179,453
Accumulated depreciation
At 01 February 2022 78,424 51,828 130,252
Charge for the financial year 30,362 5,278 35,640
At 31 January 2023 108,786 57,106 165,892
Net book value
At 31 January 2023 361 13,200 13,561
At 31 January 2022 30,104 6,261 36,365

4. Debtors

2023 2022
£ £
Trade debtors 89,019 74,515
Other debtors 14,681 344,437
103,700 418,952

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,532 2,132
Amounts owed to Group undertakings 121,067 0
Taxation and social security 41,352 116,158
Other creditors 80,679 7,289
244,630 125,579

6. Provision for liabilities

2023 2022
£ £
Deferred tax 714 6,060
Other provisions 7,000 7,000
7,714 13,060

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 236,313 264,812

The total amount of guarantees not included in the Balance Sheet is £881,951 (2022: £nil). The company has entered into a cross-guarantee with ISWIFA Holdings Limited (its ultimate parent company) to guarantee amounts outstanding to the company's bankers. This guarantee is secured on the company's assets.

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
A director 0 340,761

Advances were made to a director during the year ended 31 January 2023 of Nil (2022: £440,774) and repayments of £340,761 (2022: £433,522) were received. As at 31 January 2023, the amount due to the company was nil (2022: £340,761). Interest was charged on the loan at HMRC's official rate of interest, and the loan was repayable on demand.