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Registered Number: 04505057
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

DIRECT FINANCIAL PLANNING LTD

Director Mr I C Hubbard
Registered Number 04505057
Registered Office 2 Osborne Place Lockyer Street
The Hoe
Plymouth
Devon
PL1 2PU
Accountants H M Williams Chartered Certified Accountants
5 Sandy Court
Ashleigh Way
Plymouth
PL7 5JX
1
Director's report and financial statements
The director presents his annual report and the financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company in the year under review was that of letting of property.
Director
The director who has held office during the whole of the year was as follows:
Mr I C Hubbard
Statement of director's responsibilities
The director is responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Mr I C Hubbard
Director

Date approved: 16 September 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Investments 4 1,529,000    1,529,000 
1,529,000    1,529,000 
Current assets      
Debtors 5 184,637    73,101 
Cash at bank and in hand 783,131    451,131 
967,768    524,232 
Creditors: amount falling due within one year 6 (1,311,102)   (963,009)
Net current assets (343,334)   (438,777)
 
Total assets less current liabilities 1,185,666    1,090,223 
Creditors: amount falling due after more than one year 7 (230,128)   (241,407)
Provisions for liabilities 8 (81,582)   (81,582)
Net assets 873,956    767,234 
 

Capital and reserves
     
Called up share capital 400    400 
Profit and loss account 873,556    766,834 
Shareholders' funds 873,956    767,234 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 16 September 2024 and were signed by:


-------------------------------
Mr I C Hubbard
Director
3
General Information
Direct Financial Planning Ltd is a private company, limited by shares, registered in England and Wales, registration number 04505057, registration address 2 Osborne Place Lockyer Street, The Hoe, Plymouth, Devon, PL1 2PU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery 3 Years Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 January 2023 22,967    22,967 
Additions  
Disposals  
At 31 December 2023 22,967    22,967 
Depreciation
At 01 January 2023 22,967    22,967 
Charge for year  
On disposals  
At 31 December 2023 22,967    22,967 
Net book values
Closing balance as at 31 December 2023  
Opening balance as at 01 January 2023  


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 January 2023 1,529,000    1,529,000 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 December 2023 1,529,000    1,529,000 
Fair Value at 31st December 2020 is represented by:   Investment Properties
£
Valuation in 2015 41,689 
Valuation in 2016 50,000 
Valuation in 2017 50,000 
Valuation in 2018 15,000 
Valuation in 2019 40,000 
Valuation in 2020 142,690 
Valuation in 2021 40,000 
Valuation in 2022 50,000 
Cost 1,099,621 
1,529,000 

Investment property is shown at the most recent valuation. Any aggregate surplus' or deficits arising from changes in the market value are recognised in the profit or loss.

Investment properties have been valued as at 31 December 2023 on the basis of their open market value with vacant possession, by the director Mr I C Hubbard.



5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 184,637    73,101 
184,637    73,101 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts 20,373    28,214 
Taxation and Social Security 31,174    14,055 
Other Creditors 1,259,555    920,740 
1,311,102    963,009 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 230,128    241,407 
230,128    241,407 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 81,582    81,582 
81,582    81,582 

9.

Secured debts

  2022
£
  2021
£
Bank Loans 269,621  291,641 
269,621  291,641 


Security for the bank loan is provided under the terms of the agreement in the form of the Bank's first legal charge against the freehold property. A director's personal guarantee is also in place for the following amount: Mr I C Hubbard £290,500.
10.

Reserves

The reserves includes a non-distributable amount of £429,379 arising from revaluations adjustments.
11.

Ultimate controlling party

During the year the company was under the control of its director Mr I C Hubbard by virtue of his majority shareholding.
12.

Related party

The amount owed to the director at the year end was £1,257,582 (2022: £918,819).
4