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COMPANY REGISTRATION NUMBER: 07204010
COMPREHENSIVE FINANCIAL PLANNING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
COMPREHENSIVE FINANCIAL PLANNING LTD
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
127
169
Investments
6
3,964
4,040
-------
-------
4,091
4,209
CURRENT ASSETS
Debtors
7
7,049
Cash at bank and in hand
139,197
121,423
---------
---------
139,197
128,472
CREDITORS: amounts falling due within one year
8
16,456
13,707
---------
---------
NET CURRENT ASSETS
122,741
114,765
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
126,832
118,974
PROVISIONS
Taxation including deferred tax
32
42
---------
---------
NET ASSETS
126,800
118,932
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
4
4
Profit and loss account
126,796
118,928
---------
---------
SHAREHOLDERS FUNDS
126,800
118,932
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
COMPREHENSIVE FINANCIAL PLANNING LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 6 August 2024 , and are signed on behalf of the board by:
Mr M J Attree
Director
Company registration number: 07204010
COMPREHENSIVE FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 June 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Eastwood, Wern, Weston Rhyn, Oswestry, SY10 7LH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the income statement. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
Revenue consists of fees earned during the year, which are based upon client's portfolio values with product providers, together with a smaller amount of commissions receivable.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture & fixtures
-
25% reducing balance
Office equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. TANGIBLE ASSETS
Furniture & fixtures
Office equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
2,883
3,964
6,847
-------
-------
-------
Depreciation
At 1 July 2023
2,714
3,964
6,678
Charge for the year
42
42
-------
-------
-------
At 30 June 2024
2,756
3,964
6,720
-------
-------
-------
Carrying amount
At 30 June 2024
127
127
-------
-------
-------
At 30 June 2023
169
169
-------
-------
-------
6. INVESTMENTS
Financial instruments
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2023
78
3,962
4,040
Disposals
( 106)
( 106)
Revaluations
30
30
----
-------
-------
At 30 June 2024
2
3,962
3,964
----
-------
-------
Impairment
At 1 July 2023 and 30 June 2024
----
-------
-------
Carrying amount
At 30 June 2024
2
3,962
3,964
----
-------
-------
At 30 June 2023
78
3,962
4,040
----
-------
-------
Financial instrument investments are valued by the director at market value with changes in value recognised through the profit and loss account.
There are no material differences between the above figures and those had the historical cost basis of accounting been used.
Other investments are valued at cost less impairment.
7. DEBTORS
2024
2023
£
£
Other debtors
7,049
----
-------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Corporation tax
12,923
11,509
Social security and other taxes
124
128
Other creditors
3,409
2,070
--------
--------
16,456
13,707
--------
--------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares shares of £ 1 each
4
4
4
4
----
----
----
----
10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Attree
1,123
( 1,123)
----
-------
-------
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr M J Attree
3,415
( 3,415)
----
-------
-------
----
No interest was charged on the above advances.