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REGISTERED NUMBER: 02040424 (England and Wales)















Financial Statements

for the Year Ended 30 September 2023

for

CEDAR HOUSE FINANCIAL SERVICES LIMITED

CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Contents of the Financial Statements
for the year ended 30 September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CEDAR HOUSE FINANCIAL SERVICES LIMITED

Company Information
for the year ended 30 September 2023







Directors: Mr D Gerschlowitz
Mr L D Kafton
Mr E T Elia





Registered office: Cedar House
179-181 Bramley Road
Oakwood
London
N14 4XA





Registered number: 02040424 (England and Wales)





Accountants: Haines Watts North London LLP
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Balance Sheet
30 September 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 4 315,770 384,803
Tangible assets 5 17,718 22,580
Investments 6 1,000 1,000
334,488 408,383

Current assets
Debtors 7 970,684 877,574
Cash at bank and in hand 427,712 7,639
1,398,396 885,213
Creditors
Amounts falling due within one year 8 907,498 521,290
Net current assets 490,898 363,923
Total assets less current liabilities 825,386 772,306

Creditors
Amounts falling due after more than one year 9 (34,779 ) (44,419 )

Provisions for liabilities (4,145 ) (4,026 )
Net assets 786,462 723,861

Capital and reserves
Called up share capital 720 840
Capital redemption reserve 480 360
Retained earnings 785,262 722,661
Shareholders' funds 786,462 723,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Balance Sheet - continued
30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





Mr L D Kafton - Director


CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Notes to the Financial Statements
for the year ended 30 September 2023


1. Statutory information

Cedar House Financial Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating amortisation of goodwill. A full line by line review of intangible assets is carried out by management regularly. Whilst every attempt is made to ensure that the amortisation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the intangible assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover represents the commissions and fees receivable during the year less indemnity commissions chargeback provisions.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


2. Accounting policies - continued

Investments in subsidiaries
Investments in subsidiaries are carried at cost less accumulated impairment losses in the Company’s balance sheet.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 year 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


2. Accounting policies - continued

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a company in 2016, is being amortised evenly over its estimated useful life of 10 years.

3. Employees and directors

The average number of employees during the year was 16 (2022 - 15 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 629,581
Impairments (6,750 )
At 30 September 2023 622,831
Amortisation
At 1 October 2022 244,778
Amortisation for year 62,283
At 30 September 2023 307,061
Net book value
At 30 September 2023 315,770
At 30 September 2022 384,803

CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


5. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£ £ £ £
Cost
At 1 October 2022 10,022 122,067 74,218 206,307
Additions 1,059 - - 1,059
At 30 September 2023 11,081 122,067 74,218 207,366
Depreciation
At 1 October 2022 5,575 117,124 61,028 183,727
Charge for year 826 742 4,353 5,921
At 30 September 2023 6,401 117,866 65,381 189,648
Net book value
At 30 September 2023 4,680 4,201 8,837 17,718
At 30 September 2022 4,447 4,943 13,190 22,580

6. Fixed asset investments
Shares in
group
undertakings
£
Cost
At 1 October 2022
and 30 September 2023 1,000
Net book value
At 30 September 2023 1,000
At 30 September 2022 1,000

7. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 970,684 877,574

CEDAR HOUSE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02040424)

Notes to the Financial Statements - continued
for the year ended 30 September 2023


8. Creditors: amounts falling due within one year
2023 2022
£ £
Taxation and social security 255,899 244,378
Other creditors 651,599 276,912
907,498 521,290

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 34,779 44,419

10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year - 1,174

11. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£ £
Mr D Gerschlowitz
Balance outstanding at start of year (3,702 ) 30,792
Amounts advanced 79,115 265,506
Amounts repaid (190,000 ) (300,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (114,587 ) (3,702 )

Mr L D Kafton
Balance outstanding at start of year 1,226 80,926
Amounts advanced 127,000 220,300
Amounts repaid (190,000 ) (300,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (61,774 ) 1,226