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Best Financial Planning Ltd
Filleted accounts
31 March 2024
Company registration number: 05706249
Best Financial Planning Ltd
Directors and other information
Directors J Best
M Best
Secretary M Best
Company number 05706249
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Best Financial Planning Ltd
Balance sheet
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 5,363 9,551
_______ _______
5,363 9,551
Current assets
Debtors 6 70,199 48,817
Cash at bank and in hand 23,616 30,441
_______ _______
93,815 79,258
Creditors: amounts falling due
within one year 7 ( 43,765) ( 38,910)
_______ _______
Net current assets 50,050 40,348
_______ _______
Total assets less current liabilities 55,413 49,899
Creditors: amounts falling due
after more than one year 8 ( 28,704) ( 34,259)
_______ _______
Net assets 26,709 15,640
_______ _______
Capital and reserves
Called up share capital 9 10 10
Profit and loss account 26,699 15,630
_______ _______
Shareholders funds 26,709 15,640
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
J Best
Director
Company registration number: 05706249
Best Financial Planning Ltd
Notes to the financial statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of mortgage and general insurance brokers .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of commissions receivable. Commissions are recognised at the point when the risks are accepted by the insurance companies, after making allowance for estimated policy cancellations.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is not recognised in respect of any timing differences at the reporting date as all are insignificant.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Straight line basis over 4 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st April 2023 25,240 25,240
Additions 485 485
_______ _______
At 31st March 2024 25,725 25,725
_______ _______
Depreciation
At 1st April 2023 15,689 15,689
Charge for the year 4,673 4,673
_______ _______
At 31st March 2024 20,362 20,362
_______ _______
Carrying amount
At 31st March 2024 5,363 5,363
_______ _______
At 31st March 2023 9,551 9,551
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 54,037 46,947
Other debtors 16,162 1,870
_______ _______
70,199 48,817
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loan 5,556 5,556
Social security and other taxes 30,694 22,274
Other creditors 7,515 11,080
_______ _______
43,765 38,910
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loan 28,704 34,259
_______ _______
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward Advances /(credits) to the directors Amounts repaid Amounts written off Amounts waived Balance o/standing
£ £ £ £ £ £
J Best - 14,289 - - - 14,289
_______ _______ _______ _______ _______ _______