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Registration number: 01633500

Bowmore Financial Planning Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Bowmore Financial Planning Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Bowmore Financial Planning Limited

Company Information

Directors

A M O'Neill

G Millen

M W Incledon

Company secretary

M W Incledon

Registered office

Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Bowmore Financial Planning Limited

(Registration number: 01633500)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

972,313

238,089

Tangible assets

4

44,424

44,765

Investments

5

247,733

247,732

 

1,264,470

530,586

Current assets

 

Debtors

6

1,352,422

1,288,100

Cash at bank and in hand

 

516,575

950,697

 

1,868,997

2,238,797

Creditors: Amounts falling due within one year

7

(1,490,139)

(1,176,799)

Net current assets

 

378,858

1,061,998

Total assets less current liabilities

 

1,643,328

1,592,584

Creditors: Amounts falling due after more than one year

7

(29,351)

(51,349)

Provisions for liabilities

(1,820)

(1,905)

Net assets

 

1,612,157

1,539,330

Capital and reserves

 

Called up share capital

9

230,000

230,000

Retained earnings

1,382,157

1,309,330

Shareholders' funds

 

1,612,157

1,539,330

For the financial year ending 30 June 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

 

Bowmore Financial Planning Limited

(Registration number: 01633500)
Balance Sheet as at 30 June 2024

.........................................
G Millen
Director

.........................................
M W Incledon
Company secretary and director

 

Bowmore Financial Planning Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Suite 5, Farleigh House
Farleigh Court
Old Weston Road
Flax Bourton
Bristol
BS48 1UR

These financial statements were authorised for issue by the Board on 25 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.

 

Bowmore Financial Planning Limited

Notes to the Financial Statements for the Year Ended 30 June 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:

Asset class

Depreciation method and rate

Fixtures & equipment

25% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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:

Asset class

Amortisation method and rate

Goodwill

Amortised over 5 years

 

Bowmore Financial Planning Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Bowmore Financial Planning Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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.

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 directors) during the year, was 23 (2023 - 20).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

37,146

105,242

142,388

Additions

-

4,551

4,551

At 30 June 2024

37,146

109,793

146,939

Depreciation

At 1 July 2023

-

97,623

97,623

Charge for the year

-

4,892

4,892

At 30 June 2024

-

102,515

102,515

Carrying amount

At 30 June 2024

37,146

7,278

44,424

At 30 June 2023

37,146

7,619

44,765

Included within the net book value of land and buildings above is £37,146 (2023 - £37,146) in respect of short leasehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

247,733

247,732

 

Bowmore Financial Planning Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Subsidiaries

£

Cost or valuation

At 1 July 2023

247,733

Provision

Carrying amount

At 30 June 2024

247,733

At 30 June 2023

247,732

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Richard Wells Financial Services Ltd

Suite 5 Farleigh House Farleigh Court
Old Weston Road
Flax Bourton, Bristol
BS48 1UR

England & Wales

Ordinary A Shares

100%

100%

Subsidiary undertakings

Richard Wells Financial Services Ltd

The principal activity of Richard Wells Financial Services Ltd is Life insurance.

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

424,427

361,665

Amounts owed by group undertakings and undertakings in which the company has a participating interest

851,070

849,990

Prepayments

 

76,925

76,445

 

1,352,422

1,288,100

 

Bowmore Financial Planning Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Current

Note

2024
£

2023
£

Trade debtors

 

424,427

361,665

Amounts owed by related parties

851,070

849,990

Prepayments

 

76,925

76,445

   

1,352,422

1,288,100

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Current loans, borrowings and overdrafts

777,478

802,399

trade creditors

 

102,008

55,281

Amounts due to related parties

467

467

Taxation and social security

 

33,383

44,211

Other creditors

 

576,803

274,441

 

1,490,139

1,176,799

Due after one year

 

Loans and borrowings

29,351

51,349

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

29,351

51,349

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

65,975

65,975

The amount of non-cancellable operating lease payments recognised as an expense during the year was £65,975 (2023 - £65,975).

 

Bowmore Financial Planning Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.10 each

700,000

70,000

700,000

70,000

Preference shares of £0.10 each

1,600,000

160,000

1,600,000

160,000

2,300,000

230,000

2,300,000

230,000