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COMPANY REGISTRATION NUMBER: 12341834
MARK PATTERSON FINANCIAL PLANNING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
MARK PATTERSON FINANCIAL PLANNING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
MARK PATTERSON FINANCIAL PLANNING LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
362,168
393,434
Tangible assets
6
2,508
3,137
----------
----------
364,676
396,571
CURRENT ASSETS
Debtors
7
8,633
11,286
Cash at bank and in hand
10,748
15,123
---------
---------
19,381
26,409
CREDITORS: amounts falling due within one year
8
85,710
76,216
---------
---------
NET CURRENT LIABILITIES
66,329
49,807
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
298,347
346,764
CREDITORS: amounts falling due after more than one year
9
297,406
341,622
PROVISIONS
Taxation including deferred tax
627
784
----------
----------
NET ASSETS
314
4,358
----------
----------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
214
4,258
----
-------
SHAREHOLDERS FUNDS
314
4,358
----
-------
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.
MARK PATTERSON FINANCIAL PLANNING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
For the year ending 31st December 2023 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 16 September 2024 , and are signed on behalf of the board by:
C. M. Patterson
Director
Company registration number: 12341834
MARK PATTERSON FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 2, Blue Pigeon Cosalt Building, 1 Liddell Street, North Shields, NE30 1HE.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
15 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and equipment
-
20% reducing balance
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st January 2023 and 31st December 2023
468,994
----------
Amortisation
At 1st January 2023
75,560
Charge for the year
31,266
----------
At 31st December 2023
106,826
----------
Carrying amount
At 31st December 2023
362,168
----------
At 31st December 2022
393,434
----------
6. TANGIBLE ASSETS
Plant and equipment
£
Cost
At 1st January 2023 and 31st December 2023
4,323
-------
Depreciation
At 1st January 2023
1,186
Charge for the year
629
-------
At 31st December 2023
1,815
-------
Carrying amount
At 31st December 2023
2,508
-------
At 31st December 2022
3,137
-------
7. DEBTORS
2023
2022
£
£
Trade debtors
7,642
11,163
Prepayments
127
123
Directors loan account
864
-------
---------
8,633
11,286
-------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
46,001
47,999
Accruals
1,664
1,874
Corporation tax
35,394
24,907
Social security and other taxes
2,651
967
Director loan accounts
469
---------
---------
85,710
76,216
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loan
297,406
341,622
----------
----------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
627
784
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
627
784
----
----
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C. M. Patterson
( 469)
81,426
( 80,093)
864
----
---------
---------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C. M. Patterson
9,982
94,640
( 105,091)
( 469)
-------
---------
----------
----
13. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.