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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03894404
2023-01-01
2023-12-31
03894404
2023-12-31
03894404
2022-12-31
03894404
2022-01-01
2022-12-31
03894404
2022-12-31
03894404
2021-12-31
03894404
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2023-01-01
2023-12-31
03894404
core:MotorVehicles
2023-01-01
2023-12-31
03894404
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2023-01-01
2023-12-31
03894404
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2023-12-31
03894404
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2022-12-31
03894404
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2023-12-31
03894404
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2022-12-31
03894404
core:ShareCapital
2023-12-31
03894404
core:ShareCapital
2022-12-31
03894404
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2023-12-31
03894404
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2022-12-31
03894404
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2023-12-31
03894404
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2022-12-31
03894404
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2023-12-31
03894404
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2023-12-31
03894404
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2022-12-31
03894404
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2023-01-01
2023-12-31
03894404
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2023-01-01
2023-12-31
03894404
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2023-01-01
2023-12-31
03894404
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2023-12-31
03894404
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03894404
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2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
03894404
The Finance Planning Group Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
The Finance Planning Group Limited |
|
Abridged Financial Statements |
|
Year ended 31 December 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
The Finance Planning Group Limited |
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
73,602 |
85,131 |
Investments |
6 |
|
2 |
2 |
|
|
--------- |
--------- |
|
|
73,604 |
85,133 |
|
|
|
|
|
Current assets
Debtors |
513,975 |
|
531,566 |
Cash at bank and in hand |
231,978 |
|
317,532 |
|
---------- |
|
---------- |
|
745,953 |
|
849,098 |
|
|
|
|
Creditors: amounts falling due within one year |
89,552 |
|
129,951 |
|
---------- |
|
---------- |
Net current assets |
|
656,401 |
719,147 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
730,005 |
804,280 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
54,667 |
77,380 |
|
|
---------- |
---------- |
Net assets |
|
675,338 |
726,900 |
|
|
---------- |
---------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1,002 |
1,002 |
Profit and loss account |
|
674,336 |
725,898 |
|
|
---------- |
---------- |
Shareholders funds |
|
675,338 |
726,900 |
|
|
---------- |
---------- |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged 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 abridged financial statements
.
The Finance Planning Group Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 December 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 September 2024
, and are signed on behalf of the board by:
Company registration number:
03894404
The Finance Planning Group Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 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 Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.
2.
Statement of compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.
Income tax
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
|
Fixtures and fittings |
- |
15% reducing balance |
|
Motor vehicle |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
30
(2022:
26
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 |
449,523 |
Additions |
11,818 |
|
---------- |
At 31 December 2023 |
461,341 |
|
---------- |
Depreciation |
|
At 1 January 2023 |
364,392 |
Charge for the year |
23,347 |
|
---------- |
At 31 December 2023 |
387,739 |
|
---------- |
Carrying amount |
|
At 31 December 2023 |
73,602 |
|
---------- |
At 31 December 2022 |
85,131 |
|
---------- |
|
|
6.
Investments
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
2 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
Carrying amount |
|
At 31 December 2023 |
2 |
|
---- |
At 31 December 2022 |
2 |
|
---- |
|
|
7.
Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Trade debtors |
87,606 |
100,617 |
|
--------- |
---------- |
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
4,629 |
47,265 |
Later than 1 year and not later than 5 years |
295,212 |
62,923 |
|
---------- |
---------- |
|
299,841 |
110,188 |
|
---------- |
---------- |
|
|
|
9.
Directors' advances, credits and guarantees
Debtors include an interest free loan to
T.S. McCutcheon
of £5,000 (2022 - £nil). The maximum amount outstanding on this loan during the year was £5,000 (2002 - £nil). The loan was repaid on 20 September 2024.
10.
Related party transactions
During the year the directors received dividends of £70,000 (2022-£90,000). During the year
The Finance Planning Group Limited
was charged commission of £63,962 (2022 - £nil) by Finance Planning Wealth Management Limited, a company in which T S McCutcheon and D J Maskell are both directors and shareholders and P C Burgess is a shareholder. At 31 December 2023 an amount of £8,100 (2022 - £nil) was due to Finance Planning Wealth Management Limited. Debtors include an interest free loan of £380,776 (2022-£382,067) to Finance Planning Surveying Services Limited, a company in which T S McCutcheon is both a director and shareholder. There is no fixed repayment date for this loan. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.