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REGISTERED NUMBER: 06582775 (England and Wales)















PARETO FINANCIAL PLANNING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PARETO FINANCIAL PLANNING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: N J Aspray
S Carswell
D E Hardy-Dearness
C J Romain
J M Stevenson
P L Stones
P A Young





REGISTERED OFFICE: Level 7, Tower 12, 18 22 Bridge Street,
Spinningfields
Manchester
M3 3BZ





REGISTERED NUMBER: 06582775 (England and Wales)





AUDITORS: Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 12,228 13,102
Tangible assets 5 65,482 115,389
77,710 128,491

CURRENT ASSETS
Debtors 6 1,325,201 1,341,348
Cash at bank 907,834 884,539
2,233,035 2,225,887
CREDITORS
Amounts falling due within one year 7 984,359 918,034
NET CURRENT ASSETS 1,248,676 1,307,853
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,326,386

1,436,344

PROVISIONS FOR LIABILITIES 9 19,428 32,123
NET ASSETS 1,306,958 1,404,221

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,306,858 1,404,121
SHAREHOLDERS' FUNDS 1,306,958 1,404,221

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





J M Stevenson - Director


PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Pareto Financial Planning Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no judgements considered to have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is derived from commissions received and fees generated. Income is taken to the profit and loss account on the following basis: Initial commission as and when the policy is in force. Renewal and fund based commission is credited on a receipts basis and fee income as and when a sales invoice is generated.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Website development
Website development expenditure is recognised as an intangible asset when the company can demonstrate:
- The technical feasibility of completing the intangible asset so that it will be available for use or sale
- Its intention to complete and its ability to use or sell the asset
- How the asset will generate future economic benefits
- The availability of resources to complete the asset
- The ability to measure reliably the expenditure during development

Following initial recognition of the website development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over its useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Furniture and fittings - 20% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial assets
Basic financial assets, including trade debtors, cash and bank balances and amounts owed by group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

If there is a decrease in the the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade creditors and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2023 - 75 ) .

PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Website
Goodwill development Totals
£    £    £   
COST
At 1 April 2023 1,200,000 19,750 1,219,750
Additions - 7,500 7,500
At 31 March 2024 1,200,000 27,250 1,227,250
AMORTISATION
At 1 April 2023 1,200,000 6,648 1,206,648
Amortisation for year - 8,374 8,374
At 31 March 2024 1,200,000 15,022 1,215,022
NET BOOK VALUE
At 31 March 2024 - 12,228 12,228
At 31 March 2023 - 13,102 13,102

5. TANGIBLE FIXED ASSETS
Furniture
Leasehold and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 80,817 131,282 163,821 375,920
Additions - - 9,903 9,903
At 31 March 2024 80,817 131,282 173,724 385,823
DEPRECIATION
At 1 April 2023 80,817 83,461 96,253 260,531
Charge for year - 19,198 40,612 59,810
At 31 March 2024 80,817 102,659 136,865 320,341
NET BOOK VALUE
At 31 March 2024 - 28,623 36,859 65,482
At 31 March 2023 - 47,821 67,568 115,389

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 501,946 606,233
Other debtors 23,878 292,964
Directors' current accounts 658 -
Prepayments and accrued income 798,719 442,151
1,325,201 1,341,348

PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans - 26,354
Trade creditors 28,507 104,253
Corporation tax 105,008 14,689
Social security and other taxes 83,284 78,990
VAT 36,144 47,553
Other creditors 148,595 38,261
Accrued expenses 582,821 607,934
984,359 918,034

Accrued expenses includes unpaid pension contributions of £38,486 (2023: £33,383).

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 46,713 140,140
Between one and five years - 46,713
46,713 186,853

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 19,428 32,123

Deferred
tax
£   
Balance at 1 April 2023 32,123
Credit to Statement of Income and Retained Earnings during year (12,695 )
Balance at 31 March 2024 19,428

The provision for deferred taxation is made up as follows
20242023
££
Accelerated capital allowances19,42832,123
19,42832,123

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

PARETO FINANCIAL PLANNING LIMITED (REGISTERED NUMBER: 06582775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Travis FCA (Senior Statutory Auditor)
for and on behalf of Clarke Nicklin LLP

12. CONTINGENT LIABILITIES

The company is a party to a cross guarantee, giving a fixed and floating charge over the company's assets, in respect of a liability of Primas Newco 3 Limited, the company's ultimate parent. The liability outstanding at 31 March 2024 is £1,720,000 (2023: £1,868,000).

13. RELATED PARTY DISCLOSURES

At 31 March 2024 key management personnel owed the company a total of £658 (2023: £Nil). The amount is included in debtors due within one year, is repayable on demand and interest is payable on the loan at 2.5% per annum.

At 31 March 2024, the company had a payable balance of £94,048 to entities under common control, compared to a receivable balance of £283,938 at 31 March 2023.

14. ULTIMATE CONTROLLING PARTY

The immediate parent company is Stechant Limited, a company registered in England and Wales, and controlled by J M Stevenson.

The ultimate parent company is Primas Newco 3 Limited, a company registered in England and Wales, and controlled by J M Stevenson.