Acorah Software Products - Accounts Production 15.0.600 false true 30 April 2023 1 May 2022 false 1 May 2023 30 April 2024 30 April 2024 03980161 Mr Paul Spires Mr Andrew Hall Mr Paul Spires Sound Financial Planning Group Limited 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU false iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03980161 2023-04-30 03980161 2024-04-30 03980161 2023-05-01 2024-04-30 03980161 frs-core:CurrentFinancialInstruments 2024-04-30 03980161 frs-core:BetweenOneFiveYears 2024-04-30 03980161 frs-core:ComputerEquipment 2024-04-30 03980161 frs-core:ComputerEquipment 2023-05-01 2024-04-30 03980161 frs-core:ComputerEquipment 2023-04-30 03980161 frs-core:FurnitureFittings 2024-04-30 03980161 frs-core:FurnitureFittings 2023-05-01 2024-04-30 03980161 frs-core:FurnitureFittings 2023-04-30 03980161 frs-core:NetGoodwill 2024-04-30 03980161 frs-core:NetGoodwill 2023-05-01 2024-04-30 03980161 frs-core:NetGoodwill 2023-04-30 03980161 frs-core:WithinOneYear 2024-04-30 03980161 frs-core:ShareCapital 2024-04-30 03980161 frs-core:RetainedEarningsAccumulatedLosses 2024-04-30 03980161 frs-bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03980161 frs-bus:FilletedAccounts 2023-05-01 2024-04-30 03980161 frs-bus:SmallEntities 2023-05-01 2024-04-30 03980161 frs-bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03980161 frs-bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03980161 1 2023-05-01 2024-04-30 03980161 frs-bus:Director1 2023-05-01 2024-04-30 03980161 frs-bus:Director2 2023-05-01 2024-04-30 03980161 frs-bus:CompanySecretary1 2023-05-01 2024-04-30 03980161 frs-countries:EnglandWales 2023-05-01 2024-04-30 03980161 2022-04-30 03980161 2023-04-30 03980161 2022-05-01 2023-04-30 03980161 frs-core:CurrentFinancialInstruments 2023-04-30 03980161 frs-core:BetweenOneFiveYears 2023-04-30 03980161 frs-core:WithinOneYear 2023-04-30 03980161 frs-core:ShareCapital 2023-04-30 03980161 frs-core:RetainedEarningsAccumulatedLosses 2023-04-30
Registered number: 03980161
Sound Financial Planning Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Sound Financial Planning Limited For The Year Ended 30 April 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Sound Financial Planning Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Sound Financial Planning Limited , as a body, in accordance with the terms of our engagement letter dated 26 July 2021. Our work has been undertaken solely to prepare for your approval the accounts of Sound Financial Planning Limited and state those matters that we have agreed to state to the directors of Sound Financial Planning Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sound Financial Planning Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Sound Financial Planning Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Sound Financial Planning Limited . You consider that Sound Financial Planning Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Sound Financial Planning Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
22/08/2024
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
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Statement of Financial Position
Registered number: 03980161
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 110,833 180,833
Tangible Assets 5 21,068 16,795
131,901 197,628
CURRENT ASSETS
Debtors 6 124,803 119,113
Cash at bank and in hand 181,589 134,254
306,392 253,367
Creditors: Amounts Falling Due Within One Year 7 (210,597 ) (161,298 )
NET CURRENT ASSETS (LIABILITIES) 95,795 92,069
TOTAL ASSETS LESS CURRENT LIABILITIES 227,696 289,697
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,267 ) (4,199 )
NET ASSETS 222,429 285,498
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 222,329 285,398
SHAREHOLDERS' FUNDS 222,429 285,498
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For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Andrew Hall
Director
21/08/2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Sound Financial Planning Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03980161 . The registered office is 16 Herons Gate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from commission receivable and from the rendering of services.
Commission receivable
Turnover from commission receivable is recognised in respect of policies on risk at the balance sheet date. 
Rendering of services
Turnover from the rendering of services is recognised on completion of the work carried out. 
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 10)
9 10
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4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 590,000
As at 30 April 2024 590,000
Amortisation
As at 1 May 2023 409,167
Provided during the period 70,000
As at 30 April 2024 479,167
Net Book Value
As at 30 April 2024 110,833
As at 1 May 2023 180,833
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 May 2023 10,000 20,946 30,946
Additions 4,935 4,709 9,644
Disposals - (2,123 ) (2,123 )
As at 30 April 2024 14,935 23,532 38,467
Depreciation
As at 1 May 2023 4,961 9,190 14,151
Provided during the period 1,363 2,844 4,207
Disposals - (959 ) (959 )
As at 30 April 2024 6,324 11,075 17,399
Net Book Value
As at 30 April 2024 8,611 12,457 21,068
As at 1 May 2023 5,039 11,756 16,795
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,969 9,787
Other debtors 110,101 100,866
Amounts owed by group undertakings 8,733 8,460
124,803 119,113
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 68,403 21,270
Corporation tax 83,867 71,062
Other taxes and social security 12,461 11,469
Other creditors 45,866 57,497
210,597 161,298
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 1,365 -
Later than one year and not later than five years 2,503 -
3,868 -
10. Related Party Transactions
Sound Financial Services LLPA Limited Liability Partnership in which both Paul Spires and Andrew Hall are the partners.During the year, rent of £147,716 (2023: £99,156) was paid to Sound Financial Services LLP. At the balance sheet date, there was a balance owing to Sound Financial Services LLP of £26,627 (2023: owing from £693).

Sound Financial Services LLP

A Limited Liability Partnership in which both Paul Spires and Andrew Hall are the partners.

During the year, rent of £147,716 (2023: £99,156) was paid to Sound Financial Services LLP. At the balance sheet date, there was a balance owing to Sound Financial Services LLP of £26,627 (2023: owing from £693).

Sound Financial Planning Group LtdParent Company.During the year net dividends amounting to £242,000 (2023: £132,000) were paid to Sound Financial Planning Group Ltd. At the balance sheet date, there was a balance owing from Sound Financial Planning Group Ltd of £8,733 (2023: £8,460).

Sound Financial Planning Group Ltd

Parent Company.

During the year net dividends amounting to £242,000 (2023: £132,000) were paid to Sound Financial Planning Group Ltd. At the balance sheet date, there was a balance owing from Sound Financial Planning Group Ltd of £8,733 (2023: £8,460).

11. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Sound Financial Planning Group Limited . The address of the registered office is 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU. Sound Financial Planning Group Limited was incorporated in England & Wales. The controlling party is Sound Financial Planning Group Limited who controls 100% of the shares of Sound Financial Planning Limited .
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