Registered number
04589668
Throgmorton Financial Services Limited
Unaudited Filleted Accounts
31 December 2023
Throgmorton Financial Services Limited
Registered number: 04589668
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 281 35,131
Tangible assets 4 1,996 2,662
2,277 37,793
Current assets
Debtors 5 1,427 1,123
Cash at bank and in hand 14,446 68,132
15,873 69,255
Creditors: amounts falling due within one year 6 (7,203) (23,269)
Net current assets 8,670 45,986
Total assets less current liabilities 10,947 83,779
Creditors: amounts falling due after more than one year 7 - (24,129)
Net assets 10,947 59,650
Capital and reserves
Called up share capital 105,444 105,444
Share premium 62,373 62,373
Profit and loss account (156,870) (108,167)
Shareholders' funds 10,947 59,650
The director is 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 director acknowledges his 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 F T J McWilliams
Director
Approved by the board on 17 April 2024
Throgmorton Financial Services Limited
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 0 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 348,504
At 31 December 2023 348,504
Amortisation
At 1 January 2023 313,373
Provided during the year 34,850
At 31 December 2023 348,223
Net book value
At 31 December 2023 281
At 31 December 2022 35,131
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 40,535
At 31 December 2023 40,535
Depreciation
At 1 January 2023 37,873
Charge for the year 666
At 31 December 2023 38,539
Net book value
At 31 December 2023 1,996
At 31 December 2022 2,662
5 Debtors 2023 2022
£ £
Trade debtors 1,427 1,123
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 10,648
Trade creditors 6,482 11,351
Taxation and social security costs 722 1,271
Other creditors (1) (1)
7,203 23,269
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 24,129
8 Controlling party
The company is owned and controlled by Mr F T J McWillams.
9 Other information
Throgmorton Financial Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flat 27 Wharf Road,
Altrincham
Cheshire
WA14 1AP
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