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COMPANY REGISTRATION NUMBER: SC494982
NORTH EAST FINANCIAL PLANNING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
NORTH EAST FINANCIAL PLANNING LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
NORTH EAST FINANCIAL PLANNING LTD
OFFICERS AND PROFESSIONAL ADVISERS
Director
Mr DJ MacDonald
Registered office
31 High Street
Elgin
Moray
IV30 1EE
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
NORTH EAST FINANCIAL PLANNING LTD
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORTH EAST FINANCIAL PLANNING LTD
YEAR ENDED 31 JANUARY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of North East Financial Planning Ltd for the year ended 31 January 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of North East Financial Planning Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of North East Financial Planning Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than North East Financial Planning Ltd and its director for our work or for this report.
It is your duty to ensure that North East Financial Planning Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of North East Financial Planning Ltd. You consider that North East Financial Planning Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of North East Financial Planning Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
4 March 2024
NORTH EAST FINANCIAL PLANNING LTD
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
2,796
3,289
CURRENT ASSETS
Debtors
6
210
196
Cash at bank and in hand
63,442
68,772
--------
--------
63,652
68,968
CREDITORS: amounts falling due within one year
7
17,766
23,983
--------
--------
NET CURRENT ASSETS
45,886
44,985
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
48,682
48,274
--------
--------
NET ASSETS
48,682
48,274
--------
--------
CAPITAL AND RESERVES
Called up share capital
200
200
Profit and loss account
48,482
48,074
--------
--------
SHAREHOLDERS FUNDS
48,682
48,274
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NORTH EAST FINANCIAL PLANNING LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 4 March 2024 , and are signed on behalf of the board by:
Mr DJ MacDonald
Director
Company registration number: SC494982
NORTH EAST FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 31 High Street, Elgin, IV30 1EE, Moray.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Taxation
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 less depreciation and impairment.
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
-
15% reducing balance
Equipment
-
15% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4. Staff numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
1,441
5,982
7,423
-------
-------
-------
Depreciation
At 1 February 2023
481
3,653
4,134
Charge for the year
144
349
493
-------
-------
-------
At 31 January 2024
625
4,002
4,627
-------
-------
-------
Carrying amount
At 31 January 2024
816
1,980
2,796
-------
-------
-------
At 31 January 2023
960
2,329
3,289
-------
-------
-------
6. Debtors
2024
2023
£
£
Other debtors
210
196
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
206
231
Corporation tax
16,145
22,369
Social security and other taxes
215
183
Other creditors
1,200
1,200
--------
--------
17,766
23,983
--------
--------
8. Related party transactions
During the period the company paid dividends of £29,008 (2023: £68,200) to the directors.