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Registered Number: 06405586
England and Wales

 

 

 

ESSENTIAL IFA LIMITED


Abridged Accounts
 


Period of accounts

Start date: 22 April 2022

End date: 20 April 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 13,379    15,229 
13,379    15,229 
Current assets      
Stocks 2,000    2,000 
Debtors 95,130    49,779 
Cash at bank and in hand 5,899    29,862 
103,029    81,641 
Creditors: amount falling due within one year (85,626)   (60,872)
Net current assets 17,403    20,769 
 
Total assets less current liabilities 30,782    35,998 
Creditors: amount falling due after more than one year (30,417)   (35,417)
Net assets 365    581 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 265    481 
Shareholder's funds 365    581 
 


For the period ended 20 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 15 March 2024 and were signed on its behalf by:


-------------------------------
Peter Herd
Director
1
General Information
Essential IFA Limited is a private company, limited by shares, registered in England and Wales, registration number 06405586, registration address Stebbings Back Lane , Washbrook, Ipswich , Suffolk, IP8 3JA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the period was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 22 April 2022 29,171    22,516    51,687 
Additions   2,609    2,609 
Disposals    
At 20 April 2023 29,171    25,125    54,296 
Depreciation
At 22 April 2022 23,121    13,337    36,458 
Charge for period 1,512    2,947    4,459 
On disposals    
At 20 April 2023 24,633    16,284    40,917 
Net book values
Closing balance as at 20 April 2023 4,538    8,841    13,379 
Opening balance as at 22 April 2022 6,050    9,179    15,229 


2