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REGISTERED NUMBER: 03260149 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

MIDLAND FINANCIAL PLANNING LIMITED

MIDLAND FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 03260149)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MIDLAND FINANCIAL PLANNING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mrs J L Charlton
D K Parsons





REGISTERED OFFICE: 9 Holcot Leys
Rugby
Warwickshire
CV22 5SJ





REGISTERED NUMBER: 03260149 (England and Wales)





ACCOUNTANTS: Armstrongs
Chartered Accountants and Tax Advisers
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

MIDLAND FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 03260149)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 14,357 13,807
14,357 13,807

CURRENT ASSETS
Debtors 6 34,653 32,751
Cash at bank 11,754 16,335
46,407 49,086
CREDITORS
Amounts falling due within one year 7 23,905 20,887
NET CURRENT ASSETS 22,502 28,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

36,859

42,006

CREDITORS
Amounts falling due after more than one
year

8

(36,484

)

(41,273

)

PROVISIONS FOR LIABILITIES (114 ) -
NET ASSETS 261 733

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 9 160 632
261 733

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

MIDLAND FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 03260149)

BALANCE SHEET - continued
31 OCTOBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





Mrs J L Charlton - Director


MIDLAND FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 03260149)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Midland Financial Planning 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1996, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on reducing balance
Computer equipment - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

MIDLAND FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 03260149)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 12,000
AMORTISATION
At 1 November 2022
and 31 October 2023 12,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 November 2022 13,600 25,358 - 38,958
Additions - - 899 899
At 31 October 2023 13,600 25,358 899 39,857
DEPRECIATION
At 1 November 2022 - 25,151 - 25,151
Charge for year - 52 297 349
At 31 October 2023 - 25,203 297 25,500
NET BOOK VALUE
At 31 October 2023 13,600 155 602 14,357
At 31 October 2022 13,600 207 - 13,807

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Directors' current accounts 34,653 32,751

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation tax 22,542 15,757
Social security and other taxes 132 3,960
Accrued expenses 1,231 1,170
23,905 20,887

MIDLAND FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 03260149)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 36,484 41,273

9. RESERVES
Retained
earnings
£   

At 1 November 2022 632
Profit for the year 82,028
Dividends (82,500 )
At 31 October 2023 160

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mrs J L Charlton and D K Parsons
Balance outstanding at start of year 32,751 14,600
Amounts advanced 121,543 148,246
Amounts repaid (119,641 ) (130,095 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 34,653 32,751