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Registration number: 05850981

Astute Financial Management UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Astute Financial Management UK Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Astute Financial Management UK Limited

Company Information

Director

Mr CJ Poole

Registered office

4TH Floor Peek House
20 Eastcheap
London
EC3M 1EB

 

Astute Financial Management UK Limited

(Registration number: 05850981)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

128,340

-

Tangible assets

5

19,062

27,184

 

147,402

27,184

Current assets

 

Debtors

6

509,745

640,307

Cash at bank and in hand

 

107,656

216,978

 

617,401

857,285

Creditors: Amounts falling due within one year

7

(92,951)

(146,689)

Net current assets

 

524,450

710,596

Net assets

 

671,852

737,780

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

670,852

736,780

Shareholders' funds

 

671,852

737,780

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 September 2024
 

.........................................
Mr CJ Poole
Director

   
     
 

Astute Financial Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4TH Floor Peek House
20 Eastcheap
London
EC3M 1EB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Astute Financial Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on cost

Computer equipment

25% on cost

Intangible assets

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Astute Financial Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 29 (2022 - 28).

 

Astute Financial Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

150,000

-

150,000

Additions internally developed

-

142,600

142,600

At 31 December 2023

150,000

142,600

292,600

Amortisation

At 1 January 2023

150,000

-

150,000

Amortisation charge

-

14,260

14,260

At 31 December 2023

150,000

14,260

164,260

Carrying amount

At 31 December 2023

-

128,340

128,340

Amortisation of intangible assets is included in administrative expenses.

 

Astute Financial Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

145,515

25,064

170,579

Additions

5,118

7,738

12,856

At 31 December 2023

150,633

32,802

183,435

Depreciation

At 1 January 2023

120,188

23,207

143,395

Charge for the year

18,174

2,804

20,978

At 31 December 2023

138,362

26,011

164,373

Carrying amount

At 31 December 2023

12,271

6,791

19,062

At 31 December 2022

25,327

1,857

27,184

6

Debtors

Current

2023
£

2022
£

Other debtors

509,745

640,307

 

509,745

640,307

 

Astute Financial Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

171

78

Trade creditors

 

8,390

7,281

Taxation and social security

 

55,710

135,610

Accruals and deferred income

 

7,620

3,720

Other creditors

 

21,060

-

 

92,951

146,689

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Directors current account

171

78

9

Dividends

2023

2022

£

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

-

-

Interim dividend of £42.00 (2022 - £46.70) per ordinary share

42,000

46,700

42,000

46,700

 

 
 

Astute Financial Management UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

50,270

49,494

Summary of transactions with entities with joint control or significant interest

Statyba Ltd
 Loans
 Interest-free, payable on demand but with no fixed repayment terms.
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

210,600

210,600

Repaid

(30,000)

(30,000)

At end of period

180,600

180,600

2022

Entities with joint control or significant influence
£

Total
£

At start of period

163,600

163,600

Advanced

47,000

47,000

At end of period

210,600

210,600