Registered number
04764475
Demelza Financial Planning Limited
Filleted Accounts
31 July 2023
Demelza Financial Planning Limited
Registered number: 04764475
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 612 172
Current assets
Debtors 5 5,918 11,122
Cash at bank and in hand 24,764 22,844
30,682 33,966
Creditors: amounts falling due within one year 6 (11,124) (12,885)
Net current assets 19,558 21,081
Net assets 20,170 21,253
Capital and reserves
Called up share capital 2 2
Profit and loss account 20,168 21,251
Shareholders' funds 20,170 21,253
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D P Mitchell
Director
Approved by the board on 4 September 2023
Demelza Financial Planning Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 33,615
At 31 July 2023 33,615
Amortisation
At 1 August 2022 33,615
At 31 July 2023 33,615
Net book value
At 31 July 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. The final year is 2013.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 4,792
Additions 621
At 31 July 2023 5,413
Depreciation
At 1 August 2022 4,620
Charge for the year 181
At 31 July 2023 4,801
Net book value
At 31 July 2023 612
At 31 July 2022 172
5 Debtors 2023 2022
£ £
Trade debtors 350 5,500
Other debtors 5,568 5,622
5,918 11,122
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,400 2,320
Director's loan 8,143 5,599
Taxation and social security costs 581 4,966
11,124 12,885
7 Related party transactions
Mr Mitchell has loaned money to the company which is interest free and repayable on demand. The balance at 31.7.2023 was £8,143. The company is owed £1,329 from Demelza Independent Estate Planning Limited, a company controlled by Mr Mitchell.
8 Controlling party
There is no overall controlling party by virtue of the shareholding arrangements.
9 Other information
Demelza Financial Planning Limited is a private company limited by shares and incorporated in England. Its registered office is:
Higher Demelza
St Wenn
Bodmin
Cornwall
PL30 5PE
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