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Filleted
Registration number: 13924665

Roberts Wealth & Financial Planning Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Roberts Wealth & Financial Planning Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Detailed Profit and Loss Account

8 to 9

 

Roberts Wealth & Financial Planning Ltd

Company Information

Director

Mr Kevin Roberts

Registered office

43 Ty'r Fran Avenue
Llanelli
SA15 3LW

Accountants

LHP Carmarthen
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Roberts Wealth & Financial Planning Ltd

(Registration number: 13924665)
Balance Sheet as at 29 February 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

80,095

90,095

Tangible assets

5

1,500

2,000

 

81,595

92,095

Current assets

 

Debtors

6

9,163

1,115

Cash at bank and in hand

 

12,064

10,901

 

21,227

12,016

Creditors: Amounts falling due within one year

7

(94,503)

(117,819)

Net current liabilities

 

(73,276)

(105,803)

Net assets/(liabilities)

 

8,319

(13,708)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

8,219

(13,808)

Shareholders' funds/(deficit)

 

8,319

(13,708)

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 August 2024
 

.........................................
Mr Kevin Roberts
Director

   
     
 

Roberts Wealth & Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
43 Ty'r Fran Avenue
Llanelli
SA15 3LW

These financial statements were authorised for issue by the director on 14 August 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.

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.

 

Roberts Wealth & Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

20% reducing balance

Motor vehicles

20% straight line

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

Intangible assets

20% 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.

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.

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.

Borrowings

 

Roberts Wealth & Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Roberts Wealth & Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

100,000

100,000

At 29 February 2024

100,000

100,000

Amortisation

At 1 March 2023

9,905

9,905

Amortisation charge

10,000

10,000

At 29 February 2024

19,905

19,905

Carrying amount

At 29 February 2024

80,095

80,095

At 28 February 2023

90,095

90,095

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

2,500

2,500

At 29 February 2024

2,500

2,500

Depreciation

At 1 March 2023

500

500

Charge for the year

500

500

At 29 February 2024

1,000

1,000

Carrying amount

At 29 February 2024

1,500

1,500

At 28 February 2023

2,000

2,000

6

Debtors

 

Roberts Wealth & Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Current

2024
£

(As restated)

2023
£

Prepayments

-

1,115

Other debtors

9,163

-

 

9,163

1,115

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Bank loans and overdrafts

9

75,435

93,084

Taxation and social security

 

129

-

Other related parties

 

-

14,083

Other creditors

 

-

875

Corporation tax liability

 

18,939

9,777

 

94,503

117,819

8

Share capital

9

Loans and borrowings

Current loans and borrowings

2024
£

(As restated)

2023
£

Bank borrowings

75,435

93,084

 

Roberts Wealth & Financial Planning Ltd

Detailed Profit and Loss Account for the Year Ended 29 February 2024

2024
£

(As restated)

2023
£

Turnover (analysed below)

155,293

104,985

Gross profit (%)

100%

100%

Distribution costs (analysed below)

-

(412)

Administrative expenses

Employment costs (analysed below)

(36,117)

(26,327)

Establishment costs (analysed below)

(3,980)

(3,320)

General administrative expenses (analysed below)

(7,534)

(9,211)

Finance charges (analysed below)

(73)

-

Depreciation costs (analysed below)

(10,500)

(24,207)

(58,204)

(63,065)

Operating profit

97,089

41,508

Interest payable and similar expenses (analysed below)

(6,123)

(2,989)

Profit before tax

90,966

38,519

 

Roberts Wealth & Financial Planning Ltd

Detailed Profit and Loss Account for the Year Ended 29 February 2024

2024
£

2023
£

   

Turnover

Rendering of services, UK

155,293

104,985

   

Distribution costs

Sundry expenses

-

(412)

   

Employment costs

Wages and salaries (excluding directors)

(12,000)

(12,500)

Directors remuneration

(12,000)

(11,000)

Directors pensions (Defined contribution)

(6,000)

-

Travelling

(6,117)

(2,827)

(36,117)

(26,327)

   

Establishment costs

Use of home as office

(3,600)

(3,300)

Repairs and maintenance

(380)

(20)

(3,980)

(3,320)

   

General administrative expenses

Telephone and fax

(169)

(1,000)

Computer software and maintenance costs

(4,214)

(593)

Printing, postage and stationery

(957)

(726)

Sundry expenses

(230)

-

Advertising

-

(420)

Accountancy fees

(1,964)

(1,546)

Legal and professional fees

-

(4,926)

(7,534)

(9,211)

   

Finance charges

Bank charges

(73)

-

   

Depreciation costs

Depreciation of motor vehicles (finance lease/hp)

-

(13,802)

Depreciation of office equipment (owned)

(500)

(500)

Depreciation of other tangible (owned)

(10,000)

(9,905)

(10,500)

(24,207)

   

Interest payable and similar expenses

Other loan interest

(6,123)

(2,989)