REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 31 May 2023 |
for |
Grovesend Financial Planning Limited |
Trading as |
Southernhay Financial Planning |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 October 2022 to 31 May 2023 |
for |
Grovesend Financial Planning Limited |
Trading as |
Southernhay Financial Planning |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Contents of the Financial Statements |
for the Period 1 October 2022 to 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Grovesend Financial Planning Limited |
Trading as Southernhay Financial Planning |
Company Information |
for the Period 1 October 2022 to 31 May 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor Cef Building |
Broomhill Way |
Torquay |
Devon |
TQ2 7QN |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Balance Sheet |
31 May 2023 |
31.5.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Balance Sheet - continued |
31 May 2023 |
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 |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Notes to the Financial Statements |
for the Period 1 October 2022 to 31 May 2023 |
1. | STATUTORY INFORMATION |
Grovesend Financial Planning Limited is a |
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" and the Companies Act 2006. The financial statements have been prepared under historical cost convention. |
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 £1. |
Critical accounting judgements and key sources of estimation uncertainty |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill purchased in 2010, 2011, 2012 and 2013 has been amortised over its estimated life of five years respectively. |
Goodwill purchased in 2022 is being amortised over its estimated 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 |
Plant and machinery etc | - |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company holds the following financial instruments: |
- Short term trade and other debtors and creditors; |
- Bank loans; and |
- Cash and bank balances. |
All financial instruments are classified as basic. |
The company has chosen to apply the recognition and measurement principles in FRS102. |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. |
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. |
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method. |
Taxation |
Taxation for the period 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 May 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2022 |
and 31 May 2023 |
AMORTISATION |
At 1 October 2022 |
Charge for period |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 30 September 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for period |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 30 September 2022 |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 May 2023 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 October 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 30 September 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 30.9.22 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
Bounce Back loan > 5 years | 11,191 | 15,769 |
NatWest loan > 5 years | - | 10,976 |
11,191 | 26,745 |
Grovesend Financial Planning Limited (Registered number: 06371256) |
Trading as Southernhay Financial Planning |
Notes to the Financial Statements - continued |
for the Period 1 October 2022 to 31 May 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 May 2023 and the year ended 30 September 2022: |
31.5.23 | 30.9.22 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |