Registered number
06251384
Warwick Financial Solutions Limited
Filleted Accounts
31 March 2024
Warwick Financial Solutions Limited
Registered number: 06251384
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 136,555 172,744
Tangible assets 4 3,981 8,502
140,536 181,246
Current assets
Debtors 5 72,722 142,612
Cash at bank and in hand 332,353 291,791
405,075 434,403
Creditors: amounts falling due within one year 6 (102,020) (106,708)
Net current assets 303,055 327,695
Total assets less current liabilities 443,591 508,941
Provisions for liabilities (1,918) (3,720)
Net assets 441,673 505,221
Capital and reserves
Called up share capital 1,007 1,007
Capital redemption reserve 197 197
Profit and loss account 440,469 504,017
Shareholders' funds 441,673 505,221
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard Edward PAYNE
Director
Approved by the board on 7 October 2024
Warwick Financial Solutions Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. When services are performed by an indeterminate number of acts over a specified period of time revenue is recognised on a straight-line basis over the period, matching the payment plan.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 3 to 5 years straight line
Office furniture and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 14
3 Intangible fixed assets £
Cost
At 1 April 2023 696,225
At 31 March 2024 696,225
Amortisation
At 1 April 2023 523,481
Provided during the year 36,189
At 31 March 2024 559,670
Net book value
At 31 March 2024 136,555
At 31 March 2023 172,744
Intangible assets are written off in equal annual instalments over their estimated economic life.
4 Tangible fixed assets
Computer and office equipment
£
Cost
At 1 April 2023 186,418
Additions 1,923
At 31 March 2024 188,341
Depreciation
At 1 April 2023 177,916
Charge for the year 6,444
At 31 March 2024 184,360
Net book value
At 31 March 2024 3,981
At 31 March 2023 8,502
5 Debtors 2024 2023
£ £
Trade debtors - 5,659
Loans to directors/ participators - 60,000
Other debtors 72,722 76,953
72,722 142,612
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 19,028 24,162
Amounts due to directors 4 303
Taxation and social security costs 49,097 52,941
Pension Contributions 4,319 4,224
Other creditors 29,572 25,078
102,020 106,708
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 94,631 42,201
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Gregory Jones
Loan repayable within 9 months 60,000 - (60,000) -
60,000 - (60,000) -
9 Other information
Warwick Financial Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Charles Court
Budbrooke Industrial Estate
Warwick
CV34 5LZ
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