Company registration number 08362756 (England and Wales)
HOOD FINANCIAL PLANNING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 6 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HOOD FINANCIAL PLANNING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HOOD FINANCIAL PLANNING LIMITED
BALANCE SHEET
AS AT
6 FEBRUARY 2024
06 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
899
438
Current assets
Debtors
5
14,735
17,140
Cash at bank and in hand
530,927
440,408
545,662
457,548
Creditors: amounts falling due within one year
6
(59,742)
(35,201)
Net current assets
485,920
422,347
Net assets
486,819
422,785
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
486,809
422,775
Total equity
486,819
422,785

For the financial year ended 6 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 1 November 2024
Mr T A Hood
Director
Company registration number 08362756 (England and Wales)
HOOD FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 6 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Hood Financial Planning Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bloc, 17 Marble Street, Manchester, M2 3AW. The company registration number is 08362756.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% on cost
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Basic financial liabilities

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.

HOOD FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 6 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

 

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
HOOD FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 6 FEBRUARY 2024
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 7 February 2023
828
3,142
3,970
Additions
-
0
899
899
At 6 February 2024
828
4,041
4,869
Depreciation and impairment
At 7 February 2023
828
2,704
3,532
Depreciation charged in the year
-
0
438
438
At 6 February 2024
828
3,142
3,970
Carrying amount
At 6 February 2024
-
0
899
899
At 6 February 2023
-
0
438
438
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
14,735
17,140
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
56,471
32,216
Other taxation and social security
901
786
Other creditors
2,370
2,199
59,742
35,201
7
Directors' transactions

Included in other debtors is £5,068 (2023: £4,642) owed by the director. These amounts are interest free and repayable on demand.

 

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