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Registration number: 07251537

Pettecrew Financial Planning Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Pettecrew Financial Planning Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Pettecrew Financial Planning Limited

Company Information

Director

Mr Stephen Pettecrew

Company secretary

Mrs Lorraine Pettecrew

Registered office

14 Vicarage Road
Urmston
Manchester
M41 5TP

Accountants

Matravers
Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

 

Pettecrew Financial Planning Limited

(Registration number: 07251537)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

426,673

451,329

Other financial assets

6

30,000

30,000

 

456,673

481,329

Current assets

 

Stocks

7

-

26,500

Debtors

8

441,932

443,187

Cash at bank and in hand

 

626,018

617,896

 

1,067,950

1,087,583

Creditors: Amounts falling due within one year

9

(61,412)

(116,537)

Net current assets

 

1,006,538

971,046

Total assets less current liabilities

 

1,463,211

1,452,375

Provisions for liabilities

(20,801)

(20,389)

Net assets

 

1,442,410

1,431,986

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,442,310

1,431,886

Shareholders' funds

 

1,442,410

1,431,986

For the financial year ending 31 May 2024 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 10 September 2024
 

 

Pettecrew Financial Planning Limited

(Registration number: 07251537)
Balance Sheet as at 31 May 2024

.........................................
Mr Stephen Pettecrew
Director

 

Pettecrew Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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:
14 Vicarage Road
Urmston
Manchester
M41 5TP

These financial statements were authorised for issue by the director on 10 September 2024.

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 and deferred 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.

 

Pettecrew Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

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.

 

Pettecrew Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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 4 (2023 - 5).

 

Pettecrew Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

170,907

170,907

At 31 May 2024

170,907

170,907

Amortisation

At 1 June 2023

170,907

170,907

At 31 May 2024

170,907

170,907

Carrying amount

At 31 May 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

359,911

36,939

179,874

576,724

Additions

-

4,217

-

4,217

At 31 May 2024

359,911

41,156

179,874

580,941

Depreciation

At 1 June 2023

13,277

31,844

80,274

125,395

Charge for the year

1,645

2,328

24,900

28,873

At 31 May 2024

14,922

34,172

105,174

154,268

Carrying amount

At 31 May 2024

344,989

6,984

74,700

426,673

At 31 May 2023

346,634

5,095

99,600

451,329

Included within the net book value of land and buildings above is £343,469 (2023 - £343,469) in respect of freehold land and buildings and £1,520 (2023 - £3,164) in respect of long leasehold land and buildings.
 

 

Pettecrew Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

30,000

30,000

At 31 May 2024

30,000

30,000

Impairment

Carrying amount

At 31 May 2024

30,000

30,000

7

Stocks

2024
£

2023
£

Work in progress

-

26,500

8

Debtors

Current

2024
£

(As restated)

2023
£

Prepayments

2,271

3,526

Other debtors

439,661

439,661

 

441,932

443,187

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

58,799

112,576

Accruals and deferred income

1,357

1,357

Other creditors

1,256

2,604

61,412

116,537

Creditors: amounts falling due after more than one year

 

Pettecrew Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100