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REGISTERED NUMBER: 02195886 (England and Wales)

























Financial Statements

for the Year Ended 31 December 2023

for

LP Financial Management Limited

LP Financial Management Limited (Registered number: 02195886)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LP Financial Management Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs N C Mould
G Lewis
C Lawson





SECRETARY: Mrs N C Mould





REGISTERED OFFICE: 2 Oakfield Road
Clifton
Bristol
BS8 2AL





REGISTERED NUMBER: 02195886 (England and Wales)





ACCOUNTANTS: Mander Duffill
Chartered Accountants
The Old Post Office
41-43 Market Place
Chippenham
Wiltshire
SN15 3HR

LP Financial Management Limited (Registered number: 02195886)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 150 150

CURRENT ASSETS
Debtors 5 931,158 979,675
Cash at bank and in hand - 120,626
931,158 1,100,301
CREDITORS
Amounts falling due within one year 6 998,527 1,167,670
NET CURRENT LIABILITIES (67,369 ) (67,369 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(67,219

)

(67,219

)

CAPITAL AND RESERVES
Called up share capital 53,000 53,000
Capital redemption reserve 3,000 3,000
Other reserves 11,585 11,585
Retained earnings (134,804 ) (134,804 )
SHAREHOLDERS' FUNDS (67,219 ) (67,219 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:



Mrs N C Mould - Director


LP Financial Management Limited (Registered number: 02195886)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

LP Financial Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention, on a going concern basis and in accordance with Financial Reporting Standard 102 (FRS 102), 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland', and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The principal accounting policies, which have been applied consistently throughout the period, are set out below.

Turnover
Fees and commission receivable by the company for advice on financial services products, net of value added tax where applicable. Income is recognised on an accruals basis with an adjustment made for income earned not received and expected future clawbacks.

In the opinion of the Directors, the Company has carried on only one class of business, being the provision of financial services.

All turnover arose within the United Kingdom.

LP Financial Management Limited (Registered number: 02195886)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property, plant and equipment under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less the residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:


Short-term leasehold
property

- Over the remaining term of the lease
Fixtures and fittings- 15% on cost
Computer equipment- 25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

LP Financial Management Limited (Registered number: 02195886)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets
The Company classifies all of its financial assets as financial assets held at amortised cost.

At amortised cost
Financial assets held at amortised cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of contractual and monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

Financial assets held at amortised cost are impaired using an expected credit loss model. Expected credit losses are based on the historic levels of loss experienced for the financial assets, with due consideration given to the forward looking information.

Financial liabilities
The Company classifies all of its financial liabilities as liabilities at amortised cost.

At amortised cost
Financial liabilities at amortised cost are initially recognised at fair value net of any transactions costs directly attributable to the issue of the instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried into the Statement of Financial Position.

Income tax
Tax is recognised in the Statement of 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 United Kingdom, where the Company operates and generates income.

Deferred taxation
Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Differences that arise from the initial recognition of assets or liabilities that affect neither accounting nor taxable profit are not provided for. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

LP Financial Management Limited (Registered number: 02195886)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is the pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company became aware of its obligation, and are measured at the best estimate, at the date of signing these financial statements, required to settle the obligation, taking into account the relevant risks and uncertainties.

Operating leases
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 19,750 66,967 86,717
DEPRECIATION
At 1 January 2023
and 31 December 2023 19,750 66,817 86,567
NET BOOK VALUE
At 31 December 2023 - 150 150
At 31 December 2022 - 150 150

LP Financial Management Limited (Registered number: 02195886)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors - 16,255
Amounts owed by group undertakings 931,158 931,158
Other debtors - 12,672
Prepayments - 19,590
931,158 979,675

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1 14,952
Amounts owed to group undertakings 998,526 894,873
Corporation tax - 14,542
Social security and other taxes - 53,584
Other creditors - 9,349
Accrued expenses - 180,370
998,527 1,167,670

7. ULTIMATE CONTROLLING PARTY

NCG Group Holdings Ltd is the single ultimate controlling party.