Affluent Financial Planning Ltd. |
Registered number: |
SC161571 |
Balance Sheet |
as at 31 December 2023 |
|
|
|
Note |
|
2023 |
|
|
2022 |
£ |
£ |
|
Fixed assets |
|
6 |
|
896,280 |
|
|
828,174 |
Current assets |
|
7 |
98,277 |
|
|
105,368 |
Prepayments and accrued income |
|
|
18,732 |
|
|
23,973 |
|
|
|
117,009 |
|
|
129,341 |
Creditors: amounts falling due within one year |
|
8 |
(160,906) |
|
|
(156,587) |
Net current liabilities |
|
|
|
(43,897) |
|
|
(27,246) |
Total assets less current liabilities |
|
|
|
852,383 |
|
|
800,928 |
Creditors: amounts falling due after more than one year |
|
|
|
(157,635) |
|
|
(6,815) |
Net assets |
|
|
|
692,899 |
|
|
794,113 |
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
692,899 |
|
|
794,113 |
|
|
|
|
|
|
|
|
Number |
Number |
Average number of employees during the year |
|
4 |
|
|
6 |
|
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. |
The financial statements were approved by the board of directors and authorised for issue on and were signed on behalf of by |
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|
|
|
Paul Anthony Carl Melvin |
Director |
Approved by the board on 18/09/2024 |
|
Affluent Financial Planning Ltd. |
Notes to the accounts |
as at 31 December 2023 |
|
1 |
Statutory information |
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The company is a private company limited by shares and incorporated in Scotland. Its registered office is 1 Kirkinner Place, Main Street, Bridge of Weir, Renfrewshire, PA11 3AA and its registered number is SC161571. |
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Affluent Financial Group Ltd owns 100% of the shares of Affluent Financial Planning Ltd. Affluent Financial Group Ltd is owned and controlled by director, Paul Anthony Carl Melvin. |
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2 |
Compliance with applicable reporting framework |
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The accounts have been prepared in accordance with the provisions of FRS 102, Section 1A, Accounting for Small Entities. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. There were no material departures from that standard. |
|
3 |
Accounting policies |
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Basis of preparation |
The principal accounting policies adopted in the preparate of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
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The financial statements have been prepared under the historical cost convention. |
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Tangible fixed assets and depreciation |
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Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows: |
|
|
Leasehold property |
25% reducing balance |
|
Plant and machinery |
25% reducing balance |
|
Fixtures and fittings |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Investments |
Investments in subsidiaries are measured at fair value unless the value cannot be reasonably measured, in which case, they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Affluent Financial Planning Ltd. |
Notes to the accounts (continued) |
as at 31 December 2023 |
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|
3 |
Accounting policies (continued) |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates. |
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Revenue is recognised in the period in which services are provided, when the following conditions are met: |
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(a) the amount of revenue can be measured reliably; |
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(b) it is probable that future economic benefits will flow to the entity. |
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Employee benefits |
The group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and contributions to defined contribution schemes. |
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Short term benefits, including bonuses, are recognised as an expense in the period in which the service is received |
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A defined contribution plan is a 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. |
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Taxation |
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. |
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Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end. |
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Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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4 |
Employee information |
|
|
|
|
|
|
2023 |
|
2022 |
Number |
Number |
|
Average number of employees during the year |
|
4 |
|
6 |
|
|
|
|
|
|
|
|
Affluent Financial Planning Ltd. |
Notes to the accounts (continued) |
as at 31 December 2023 |
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|
5 |
Taxation |
|
|
|
|
|
|
2023 |
|
2022 |
|
|
Current tax charge |
138,719 |
|
149,265 |
|
|
Total deferred tax |
14,890 |
|
1,831 |
|
|
|
|
|
|
153,609 |
|
151,096 |
|
|
|
|
|
|
|
|
6 |
Fixed assets |
|
Lhold |
P & M |
Inv |
Total |
|
|
Cost |
102,943 |
136,359 |
822,002 |
1,061,304 |
|
Opening cost |
6,352 |
|
6,352 |
|
Additions |
-95,688 |
|
-95,688 |
|
Disposal |
102,943 |
47,023 |
822,002 |
971,968 |
|
Closing cost |
|
|
Depreciation |
90,562 |
125,730 |
|
216,291 |
|
Bal brought forward |
12,381 |
3,369 |
|
15,750 |
|
Charge for the year |
-88,247 |
|
-88,247 |
|
Disposal |
102,943 |
40,851 |
0 |
143,794 |
|
Closing bal |
|
|
Net book value |
12,381 |
10,630 |
822,002 |
845,013 |
|
Opening |
0 |
6,172 |
822,002 |
828,174 |
|
|
|
|
|
|
|
|
|
7 |
Debtors within 1 year |
|
|
|
|
|
|
2023 |
|
2022 |
|
|
Trade debtors |
0 |
|
1,189 |
|
Amounts owed by group companies |
562 |
|
0 |
|
|
|
|
|
|
562 |
|
1,189 |
|
|
|
|
|
|
|
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Included within debtors is an amount of £0 (2021: £1,687,021), owed by an associated company, Affluent Financial Planning Ltd. |
This company is associated by common control exercised by the directors. |
During the year, the balance owed by the associated company was settled. |
|
Affluent Financial Planning Ltd. |
Notes to the accounts (continued) |
as at 31 December 2023 |
|
|
8 |
Creditors within 1 year |
|
|
|
|
|
|
2023 |
|
2022 |
|
|
Trade creditors |
0 |
|
0 |
|
Corporation tax |
157,309 |
|
149,265 |
|
Other taxes and social security costs |
3,597 |
|
7,322 |
|
Other creditors |
0 |
|
0 |
|
|
|
|
|
|
160,906 |
|
156,587 |
|
|
|
|
|
|
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Short term creditors are measured at transaction price (usually the invoice price). Other financial liabilities are recogniesd at transaction price (net of any transaction costs). |