Company registration number 07236913 (England and Wales)
HEATON FINANCIAL INDEPENDENT FINANCIAL ADVISERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
HEATON FINANCIAL INDEPENDENT FINANCIAL ADVISERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
HEATON FINANCIAL INDEPENDENT FINANCIAL ADVISERS LTD
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
14,290
21,460
Tangible assets
4
3,942
5,397
18,232
26,857
Current assets
Debtors
5
86,279
106,723
Cash at bank and in hand
53,592
103,744
139,871
210,467
Creditors: amounts falling due within one year
6
(30,521)
(38,649)
Net current assets
109,350
171,818
Total assets less current liabilities
127,582
198,675
Creditors: amounts falling due after more than one year
7
-
0
(4,339)
Net assets
127,582
194,336
Capital and reserves
Called up share capital
130
130
Share premium account
19,585
19,585
Profit and loss reserves
107,867
174,621
Total equity
127,582
194,336

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 October 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.

HEATON FINANCIAL INDEPENDENT FINANCIAL ADVISERS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr D J Heaton
Mrs C F Goodfellow
Director
Director
Company registration number 07236913 (England and Wales)
HEATON FINANCIAL INDEPENDENT FINANCIAL ADVISERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Heaton Financial Independent Financial Advisers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenues derived from the provision of financial advisory services.

 

Commission receivable:

Initial commission is recognised at the date of inception of the related policy. Where appropriate, provision is made for estimated amounts to be clawed back by the insurer. Trail and renewal commission is recognised at the point at which target dates are reached without the related policy lapsing or on which the policy is renewed.

1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 15 years.
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% per annum on cost
Furniture and equipment
25% per annum on net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HEATON FINANCIAL INDEPENDENT FINANCIAL ADVISERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
107,500
Amortisation and impairment
At 1 November 2022
86,040
Amortisation charged for the year
7,170
At 31 October 2023
93,210
Carrying amount
At 31 October 2023
14,290
At 31 October 2022
21,460
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
15,781
Depreciation and impairment
At 1 November 2022
10,384
Depreciation charged in the year
1,455
At 31 October 2023
11,839
Carrying amount
At 31 October 2023
3,942
At 31 October 2022
5,397
HEATON FINANCIAL INDEPENDENT FINANCIAL ADVISERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
4,981
Other debtors
86,279
101,742
86,279
106,723
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
17,605
29,191
Other creditors
12,916
9,458
30,521
38,649
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
-
0
4,339
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Two Directors
2.15
96,774
91,814
2,121
(108,592)
82,117
96,774
91,814
2,121
(108,592)
82,117

The aforementioned advances are unsecured and repayable on demand.

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