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REGISTERED NUMBER: 06371256 (England and Wales)





















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: R D Wheeler
Mrs L E Wheeler





SECRETARY: Mrs L E Wheeler





REGISTERED OFFICE: Grovesend
Week Orchard
Marhamchurch
Bude
Cornwall
EX23 0HT





REGISTERED NUMBER: 06371256 (England and Wales)





ACCOUNTANTS: Mark Ward Chartered Certified 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 86,920 93,873
Tangible assets 5 111,419 120,812
Investments 6 266,325 266,325
464,664 481,010

CURRENT ASSETS
Debtors 7 63,273 54,681
Cash at bank 12,703 -
75,976 54,681
CREDITORS
Amounts falling due within one year 8 281,769 287,238
NET CURRENT LIABILITIES (205,793 ) (232,557 )
TOTAL ASSETS LESS CURRENT LIABILITIES 258,871 248,453

CREDITORS
Amounts falling due after more than one year 9 (102,229 ) (143,244 )

PROVISIONS FOR LIABILITIES (2,056 ) (1,941 )
NET ASSETS 154,586 103,268

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 154,486 103,168
SHAREHOLDERS' FUNDS 154,586 103,268

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 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.

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Balance Sheet - continued
31 May 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 14 September 2023 and were signed on its behalf by:





R D Wheeler - Director


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 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" 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on cost

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 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 31 May 2023 183,904
AMORTISATION
At 1 October 2022 90,031
Charge for period 6,953
At 31 May 2023 96,984
NET BOOK VALUE
At 31 May 2023 86,920
At 30 September 2022 93,873

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 156,049 65,710 221,759
Additions - 2,677 2,677
At 31 May 2023 156,049 68,387 224,436
DEPRECIATION
At 1 October 2022 40,630 60,317 100,947
Charge for period 10,402 1,668 12,070
At 31 May 2023 51,032 61,985 113,017
NET BOOK VALUE
At 31 May 2023 105,017 6,402 111,419
At 30 September 2022 115,419 5,393 120,812

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 266,325
NET BOOK VALUE
At 31 May 2023 266,325
At 30 September 2022 266,325

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 30.9.22
£    £   
Trade debtors 8,750 -
Other debtors 54,523 54,681
63,273 54,681

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 30.9.22
£    £   
Bank loans and overdrafts 45,683 57,030
Taxation and social security 90,180 90,382
Other creditors 145,906 139,826
281,769 287,238

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 30.9.22
£    £   
Bank loans 102,229 117,418
Other creditors - 25,826
102,229 143,244

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
£    £   
R D Wheeler and Mrs L E Wheeler
Balance outstanding at start of period 41,184 39,094
Amounts advanced - 2,090
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 41,184 41,184