Registered number
04907090
FINANCIALLY SPEAKING LIMITED
Filleted Accounts
31 March 2023
FINANCIALLY SPEAKING LIMITED
Registered number: 04907090
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 68,000 68,000
Tangible assets 4 2,781 3,272
Investments 5 - 19,000
70,781 90,272
Current assets
Debtors 6 39,383 39,383
Investments held as current assets 7 197,234 189,833
Cash at bank and in hand 366,039 351,305
602,656 580,521
Creditors: amounts falling due within one year 8 (44,788) (70,621)
Net current assets 557,868 509,900
Total assets less current liabilities 628,649 600,172
Provisions for liabilities (510) (599)
Net assets 628,139 599,573
Capital and reserves
Called up share capital 100 100
Profit and loss account 628,039 599,473
Shareholders' funds 628,139 599,573
The directors are 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 directors acknowledge their 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 S BLIGH
Director
Approved by the board on 20 September 2023
FINANCIALLY SPEAKING LIMITED
Notes to the Accounts
for the year ended 31 March 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.
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:
Fixtures, fittings, tools and equipment 15% x Written Down Value
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 68,000
At 31 March 2023 68,000
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 68,000
At 31 March 2022 68,000
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 24,507
Additions -
At 31 March 2023 24,507
Depreciation
At 1 April 2022 21,235
Charge for the year 491
At 31 March 2023 21,726
Net book value
At 31 March 2023 2,781
At 31 March 2022 3,272
5 Investments
Other
investments
£
Cost
At 1 April 2022 19,000
At 31 March 2023 -
6 Debtors 2023 2022
£ £
Other debtors 39,383 39,383
7 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 197,234 189,833
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments (2,600) 31,886
8 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 43,391 69,166
Other creditors 1,397 1,455
44,788 70,621
9 Other information
FINANCIALLY SPEAKING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
27 STEYNE ROAD
BEMBRIDGE
ISLE OF WIGHT
PO35 5UL
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