Company registration number 03097234 (England and Wales)
CAMBOURNE FINANCIAL PLANNING LTD
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CAMBOURNE FINANCIAL PLANNING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Information for management
-
CAMBOURNE FINANCIAL PLANNING LTD
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,420
35,078
Investments
5
3,375
3,375
26,795
38,453
Current assets
Debtors
6
257,646
446,469
Investments
7
1,325,965
1,128,219
Cash at bank and in hand
760,677
686,493
2,344,288
2,261,181
Creditors: amounts falling due within one year
8
(368,981)
(400,484)
Net current assets
1,975,307
1,860,697
Total assets less current liabilities
2,002,102
1,899,150
Provisions for liabilities
(3,021)
(6,937)
Net assets
1,999,081
1,892,213
Capital and reserves
Called up share capital
9
5,000
5,000
Profit and loss reserves
1,994,081
1,887,213
Total equity
1,999,081
1,892,213
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CAMBOURNE FINANCIAL PLANNING LTD
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
5 February 2024
05 February 2024
and are signed on its behalf by:
2024-02-05
M W Adams
M A Loydall
Director
Director
Company registration number 03097234 (England and Wales)
CAMBOURNE FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Cambourne Financial Planning Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cambourne House, Ivy Lodge, Toothill Road, Loughborough, Leicestershire, LE11 1PN.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been amortised in full.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% straight line per annum
Computer equipment
33.3% straight line per annum
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CAMBOURNE FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
21
CAMBOURNE FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
243,145
Amortisation and impairment
At 1 September 2022 and 31 August 2023
243,145
Carrying amount
At 31 August 2023
At 31 August 2022
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 September 2022
50,963
134,995
185,958
Additions
316
5,564
5,880
At 31 August 2023
51,279
140,559
191,838
Depreciation and impairment
At 1 September 2022
41,384
109,496
150,880
Depreciation charged in the year
1,838
15,700
17,538
At 31 August 2023
43,222
125,196
168,418
Carrying amount
At 31 August 2023
8,057
15,363
23,420
At 31 August 2022
9,579
25,499
35,078
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
3,375
3,375
CAMBOURNE FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
145,794
77,223
Other debtors
111,852
369,246
257,646
446,469
7
Current asset investments
2023
2022
£
£
Other investments
1,325,965
1,128,219
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
169,177
166,182
Corporation tax
114,016
164,412
Other taxation and social security
8,043
5,643
Other creditors
77,745
64,247
368,981
400,484
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,500
4,500
4,500
4,500
"A" Ordinary shares of £1 each
400
400
400
400
"B" Ordinary shares of £1 each
100
100
100
100
5,000
5,000
5,000
5,000