Company registration number 02148186 (England and Wales)
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barbican Independent Financial Advisors Ltd for the year ended 31 December 2023 which comprise, the balance sheet 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 https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Barbican Independent Financial Advisors Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Barbican Independent Financial Advisors Ltd and state those matters that we have agreed to state to the Board of Directors of Barbican Independent Financial Advisors Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barbican Independent Financial Advisors Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Barbican Independent Financial Advisors Ltd 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 Barbican Independent Financial Advisors Ltd. You consider that Barbican Independent Financial Advisors Ltd 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 Barbican Independent Financial Advisors Ltd. 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.
Moore Northern Home Counties Limited
Chartered Accountants
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
18 September 2024
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,831
11,688
Investments
5
2
14,831
11,690
Current assets
Debtors
6
91,349
70,978
Cash at bank and in hand
122,430
88,978
213,779
159,956
Creditors: amounts falling due within one year
7
(102,177)
(90,687)
Net current assets
111,602
69,269
Total assets less current liabilities
126,433
80,959
Provisions for liabilities
(2,221)
(2,221)
Net assets
124,212
78,738
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
123,212
77,738
Total equity
124,212
78,738
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr P Scott
Director
Company registration number 02148186 (England and Wales)
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Barbican Independent Financial Advisors Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 50 St Andrew Street, Hertford, Hertfordshire, SG14 1JA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover represents commission and fees derived from the company's ordinary activities. Commissions are recognised in the accounts once they are deemed payable by the provider. Fee income is recognised in the period in which the work is completed.
1.3
Intangible fixed assets - goodwill
Goodwill is written off on a straight line basis at a rate of 20% and has been fully amortised.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
1.6
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
56,743
Amortisation and impairment
At 1 January 2023 and 31 December 2023
56,743
Carrying amount
At 31 December 2023
At 31 December 2022
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
49,601
Additions
5,477
At 31 December 2023
55,078
Depreciation and impairment
At 1 January 2023
37,913
Depreciation charged in the year
2,334
At 31 December 2023
40,247
Carrying amount
At 31 December 2023
14,831
At 31 December 2022
11,688
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
2
Disposals
(2)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
2
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,784
14,121
Amounts owed by group undertakings
8,802
8,460
Other debtors
50,763
48,397
91,349
70,978
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
58,966
47,488
Other taxation and social security
27,687
26,753
Other creditors
15,524
16,446
102,177
90,687
BARBICAN INDEPENDENT FINANCIAL ADVISORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
14,648
26,939
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,658
46,731
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
11
Related party transactions
Dividends totalling £140,000 (2022: £190,000) were paid to the holding company Levins & Scott Limited.
There is a balance owed to the company at the year end of £8,802 (2022: £8,460) by the holding company Levins & Scott Limited. This loan is interest free and repayable on demand.
12
Parent company
The parent company is Levins & Scott Ltd, a company incorporated in England and Wales. Levins & Scott Ltd is under the control of the shareholders, P Scott and F Levins.
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