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Registration number: 08483717

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Company Information

Directors

Mr Malcolm Chambers

Mr Anthony Joseph Sweet

Registered office

Beckett House
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

Accountants

Beckett Rawcliffe
Chartered Accountants
Beckett House
Unit 17 Sovereign Court
Wyrefields
Poulton-le-Fylde
Lancashire
FY6 8JX

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

(Registration number: 08483717)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

11,057

11,057

Tangible assets

5

4,615

3,596

 

15,672

14,653

Current assets

 

Stocks

6

1,500

1,500

Debtors

7

6,420

11,764

Cash at bank and in hand

 

360,285

379,068

 

368,205

392,332

Creditors: Amounts falling due within one year

8

(65,764)

(70,750)

Net current assets

 

302,441

321,582

Net assets

 

318,113

336,235

Capital and reserves

 

Called up share capital

9

147

187

Retained earnings

317,966

336,048

Shareholders' funds

 

318,113

336,235

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 July 2024 and signed on its behalf by:
 

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

(Registration number: 08483717)
Balance Sheet as at 30 June 2024

.........................................
Mr Malcolm Chambers
Director

   
     
 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Beckett House
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX
England

The principal place of business is:
121 Town Lane
Whittle le Woods
Chorley
Lancashire
PR6 8AL

These financial statements were authorised for issue by the Board on 17 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

34,500

34,500

Additions acquired separately

3,000

3,000

At 30 June 2024

37,500

37,500

Amortisation

At 1 July 2023

23,443

23,443

Amortisation charge

3,000

3,000

At 30 June 2024

26,443

26,443

Carrying amount

At 30 June 2024

11,057

11,057

At 30 June 2023

11,057

11,057

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

12,777

12,777

Additions

2,558

2,558

At 30 June 2024

15,335

15,335

Depreciation

At 1 July 2023

9,181

9,181

Charge for the year

1,539

1,539

At 30 June 2024

10,720

10,720

Carrying amount

At 30 June 2024

4,615

4,615

At 30 June 2023

3,596

3,596

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Work in progress

1,500

1,500

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,500

2,500

Prepayments

3,920

3,920

Other debtors

-

5,344

 

6,420

11,764

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

59,808

59,756

Accruals and deferred income

1,860

1,440

Other creditors

4,096

9,554

65,764

70,750

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

60

60

100

100

Ordinary 'A' of £1 each

17

17

28

28

Ordinary 'B' of £1 each

50

50

50

50

Ordinary 'C' of £1 each

10

10

10

10

Ordinary 'D' of £1 each

10

10

10

10

147

147

198

198

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary

-

9,000

Interim dividend of £Nil per each Ordinary 'A'

7,000

2,000

Interim dividend of £1,764.00 per each Ordinary 'B'

88,200

88,200

Interim dividend of £4,100.00 (2023 - £1,200.00) per each Ordinary 'C'

41,000

60,000

Interim dividend of £2,200.00 (2023 - £200.00) per each Ordinary 'D'

22,000

2,000

158,200

161,200

11

Related party transactions

 

T & M Financial Planning Limited

trading as T & M Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

27,518

27,950

Contributions paid to money purchase schemes

20,000

20,000

47,518

47,950

12

Parent and ultimate parent undertaking

The ultimate controlling party is Malcolm Chambers.