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REGISTERED NUMBER: 05072423 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

North Laine Financial Management Ltd

North Laine Financial Management Ltd (Registered number: 05072423)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


North Laine Financial Management Ltd (Registered number: 05072423)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible fixed assets 4 102,630 16,434
Investments 5 3 55
102,633 16,489

Current assets
Debtors 6 179,964 86,905
Cash at bank 289,145 290,654
469,109 377,559
Creditors
Amounts falling due within one year 7 178,158 115,810
Net current assets 290,951 261,749
Total assets less current liabilities 393,584 278,238

Creditors
Amounts falling due after more than one
year

8

(78,542

)

-

Provisions for liabilities (25,388 ) (3,684 )
Net assets 289,654 274,554

North Laine Financial Management Ltd (Registered number: 05072423)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £    £    £    £   
Capital and reserves
Called up share capital 10 100 100
Retained earnings 289,554 274,454
Shareholders' funds 289,654 274,554

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





S B Mackie - Director


North Laine Financial Management Ltd (Registered number: 05072423)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. Statutory information

North Laine Financial Management Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05072423

Registered office: Unit 1 Pondtail Farm
Coolham Road
West Grinstead
Horsham
West Sussex
RH13 8LN

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

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 and represents amounts receivable for services rendered stated net of discounts.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 25% reducing balance
Computer equipment - 33% straight line
Leasehold improvements- 10% straight line
Motor vehicles- 20% reducing balance

North Laine Financial Management Ltd (Registered number: 05072423)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

Investments in associates
Investments in associate undertakings are recognised at cost.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term.

Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

North Laine Financial Management Ltd (Registered number: 05072423)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued

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.

3. Employees and directors

The average number of employees during the year was 7 (2023 - 7 ) .

4. Tangible fixed assets
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 15,071 13,003 - 25,007 53,081
Additions - 1,250 108,329 3,121 112,700
At 31 March 2024 15,071 14,253 108,329 28,128 165,781
Depreciation
At 1 April 2023 13,564 4,978 - 18,105 36,647
Charge for year 1,507 2,267 18,055 4,675 26,504
At 31 March 2024 15,071 7,245 18,055 22,780 63,151
Net book value
At 31 March 2024 - 7,008 90,274 5,348 102,630
At 31 March 2023 1,507 8,025 - 6,902 16,434

North Laine Financial Management Ltd (Registered number: 05072423)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. Fixed asset investments
Interest
in
associate
£   
Cost
At 1 April 2023 55
Disposals (52 )
At 31 March 2024 3
Net book value
At 31 March 2024 3
At 31 March 2023 55

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Amounts owed by participating interests 78,108 -
Other debtors 101,856 86,905
179,964 86,905

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts 10,984 -
Amounts owed to participating interests - 5
Taxation and social security 158,601 107,779
Other creditors 8,573 8,026
178,158 115,810

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 78,542 -

9. Secured debts

Creditors includes liabilities of £89,526(2023: £nil) which are secured by the assets to which they relate.

North Laine Financial Management Ltd (Registered number: 05072423)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
56 Ordinary A shares £1 56 56
14 Ordinary B shares £1 14 14
20 Ordinary C shares £1 20 20
10 Ordinary D shares £1 10 10
100 100

11. Off-balance sheet arrangements

At the year end, the company had operating lease commitments amounting to £47,124 (2023: £63,954)