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Company No: 05771562 (England and Wales)

INVEST SOUTHWEST LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

INVEST SOUTHWEST LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

INVEST SOUTHWEST LIMITED

BALANCE SHEET

As at 31 January 2024
INVEST SOUTHWEST LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 9,512 0
Tangible assets 4 14,232 13,561
23,744 13,561
Current assets
Debtors 5 131,685 103,700
Cash at bank and in hand 298,172 494,459
429,857 598,159
Creditors: amounts falling due within one year 6 ( 326,845) ( 244,630)
Net current assets 103,012 353,529
Total assets less current liabilities 126,756 367,090
Provision for liabilities 7 ( 8,225) ( 7,714)
Net assets 118,531 359,376
Capital and reserves
Called-up share capital 300 300
Profit and loss account 118,231 359,076
Total shareholder's funds 118,531 359,376

For the financial year ending 31 January 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 financial statements of Invest Southwest Limited (registered number: 05771562) were approved and authorised for issue by the Director on 07 August 2024. They were signed on its behalf by:

Mr M C Duncan
Director
INVEST SOUTHWEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
INVEST SOUTHWEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Invest Southwest Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 12 Hammet Street, Taunton, Somerset, TA1 1RZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents commissions receivable in the course of providing advice relating to financial services. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 17 12

3. Intangible assets

Computer software Total
£ £
Cost
At 01 February 2023 0 0
Additions 9,840 9,840
At 31 January 2024 9,840 9,840
Accumulated amortisation
At 01 February 2023 0 0
Charge for the financial year 328 328
At 31 January 2024 328 328
Net book value
At 31 January 2024 9,512 9,512
At 31 January 2023 0 0

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 February 2023 109,147 70,306 179,453
Additions 5,696 2,856 8,552
Disposals ( 1,713) ( 1,737) ( 3,450)
At 31 January 2024 113,130 71,425 184,555
Accumulated depreciation
At 01 February 2023 108,786 57,106 165,892
Charge for the financial year 871 7,010 7,881
Disposals ( 1,713) ( 1,737) ( 3,450)
At 31 January 2024 107,944 62,379 170,323
Net book value
At 31 January 2024 5,186 9,046 14,232
At 31 January 2023 361 13,200 13,561

5. Debtors

2024 2023
£ £
Trade debtors 120,239 89,019
Other debtors 11,446 14,681
131,685 103,700

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,683 1,532
Amounts owed to Group undertakings 146,067 121,067
Taxation and social security 90,598 41,352
Other creditors 85,497 80,679
326,845 244,630

7. Provision for liabilities

2024 2023
£ £
Deferred tax 1,225 714
Other provisions 7,000 7,000
8,225 7,714

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 259,433 236,313

The total amount of guarantees not included in the Balance Sheet is £685,961 (2023: £881,951). The company has entered into a cross-guarantee with ISWIFA Holdings Limited (its ultimate parent company) to guarantee amounts outstanding to the company's bankers. This guarantee is secured on the company's assets.