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COMPANY REGISTRATION NUMBER: 02719226
InvestAcc Limited
Financial Statements
31 October 2023
InvestAcc Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12
InvestAcc Limited
Officers and Professional Advisers
The board of directors
Mr N Gardner
Miss J Barnes
Mr G Mirfin
Registered office
Unit 2 The Sidings
Port Road Business Park
Carlisle
Cumbria
England
CA2 7AF
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Bankers
Handelsbanken
1 Merchant's Drive
Parkhouse
Carlisle
Cumbria
CA3 0JW
InvestAcc Limited
Directors' Report
Year ended 31 October 2023
The directors present their report and the financial statements of the company for the year ended 31 October 2023 .
Principal activities
The principal activity of the company during the year was that of Independent Financial Advisors.
Directors
The directors who served the company during the year were as follows:
Mr N Gardner
Miss J Barnes
Mr G Mirfin
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Greenhouse gas emissions and energy consumption
Information not included
The company consumed 40,000kWh of energy or less in the UK during the period
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 9 February 2024 and signed on behalf of the board by:
Mr N Gardner
Director
Registered office:
Unit 2 The Sidings
Port Road Business Park
Carlisle
Cumbria
England
CA2 7AF
InvestAcc Limited
Independent Auditor's Report to the Members of InvestAcc Limited
Year ended 31 October 2023
Opinion
We have audited the financial statements of InvestAcc Limited (the 'company') for the year ended 31 October 2023 which comprise the income statement, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - A review of directors minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements - Discuss with Directors any instances of non-compliance in respect of the FCA and reviewing capital adequacy calculations - The assessment of fraud was considered as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to the FCA. - A review of journal entries and consideration of their appropriateness was carried out through the audit - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair. - Challenging assumptions made by management in making their significant accounting estimates. - Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Lyndsay Nicholson ACA
(Senior Statutory Auditor)
For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
9 February 2024
InvestAcc Limited
Income Statement
Year ended 31 October 2023
2023
2022
Note
£
£
Turnover
4
941,816
1,123,262
Cost of sales
798,795
1,000,626
---------
------------
Gross profit
143,021
122,636
Administrative expenses
64,828
90,629
---------
---------
Operating profit
78,193
32,007
Income from other fixed asset investments
7
249,685
Other interest receivable and similar income
8
2,957
---------
---------
Profit before taxation
81,150
281,692
Tax on profit
9
18,107
5,917
--------
---------
Profit for the financial year
63,043
275,775
--------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
InvestAcc Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Investments
12
330
330
Current assets
Debtors
13
28,992
48,852
Cash at bank and in hand
326,425
321,745
---------
---------
355,417
370,597
Creditors: amounts falling due within one year
14
118,044
146,974
---------
---------
Net current assets
237,373
223,623
---------
---------
Total assets less current liabilities
237,703
223,953
Provisions
15
1,862
1,155
---------
---------
Net assets
235,841
222,798
---------
---------
Capital and reserves
Called up share capital
16
22,222
22,222
Profit and loss account
213,619
200,576
---------
---------
Shareholders funds
235,841
222,798
---------
---------
These financial statements were approved by the board of directors and authorised for issue on 9 February 2024 , and are signed on behalf of the board by:
Miss J Barnes
Director
Company registration number: 02719226
InvestAcc Limited
Statement of Changes in Equity
Year ended 31 October 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 November 2021
22,222
194,801
217,023
Profit for the year
275,775
275,775
--------
---------
---------
Total comprehensive income for the year
275,775
275,775
Dividends paid and payable
10
( 270,000)
( 270,000)
--------
---------
---------
Total investments by and distributions to owners
( 270,000)
( 270,000)
At 31 October 2022
22,222
200,576
222,798
Profit for the year
63,043
63,043
--------
---------
---------
Total comprehensive income for the year
63,043
63,043
Dividends paid and payable
10
( 50,000)
( 50,000)
----
--------
--------
Total investments by and distributions to owners
( 50,000)
( 50,000)
--------
---------
---------
At 31 October 2023
22,222
213,619
235,841
--------
---------
---------
InvestAcc Limited
Statement of Cash Flows
Year ended 31 October 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
63,043
275,775
Adjustments for:
Income from other fixed asset investments
( 249,685)
Other interest receivable and similar income
( 2,957)
Tax on profit
18,107
5,917
Accrued expenses
200
Changes in:
Trade and other debtors
19,860
( 11,455)
Trade and other creditors
( 41,319)
17,487
Provisions and employee benefits
707
311
--------
---------
Cash generated from operations
57,641
38,350
Interest received
2,957
Tax paid
( 5,918)
( 6,831)
--------
--------
Net cash from operating activities
54,680
31,519
--------
--------
Cash flows from investing activities
Proceeds from sale of other investments
250,000
--------
---------
Net cash from investing activities
250,000
--------
---------
Cash flows from financing activities
Dividends paid
( 50,000)
( 270,000)
--------
---------
Net cash used in financing activities
( 50,000)
( 270,000)
--------
---------
Net increase in cash and cash equivalents
4,680
11,519
Cash and cash equivalents at beginning of year
321,745
310,226
---------
---------
Cash and cash equivalents at end of year
326,425
321,745
---------
---------
InvestAcc Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 The Sidings, Port Road Business Park, Carlisle, Cumbria, CA2 7AF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements are rounded to the nearest £1.
Disclosure exemptions
The entity is entitled to the small company exemption from preparing a strategic report as it would be entitled to the small companies regime save for being a member of an ineligible group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are addressed below. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual value are reviewed annually and amended where necessary to reflect current estimates, based on economic conditions and the physical condition of the assets.
Revenue recognition
Turnover represents fees and commissions, net of claw backs, due to the company during the year, including commission earned on policies proposed and accepted on-risk before the year end. Commissions received on an indemnity basis which are repaid to insurance companies following the cancellation of policies are written off in the year against profits. A provision at the year end is made to estimate the amount of claw back which may arise on the business written to that date. It is calculated as being 5% of commission receivable during the year on indemnity terms. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
941,816
1,123,262
---------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
8,885
8,685
-------
-------
6. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Number of other staff - directors
3
3
----
----
7. Income from other fixed asset investments
2023
2022
£
£
Gain/(loss) on disposal of other fixed asset investments
249,685
----
---------
8. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
2,957
-------
----
9. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
18,107
5,917
--------
-------
Tax on profit
18,107
5,917
--------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 22.50 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
81,150
281,692
--------
---------
Profit on ordinary activities by rate of tax
18,273
53,521
Effect of capital allowances and depreciation
( 166)
( 164)
Effect of revenue exempt from tax
( 47,440)
--------
---------
Tax on profit
18,107
5,917
--------
---------
10. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
50,000
270,000
--------
---------
11. Tangible assets
Fixtures and fittings
£
Cost
At 1 November 2022 and 31 October 2023
1,313
-------
Depreciation
At 1 November 2022 and 31 October 2023
1,313
-------
Carrying amount
At 31 October 2023
-------
At 31 October 2022
-------
12. Investments
Other investments other than loans
£
Cost
At 1 November 2022 and 31 October 2023
330
----
Impairment
At 1 November 2022 and 31 October 2023
----
Carrying amount
At 31 October 2023
330
----
At 31 October 2022
330
----
13. Debtors
2023
2022
£
£
Trade debtors
15,640
34,029
Other debtors
13,352
14,823
--------
--------
28,992
48,852
--------
--------
14. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
5,685
5,485
Corporation tax
18,105
5,916
Social security and other taxes
1,137
1,128
Other creditors
93,117
134,445
---------
---------
118,044
146,974
---------
---------
15. Provisions
Other provisions
£
At 1 November 2022
1,155
Additions
707
-------
At 31 October 2023
1,862
-------
16. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
'A' Ordinary Shares shares of £ 1 each
22,000
22,000
22,000
22,000
'B' Ordinary Shares shares of £ 1 each
22
22
22
22
'C' Ordinary Shares shares of £ 1 each
100
100
100
100
'D' Ordinary Shares shares of £ 1 each
100
100
100
100
--------
--------
--------
--------
22,222
22,222
22,222
22,222
--------
--------
--------
--------
17. Analysis of changes in net debt
At 1 Nov 2022
Cash flows
At 31 Oct 2023
£
£
£
Cash at bank and in hand
321,745
4,680
326,425
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InvestAcc Limited
Notes to the Financial Statements (continued)
Year ended 31 October 2023
18. Related party transactions
As at the reporting date, balances owed to the company by connected companies were £18,184 (2022: £26,563). As at the reporting date, balances owed by the company to connected companies were £38,658 (2022: £82,960). As at the reporting date, balances owed by the company a connected company was £725 (2022: £725). During the year, the company charged management fees to connected companies totaling £65,952 (2022: £70,146). During the year, the company recharged administrative expenses to connected companies totaling £20,839 (2022: £38,344). During the year, dividends of £50,000 (2022: £270,000) were paid to the parent company.
19. Controlling party
The company is owned 100% by Investacc Group Limited . The director, N Gardner and his wife together hold 99% of the share capital with voting rights and are the controlling party of Investacc Group Limited.
20. Consolidated accounts
The ultimate parent company that produces consolidated accounts is Investacc Group Limited whose registered office is Solway House Business Park, Kingstown, Carlisle, CA6 4BY.