Registration number:
SF Wealth Services Ltd
trading as
for the Year Ended 31 January 2024
SF Wealth Services Ltd
trading as Fields Financial
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
SF Wealth Services Ltd
trading as Fields Financial
Company Information
Director |
Mr S C Wynn |
Company secretary |
Mrs FD Wynn |
Registered office |
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Accountants |
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SF Wealth Services Ltd
trading as Fields Financial
(Registration number: 08835821)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
27,000 |
11,320 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4,000 |
4,000 |
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Retained earnings |
66,732 |
67,687 |
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Shareholders' funds |
70,732 |
71,687 |
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:
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
SF Wealth Services Ltd
trading as Fields Financial
(Registration number: 08835821)
Balance Sheet as at 31 January 2024
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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SF Wealth Services Ltd
trading as Fields Financial
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
16 - 18 Watergate Street
Whitchurch
Shropshire
SY13 1DW
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 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.
SF Wealth Services Ltd
trading as Fields Financial
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tax
The tax expense for the period comprises current 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.
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 |
Office Equipment |
3 years straight line |
Furniture & Fittings |
3 years straight line |
Leasehold improvements |
5 years straight line |
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.
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.
SF Wealth Services Ltd
trading as Fields Financial
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Included within the net book value of land and buildings above is £12,512 (2023 - £19,332) in respect of short leasehold land and buildings.
SF Wealth Services Ltd
trading as Fields Financial
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Investments |
2024 |
2023 |
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Investments in joint ventures |
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Joint ventures |
£ |
Cost |
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At 1 February 2023 |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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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 |
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2024 |
2023 |
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Joint ventures |
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Rowan House North, Shrewsbury Business Park, Shrewsbury, Shropshire SY2 6LG |
B Ordinary |
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England & Wales |
SF Wealth Services Ltd
trading as Fields Financial
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 February 2023 |
11,320 |
11,320 |
Additions |
12,500 |
12,500 |
Fair value adjustments |
3,180 |
3,180 |
At 31 January 2024 |
27,000 |
27,000 |
Carrying amount |
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At 31 January 2024 |
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27,000 |
At 31 January 2023 |
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11,320 |
Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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SF Wealth Services Ltd
trading as Fields Financial
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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2,000 |
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2,000 |
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2,000 |
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2,000 |
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SF Wealth Services Ltd
trading as Fields Financial
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Related party transactions |
At 31 January 2024 the company owed a balance of £5,838 (2023 - £5,047) to the director, which is included in Other creditors. This balance is unsecured and interest free.
At 31 January 2024 the company was owed £4,326 (2023 - £4,326) by the joint venture company, CBSL Onyx Limited, which is included in Other debtors.
At 31 January 2024 the company was owed £31,500 (2023 - £31,500) by MHL Strategic Land Limited, which is included in Other debtors. The director is also a director of MHL Strategic Land Limited.
Control |
The company's immediate parent is
The ultimate controlling party is