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Registration number: 05017690

Cowling Rawnsley Financial Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Cowling Rawnsley Financial Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cowling Rawnsley Financial Solutions Limited

Company Information

Directors

Mr Gary Rawnsley

Mr Nicholas Allan Cowling

Company secretary

Mrs Antonia Cowling

Registered office

Leigh House
28-32 St. Pauls Street
Leeds
LS1 2JT

Accountants

Smith Butler
Accountants & Business Advisors
Sapper Jordan Rossi Park
Otley Road
Baildon
West Yorkshire
BD17 7AX

 

Cowling Rawnsley Financial Solutions Limited

(Registration number: 05017690)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,070

2,647

Investments

5

156,333

157,721

 

158,403

160,368

Current assets

 

Debtors

6

7,544

12,250

Cash at bank and in hand

 

41,997

49,744

 

49,541

61,994

Creditors: Amounts falling due within one year

7

(158,359)

(151,409)

Net current liabilities

 

(108,818)

(89,415)

Net assets

 

49,585

70,953

Capital and reserves

 

Called up share capital

8

5,100

5,100

Revaluation reserve

(1,388)

-

Retained earnings

45,873

65,853

Shareholders' funds

 

49,585

70,953

 

Cowling Rawnsley Financial Solutions Limited

(Registration number: 05017690)
Balance Sheet as at 31 March 2023

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

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.

Approved and authorised by the Board on 29 May 2023 and signed on its behalf by:
 

.........................................
Mr Nicholas Allan Cowling
Director

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.

 

Cowling Rawnsley Financial Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Leigh House
28-32 St. Pauls Street
Leeds
LS1 2JT

The principal place of business is:
Leigh House
28-32 St. Pauls Street
Leeds
LS1 2JT

These financial statements were authorised for issue by the Board on 29 May 2023.

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.

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.

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.

 

Cowling Rawnsley Financial Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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

Fixtures and fittings

Reducing balance 15%

Office equipment

Straight line 20%

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Cowling Rawnsley Financial Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Cowling Rawnsley Financial Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

15,229

1,826

17,055

At 31 March 2023

15,229

1,826

17,055

Depreciation

At 1 April 2022

12,948

1,460

14,408

Charge for the year

342

235

577

At 31 March 2023

13,290

1,695

14,985

Carrying amount

At 31 March 2023

1,939

131

2,070

At 31 March 2022

2,281

366

2,647

5

Investments

2023
£

2022
£

Investments in associates

139,323

139,323

Other investments

17,010

18,398

156,333

157,721

Associates

£

Cost

At 1 April 2022

139,323

Provision

Carrying amount

At 31 March 2023

139,323

At 31 March 2022

139,323

 

Cowling Rawnsley Financial Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Other debtors

7,544

11,379

Prepayments

-

871

7,544

12,250

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

-

1,750

Trade creditors

 

-

29

Taxation and social security

 

76,238

77,548

Accruals and deferred income

 

81,500

71,472

Other creditors

 

621

610

 

158,359

151,409

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

5,000

5,000

5,000

5,000

Ordinary Class B of £1 each

100

100

100

100

 

5,100

5,100

5,100

5,100

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Cowling Rawnsley Financial Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(1,388)

(1,388)

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

1,750