Company registration number 04631838 (England and Wales)
NATIONWIDE FINANCIAL ADVISORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NATIONWIDE FINANCIAL ADVISORS LIMITED
COMPANY INFORMATION
Director
Mr R Faulkner
Company number
04631838
Registered office
45 Fernhurst Drive
Brierley Hill
West Midlands
DY5 4PU
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
The Royal Bank of Scotland plc
31 - 33 Birmingham Road
Sutton Coldfield
Birmingham
West Midlands
B72 1QE
NATIONWIDE FINANCIAL ADVISORS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
NATIONWIDE FINANCIAL ADVISORS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NATIONWIDE FINANCIAL ADVISORS LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 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 Nationwide Financial Advisors Limited for the year ended 31 March 2024 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 Nationwide Financial Advisors Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nationwide Financial Advisors Limited and state those matters that we have agreed to state to the board of directors of Nationwide Financial Advisors Limited, 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 Nationwide Financial Advisors Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Nationwide Financial Advisors Limited 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 Nationwide Financial Advisors Limited. You consider that Nationwide Financial Advisors Limited 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 Nationwide Financial Advisors Limited. 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.
Ormerod Rutter Limited
22 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
NATIONWIDE FINANCIAL ADVISORS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,185
6,456
Current assets
Debtors
5
22,965
20,700
Cash at bank and in hand
24,209
23,537
47,174
44,237
Creditors: amounts falling due within one year
6
(29,209)
(25,472)
Net current assets
17,965
18,765
Total assets less current liabilities
23,150
25,221
Provisions for liabilities
7
(1,089)
(1,227)
Net assets
22,061
23,994
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
21,961
23,894
Total equity
22,061
23,994
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 22 August 2024
Mr R Faulkner
Director
Company registration number 04631838 (England and Wales)
NATIONWIDE FINANCIAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Nationwide Financial Advisors Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45 Fernhurst Drive, Brierley Hill, West Midlands, United Kingdom, DY5 4PU.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.
1.4
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:
Office equipment
10% on reducing balance
Computer equipment
20% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NATIONWIDE FINANCIAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
54,250
Amortisation and impairment
At 1 April 2023 and 31 March 2024
54,250
Carrying amount
At 31 March 2024
At 31 March 2023
NATIONWIDE FINANCIAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
1,160
15,760
16,920
Depreciation and impairment
At 1 April 2023
961
9,503
10,464
Depreciation charged in the year
20
1,251
1,271
At 31 March 2024
981
10,754
11,735
Carrying amount
At 31 March 2024
179
5,006
5,185
At 31 March 2023
199
6,257
6,456
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
14,900
20,700
Other debtors
8,065
22,965
20,700
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,138
12,118
Taxation and social security
13,182
11,229
Other creditors
1,889
2,125
29,209
25,472
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,089
1,227
NATIONWIDE FINANCIAL ADVISORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of £1 each
55
55
55
55
Ordinary of £1 each
45
45
45
45
100
100
100
100
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Loan account
-
-
8,065
8,065
-
8,065
8,065
The director's loan account was repaid within nine months of the year end.
10
Ultimate controlling party
The ultimate controlling party is Mr R Faulkner.