Company registration number 02986781 (England and Wales)
ORCHARD HOUSE (IFAS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ORCHARD HOUSE (IFAS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ORCHARD HOUSE (IFAS) LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,003
7,028
Current assets
Debtors
4
50,910
27,193
Cash at bank and in hand
113,049
160,020
163,959
187,213
Creditors: amounts falling due within one year
5
(118,142)
(85,390)
Net current assets
45,817
101,823
Total assets less current liabilities
49,820
108,851
Provisions for liabilities
6
(760)
(1,229)
Net assets
49,060
107,622
Capital and reserves
Called up share capital
7
1,000
1,000
Share premium account
9,900
9,900
Profit and loss reserves
38,160
96,722
Total equity
49,060
107,622
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Mr J D Yolland
Director
Company Registration No. 02986781
ORCHARD HOUSE (IFAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Orchard House (IFAs) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Eliot Drive, MARLOW, SL7 1TU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Where those services are commission based, they are recognised when received less any clawbacks in respect of lapsed policies.
Where they are fee based they are recognised in the period in which the advice was provided.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:
Leasehold land and buildings
15% straight line
Fixtures and fittings
7 years straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and represents cash in hand.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price, including transaction costs.
ORCHARD HOUSE (IFAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities on the basis that payment is due within one year or less.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged in the profit and loss account.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2022 - 8).
ORCHARD HOUSE (IFAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
3,222
45,825
49,047
Additions
1,833
1,833
At 30 November 2023
3,222
47,658
50,880
Depreciation and impairment
At 1 December 2022
3,222
38,797
42,019
Depreciation charged in the year
4,858
4,858
At 30 November 2023
3,222
43,655
46,877
Carrying amount
At 30 November 2023
4,003
4,003
At 30 November 2022
7,028
7,028
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,436
3,972
Other debtors
46,474
23,221
50,910
27,193
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
9,145
14,993
Other taxation and social security
16,562
10,476
Other creditors
92,435
59,921
118,142
85,390
ORCHARD HOUSE (IFAS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
760
1,229
2023
Movements in the year:
£
Liability at 1 December 2022
1,229
Credit to profit or loss
(469)
Liability at 30 November 2023
760
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1000 ordinary shares of £1 each
1,000
1,000