SF Wealth Services Ltd 08835821 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of financial intermediation Digita Accounts Production Advanced 6.30.9574.0 true false true 08835821 2023-02-01 2024-01-31 08835821 2024-01-31 08835821 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-01-31 08835821 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2024-01-31 08835821 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-01-31 08835821 core:CurrentFinancialInstruments 2024-01-31 08835821 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08835821 core:Non-currentFinancialInstruments 2024-01-31 08835821 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08835821 core:CostValuation 2024-01-31 08835821 core:FurnitureFittingsToolsEquipment 2024-01-31 08835821 core:LandBuildings 2024-01-31 08835821 bus:SmallEntities 2023-02-01 2024-01-31 08835821 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08835821 bus:FilletedAccounts 2023-02-01 2024-01-31 08835821 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08835821 bus:RegisteredOffice 2023-02-01 2024-01-31 08835821 bus:CompanySecretary1 2023-02-01 2024-01-31 08835821 bus:Director3 2023-02-01 2024-01-31 08835821 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-02-01 2024-01-31 08835821 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-02-01 2024-01-31 08835821 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08835821 core:JointVenture1 2023-02-01 2024-01-31 08835821 core:JointVenture1 countries:AllCountries 2023-02-01 2024-01-31 08835821 core:FurnitureFittings 2023-02-01 2024-01-31 08835821 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 08835821 core:LandBuildings 2023-02-01 2024-01-31 08835821 core:LeaseholdImprovements 2023-02-01 2024-01-31 08835821 core:OfficeEquipment 2023-02-01 2024-01-31 08835821 1 2023-02-01 2024-01-31 08835821 countries:AllCountries 2023-02-01 2024-01-31 08835821 2023-01-31 08835821 core:CostValuation 2023-01-31 08835821 core:FurnitureFittingsToolsEquipment 2023-01-31 08835821 core:LandBuildings 2023-01-31 08835821 2022-02-01 2023-01-31 08835821 2023-01-31 08835821 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-31 08835821 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-01-31 08835821 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2023-01-31 08835821 core:CurrentFinancialInstruments 2023-01-31 08835821 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08835821 core:Non-currentFinancialInstruments 2023-01-31 08835821 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 08835821 core:FurnitureFittingsToolsEquipment 2023-01-31 08835821 core:LandBuildings 2023-01-31 08835821 core:JointVenture1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08835821

SF Wealth Services Ltd

trading as Fields Financial

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

SF Wealth Services Ltd

trading as Fields Financial

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

SF Wealth Services Ltd

trading as Fields Financial

Company Information

Director

Mr S C Wynn

Company secretary

Mrs FD Wynn

Registered office

Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

Accountants

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 

SF Wealth Services Ltd

trading as Fields Financial

(Registration number: 08835821)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18,184

25,231

Investments

5

50

50

Other financial assets

6

27,000

11,320

 

45,234

36,601

Current assets

 

Debtors

7

36,511

40,605

Cash at bank and in hand

 

42,970

38,528

 

79,481

79,133

Creditors: Amounts falling due within one year

8

(45,268)

(28,517)

Net current assets

 

34,213

50,616

Total assets less current liabilities

 

79,447

87,217

Creditors: Amounts falling due after more than one year

8

(8,715)

(15,530)

Net assets

 

70,732

71,687

Capital and reserves

 

Called up share capital

9

4,000

4,000

Retained earnings

66,732

67,687

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:

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 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 director on 5 March 2024
 


Mr S C Wynn
Director

 

SF Wealth Services Ltd

trading as Fields Financial

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

The principal place of business is:
16 - 18 Watergate Street
Whitchurch
Shropshire
SY13 1DW

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 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

36,437

12,567

49,004

Additions

-

4,592

4,592

Disposals

-

(2,608)

(2,608)

At 31 January 2024

36,437

14,551

50,988

Depreciation

At 1 February 2023

17,105

6,668

23,773

Charge for the year

6,820

2,283

9,103

Eliminated on disposal

-

(72)

(72)

At 31 January 2024

23,925

8,879

32,804

Carrying amount

At 31 January 2024

12,512

5,672

18,184

At 31 January 2023

19,332

5,899

25,231

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

5

Investments

2024
£

2023
£

Investments in joint ventures

50

50

Joint ventures

£

Cost

At 1 February 2023

50

At 31 January 2024

50

Carrying amount

At 31 January 2024

50

At 31 January 2023

50

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

Joint ventures

CBSL Onyx Limited

Rowan House North, Shrewsbury Business Park, Shrewsbury, Shropshire SY2 6LG

B Ordinary

50%

50%

England & Wales

 

SF Wealth Services Ltd

trading as Fields Financial

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

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

At 31 January 2024

27,000

27,000

At 31 January 2023

11,320

11,320

7

Debtors

2024
£

2023
£

Prepayments

685

1,003

Other debtors

35,826

39,602

36,511

40,605

 

SF Wealth Services Ltd

trading as Fields Financial

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

6,815

6,815

Trade creditors

 

177

177

Taxation and social security

 

28,895

14,491

Accruals and deferred income

 

3,400

1,900

Other creditors

 

5,981

5,134

 

45,268

28,517

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

8,715

15,530

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

Ordinary B of £1 each

2,000

2,000

2,000

2,000

4,000

4,000

4,000

4,000

 

SF Wealth Services Ltd

trading as Fields Financial

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,715

15,530

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,815

6,815

11

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.

12

Control

The company's immediate parent is Animositas Limited, incorporated in England and Wales.

 The ultimate controlling party is the director.