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REGISTERED NUMBER: 05073455 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31st March 2023

for

Financial Minefield Ltd

Financial Minefield Ltd (Registered number: 05073455)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Financial Minefield Ltd

Company Information
for the year ended 31st March 2023







DIRECTOR: Mr P J Dolphin





REGISTERED OFFICE: Black Bull House
353-355 Station Road
Bamber Bridge
Preston
Lancashire
PR5 6EE





REGISTERED NUMBER: 05073455 (England and Wales)





ACCOUNTANTS: Robin Oatridge & Co Limited
Chartered Certified Accountants
Black Bull House
353-355 Station Road
Bamber Bridge
Preston
Lancashire
PR5 6EE

Financial Minefield Ltd (Registered number: 05073455)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,535 41,057
Tangible assets 5 39,988 48,988
75,523 90,045

CURRENT ASSETS
Debtors 6 20,612 13,872
Cash at bank 17,301 4,418
37,913 18,290
CREDITORS
Amounts falling due within one year 7 22,711 12,430
NET CURRENT ASSETS 15,202 5,860
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,725

95,905

CREDITORS
Amounts falling due after more than one
year

8

(37,681

)

(46,744

)

PROVISIONS FOR LIABILITIES (47,598 ) (34,308 )
NET ASSETS 5,446 14,853

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 5,346 14,753
SHAREHOLDERS' FUNDS 5,446 14,853

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Financial Minefield Ltd (Registered number: 05073455)

Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7th November 2023 and were signed by:





Mr P J Dolphin - Director


Financial Minefield Ltd (Registered number: 05073455)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Financial Minefield Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents commission received, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised over their estimated useful life of either five or ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 20% on cost
Plant and machinery etc - 20% on cost and 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial Minefield Ltd (Registered number: 05073455)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2022
and 31st March 2023 48,019
AMORTISATION
At 1st April 2022 6,962
Charge for year 5,522
At 31st March 2023 12,484
NET BOOK VALUE
At 31st March 2023 35,535
At 31st March 2022 41,057

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2022 2,438 48,863 51,301
Additions - 1,282 1,282
At 31st March 2023 2,438 50,145 52,583
DEPRECIATION
At 1st April 2022 488 1,825 2,313
Charge for year 488 9,794 10,282
At 31st March 2023 976 11,619 12,595
NET BOOK VALUE
At 31st March 2023 1,462 38,526 39,988
At 31st March 2022 1,950 47,038 48,988

Financial Minefield Ltd (Registered number: 05073455)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2022
and 31st March 2023 44,090
DEPRECIATION
At 1st April 2022 735
Charge for year 8,818
At 31st March 2023 9,553
NET BOOK VALUE
At 31st March 2023 34,537
At 31st March 2022 43,355

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 20,612 13,872

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 4,080 4,080
Hire purchase contracts (see note 9) 5,149 5,149
Trade creditors - 667
Taxation and social security 10,013 103
Other creditors 3,469 2,431
22,711 12,430

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 8,299 12,212
Hire purchase contracts (see note 9) 29,382 34,532
37,681 46,744

No security has been provided on the bank loan.

Financial Minefield Ltd (Registered number: 05073455)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 5,149 5,149
Between one and five years 29,382 34,532
34,531 39,681

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 34,531 39,681

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
Mr P J Dolphin
Balance outstanding at start of year 13,872 17,690
Amounts advanced 20,612 13,872
Amounts repaid (13,872 ) (17,690 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,612 13,872

The director's loan was repaid in full on 31st October 2023.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr P J Dolphin.