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COMPANY REGISTRATION NUMBER: 05284756
Integrity Financial Management Limited
Filleted Unaudited Financial Statements
30 November 2023
Integrity Financial Management Limited
Balance Sheet
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
1,689
784,738
Investments
7
235,000
-------
------------
1,689
1,019,738
Current assets
Debtors
8
31,159
6,087
Cash at bank and in hand
229,638
423,685
---------
---------
260,797
429,772
Creditors: amounts falling due within one year
9
55,920
58,454
---------
---------
Net current assets
204,877
371,318
---------
------------
Total assets less current liabilities
206,566
1,391,056
Creditors: amounts falling due after more than one year
10
224,809
Provisions
Taxation including deferred tax
95,204
---------
------------
Net assets
206,566
1,071,043
---------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
206,564
1,071,041
---------
------------
Shareholders funds
206,566
1,071,043
---------
------------
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 comprehensive income (including profit and loss account) has not been delivered.
For the year ending 30 November 2023 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 .
Integrity Financial Management Limited
Balance Sheet (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr G Brophy
Director
Company registration number: 05284756
Integrity Financial Management Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Bridge, 7 Hope Fountain, Camberley, Surrey, GU15 1JF.
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 profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The management has not made any critical judgements (apart from those involving estimations) in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Investment properties are shown at estimated market valuation
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% straight line
Office equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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. Debt instruments are subsequently measured at amortised cost. 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. 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
The company operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
97,299
--------
Amortisation
At 1 December 2022 and 30 November 2023
97,299
--------
Carrying amount
At 30 November 2023
--------
At 30 November 2022
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
750,000
4,061
9,678
61,090
14,469
839,298
Disposals
( 750,000)
( 61,090)
( 811,090)
---------
-------
-------
--------
--------
---------
At 30 Nov 2023
4,061
9,678
14,469
28,208
---------
-------
-------
--------
--------
---------
Depreciation
At 1 Dec 2022
4,024
8,062
28,903
13,571
54,560
Charge for the year
9
404
6,828
449
7,690
Disposals
( 35,731)
( 35,731)
---------
-------
-------
--------
--------
---------
At 30 Nov 2023
4,033
8,466
14,020
26,519
---------
-------
-------
--------
--------
---------
Carrying amount
At 30 Nov 2023
28
1,212
449
1,689
---------
-------
-------
--------
--------
---------
At 30 Nov 2022
750,000
37
1,616
32,187
898
784,738
---------
-------
-------
--------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 December 2022
235,000
Disposals
( 250,000)
Revaluations
15,000
---------
At 30 November 2023
---------
Impairment
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
---------
At 30 November 2022
235,000
---------
8. Debtors
2023
2022
£
£
Other debtors
31,159
6,087
--------
-------
Included within other debtors is £25,502 in respect of the overdrawn directors loan and associated s455 tax that the director does not expect to be repaid before 30 November 2024
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
17,124
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,320
Corporation tax
49,618
31,904
Social security and other taxes
37
Other creditors
2,982
9,389
--------
--------
55,920
58,454
--------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
224,809
----
---------
11. Director's advances, credits and guarantees
During the year, payments were made on behalf of the director so that at 30 November 2023 £19,067 was owed by (2022 £1,602 owed to) him and will not be repaid before 30 November 2024.
12. Related party transactions
During the year, the investment property and listed share investment were transferred to Brophy Properties Ltd, a company under common control via a distribution in specie. As at 30 November 2023, £3,320 (2022 £nil) was owed to Brophy Properties Ltd in respect of monies received on behalf of that company, and will be repaid before 30 November 2024.
13. Reserves
The only movements in equity during the year were in respect of the dividends paid and the profit for the year, which includes the revaluation of the listed investments and investment property prior to transfer. All of the profit and loss account is distributable.