5 false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2021 29,799 3,243 33,042 23,400 3,693 27,093 5,949 6,399 xbrli:pure xbrli:shares iso4217:GBP 06503284 2023-03-01 2024-02-29 06503284 2024-02-29 06503284 2023-02-28 06503284 2022-03-01 2023-02-28 06503284 2023-02-28 06503284 2022-02-28 06503284 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 06503284 bus:Director1 2023-03-01 2024-02-29 06503284 core:WithinOneYear 2024-02-29 06503284 core:WithinOneYear 2023-02-28 06503284 core:ShareCapital 2024-02-29 06503284 core:ShareCapital 2023-02-28 06503284 core:RetainedEarningsAccumulatedLosses 2024-02-29 06503284 core:RetainedEarningsAccumulatedLosses 2023-02-28 06503284 bus:SmallEntities 2023-03-01 2024-02-29 06503284 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06503284 bus:FullAccounts 2023-03-01 2024-02-29 06503284 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06503284 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06503284 core:OfficeEquipment 2023-03-01 2024-02-29 06503284 core:OfficeEquipment 2023-02-28 06503284 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 06503284
Spear Financial Limited
Filleted Unaudited Financial Statements
29 February 2024
Spear Financial Limited
Financial Statements
Year ended 29 February 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Spear Financial Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Spear Financial Limited
Year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spear Financial Limited for the year ended 29 February 2024, which comprise 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 firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Spear Financial Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Spear Financial Limited and state those matters that we have agreed to state them, as a body, in this report in accordance with AAF 02/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spear Financial Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Spear Financial Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spear Financial Limited. You consider that Spear Financial 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 financial statements of Spear Financial 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 statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
5 September 2024
Spear Financial Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
5,949
6,399
Current assets
Debtors
6
7,859
7,908
Cash at bank and in hand
134,918
111,630
---------
---------
142,777
119,538
Creditors: amounts falling due within one year
7
17,449
13,392
---------
---------
Net current assets
125,328
106,146
---------
---------
Total assets less current liabilities
131,277
112,545
Provisions
Taxation including deferred tax
1,130
1,045
---------
---------
Net assets
130,147
111,500
---------
---------
Spear Financial Limited
Statement of Financial Position (continued)
29 February 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
130,047
111,400
---------
---------
Shareholders funds
130,147
111,500
---------
---------
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 income and retained earnings has not been delivered.
For the 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr C J Spear
Director
Company registration number: 06503284
Spear Financial Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broome's Barns, Pilsley Lane, Pilsley, Bakewell, Derbyshire, DE45 1PF.
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.
Commissions
The company accounts for commissions when receivable in terms of business written in the period. Indemnity commissions are paid to the company resulting in the possibility of commission clawback in cases where sums have been received and premiums are not subsequently paid by the policyholder. No provision is made for any such unquantifiable clawback.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. In the opinion of management, there are no judgements or key sources of estimation uncertainty that have a significant impact on the financial statements, other than those stated below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. The turnover, as reflected in the Income Statement includes, for new business, that written in the period and for renewal or fund based business, that received in the period.
Taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less ) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
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.
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:
Equipment
-
25% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2023
29,799
29,799
Additions
3,243
3,243
--------
--------
At 29 February 2024
33,042
33,042
--------
--------
Depreciation
At 1 March 2023
23,400
23,400
Charge for the year
3,693
3,693
--------
--------
At 29 February 2024
27,093
27,093
--------
--------
Carrying amount
At 29 February 2024
5,949
5,949
--------
--------
At 28 February 2023
6,399
6,399
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
7,859
7,908
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,418
1,947
Social security and other taxes
6,806
6,871
Other creditors
5,225
4,574
--------
--------
17,449
13,392
--------
--------