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Registered number: 05046798
Expert Financial Solutions Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 05046798
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 115,665 43,883
Investments 5 176,991 106,047
292,656 149,930
CURRENT ASSETS
Debtors 6 51,047 54,226
Cash at bank and in hand 262,491 321,798
313,538 376,024
Creditors: Amounts Falling Due Within One Year 7 (121,481 ) (108,861 )
NET CURRENT ASSETS (LIABILITIES) 192,057 267,163
TOTAL ASSETS LESS CURRENT LIABILITIES 484,713 417,093
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,373 ) (16,841 )
NET ASSETS 470,340 400,252
CAPITAL AND RESERVES
Called up share capital 8 490 490
Income Statement 469,850 399,762
SHAREHOLDERS' FUNDS 470,340 400,252
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
D Spalding
Director
23rd July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Expert Financial Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05046798 . The registered office is West Wing The Old Dairy, High Cogges Farm, Witney, Oxfordshire, OX29 6UN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold improvements Over the term of the lease
Fixtures & Fittings 25% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 10)
11 10
Page 3
Page 4
4. Tangible Assets
Land & Property
Leasehold improvements Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 23,047 156,063 179,110
Additions 88,376 9,714 98,090
As at 31 March 2024 111,423 165,777 277,200
Depreciation
As at 1 April 2023 23,047 112,180 135,227
Provided during the period 14,380 11,928 26,308
As at 31 March 2024 37,427 124,108 161,535
Net Book Value
As at 31 March 2024 73,996 41,669 115,665
As at 1 April 2023 - 43,883 43,883
5. Investments
Listed
£
Cost
As at 1 April 2023 106,047
Additions 50,000
Revaluations 20,944
As at 31 March 2024 176,991
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 176,991
As at 1 April 2023 106,047
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 14,245 19,009
Other debtors 36,802 35,217
51,047 54,226
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 191
Other creditors 4,400 4,400
Taxation and social security 117,081 104,270
121,481 108,861
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 490 490
Page 5