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REGISTERED NUMBER: 09609912 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED

SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED (REGISTERED NUMBER: 09609912)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: T C Weston
S Kilpatrick





SECRETARY: T C Weston





REGISTERED OFFICE: Regent House
Mitre Way
Station Approach
Battle
East Sussex
TN33 0BQ





REGISTERED NUMBER: 09609912 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP

SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED (REGISTERED NUMBER: 09609912)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 33,337 41,337
Tangible assets 5 - -
33,337 41,337

CURRENT ASSETS
Debtors 6 11,710 33,862
Cash at bank and in hand 58,312 48,210
70,022 82,072
CREDITORS
Amounts falling due within one year 7 87,967 56,401
NET CURRENT (LIABILITIES)/ASSETS (17,945 ) 25,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,392

67,008

CREDITORS
Amounts falling due after more than one
year

8

22,613

32,298
NET (LIABILITIES)/ASSETS (7,221 ) 34,710

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (7,222 ) 34,709
SHAREHOLDERS' FUNDS (7,221 ) 34,710

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

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

The directors acknowledge their 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.

SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED (REGISTERED NUMBER: 09609912)

BALANCE SHEET - continued
31 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 Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





T C Weston - Director


SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED (REGISTERED NUMBER: 09609912)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Spectrum Independent Financial Advice Limited 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.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements.

Although liabilities exceed assets at the balance sheet date, the company has the full support of the director and shareholder who deem that no material uncertainty in relation to going concern is in existence.

On the basis of this consideration, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Computer equipment - 33% on cost

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.

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 6 (2022 - 10 ) .

SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED (REGISTERED NUMBER: 09609912)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 103,000
AMORTISATION
At 1 April 2022 61,663
Amortisation for year 8,000
At 31 March 2023 69,663
NET BOOK VALUE
At 31 March 2023 33,337
At 31 March 2022 41,337

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 5,000 19,402 24,402
DEPRECIATION
At 1 April 2022
and 31 March 2023 5,000 19,402 24,402
NET BOOK VALUE
At 31 March 2023 - - -
At 31 March 2022 - - -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 9,175 31,840
Other debtors 2,535 2,022
11,710 33,862

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,648 10,648
Tax - (26,111 )
Social security and other taxes 1,050 3,454
Other creditors 25,031 10,193
Directors' current accounts 424 424
Accrued expenses 50,814 57,793
87,967 56,401

SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED (REGISTERED NUMBER: 09609912)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans - 2-5 years 22,613 32,298

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.3.23 31.3.22
£    £   
T C Weston
Balance outstanding at start of year 424 424
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 424 424

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed Prism EBC Limited, an associated company, £25,031 (2022: £10,193). This loan is interest free and repayable on demand.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SPECTRUM INDEPENDENT FINANCIAL ADVICE
LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spectrum Independent Financial Advice Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Spectrum Independent Financial Advice Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Spectrum Independent Financial Advice Limited and state those matters that we have agreed to state to the Board of Directors of Spectrum Independent Financial Advice Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spectrum Independent Financial Advice Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Spectrum Independent Financial Advice Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Spectrum Independent Financial Advice Limited. You consider that Spectrum Independent Financial Advice Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Spectrum Independent Financial Advice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
20 Havelock Road
Hastings
East Sussex
TN34 1BP


23 November 2023