Company registration number 02949745 (England and Wales)
TARGET FINDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
TARGET FINDERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
TARGET FINDERS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,374
7,686
Investments
6
15,465
14,937
16,839
22,623
Current assets
Debtors
7
1,173,043
1,287,570
Cash at bank and in hand
56,478
31,659
1,229,521
1,319,229
Creditors: amounts falling due within one year
8
(6,918)
(26,992)
Net current assets
1,222,603
1,292,237
Total assets less current liabilities
1,239,442
1,314,860
Provisions for liabilities
(261)
(1,460)
Net assets
1,239,181
1,313,400
Capital and reserves
Called up share capital
1,100
1,100
Capital redemption reserve
1,100
1,100
Profit and loss reserves
1,236,981
1,311,200
Total equity
1,239,181
1,313,400
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TARGET FINDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2023 and are signed on its behalf by:
Mr Jack W Ryan
Director
Company Registration No. 02949745
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Target Finders Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40-42 High Street, Newington, Sittingbourne, Kent, ME9 7JL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest whole £.
The financial statements have been prepared under the historical cost convention unless otherwise stated for any revaluation. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Intangible fixed assets - goodwill
Goodwill is carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to profit or loss using the straight-line method over its estimated useful life.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.
Director's loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
700,000
Amortisation and impairment
At 1 March 2022 and 28 February 2023
700,000
Carrying amount
At 28 February 2023
At 28 February 2022
The goodwill was acquired several years ago for specific software and in the opinion of the Directors, it has been fully amortised.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2022
4,609
12,000
16,609
Disposals
(12,000)
(12,000)
At 28 February 2023
4,609
4,609
Depreciation and impairment
At 1 March 2022
2,548
6,375
8,923
Depreciation charged in the year
687
687
Eliminated in respect of disposals
(6,375)
(6,375)
At 28 February 2023
3,235
3,235
Carrying amount
At 28 February 2023
1,374
1,374
At 28 February 2022
2,061
5,625
7,686
6
Fixed asset investments
2023
2022
£
£
Investments
15,465
14,937
The Directors have adopted the cost model as no reliable market value of the Investments can be obtained. The investments consist of share capital for two different subsidiaries and other investment portfolios measured at cost less impairment.
The subsidiaries at the reporting date were: JWR Property Limited and JWR Wealth Limited, both are 100% UK registered subsidiaries.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 March 2022 & 28 February 2023
1,200
13,737
14,937
Carrying amount
At 28 February 2023
1,200
13,737
14,937
At 28 February 2022
1,200
13,737
14,937
Error! Does not agree to TB:
1,250
14,215
15,465
Difference
(50)
(478)
(528)
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
30,749
Other debtors
1,173,043
1,256,821
1,173,043
1,287,570
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
84
75
Taxation and social security
72
36
Other creditors
6,762
26,881
6,918
26,992
9
Related party transactions
The following amounts were outstanding at the reporting end date:
Amounts owed by 100% owned subsidiaries came to £819,937(2022: £969,937). The movements in the year consisted of repayment of loans from the subsidiaries of £150,000. No interest has been charged on these loans which are repayable on demand.
An amount of £86,167 (2022: £86,167) was owed by an entity with common key management.
TARGET FINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
10
Directors' transactions
Dividends totalling £0 (2022 - £49,500) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
At the year end, the company owed the Directors an amount of £2,150 (2022: 19,074). No interest has been charged on this loan.