Company registration number 09232900 (England and Wales)
MERIDEN FINANCIAL PLANNING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MERIDEN FINANCIAL PLANNING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
MERIDEN FINANCIAL PLANNING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
141,427
157,179
Tangible assets
4
1,616
1,150
143,043
158,329
Current assets
Debtors
5
6,806
3,184
Cash at bank and in hand
244,687
193,602
251,493
196,786
Creditors: amounts falling due within one year
6
(158,267)
(108,176)
Net current assets
93,226
88,610
Total assets less current liabilities
236,269
246,939
Creditors: amounts falling due after more than one year
7
(37,440)
(119,370)
Provisions for liabilities
(333)
(201)
Net assets
198,496
127,368
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
198,396
127,268
Total equity
198,496
127,368
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MERIDEN FINANCIAL PLANNING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr R A Oliver
Mr D Chance
Director
Director
Company registration number 09232900 (England and Wales)
MERIDEN FINANCIAL PLANNING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 September 2023:
Balance at 1 October 2022
100
119,199
119,299
Effect of transition to FRS 102
(377)
(377)
As restated
100
118,822
118,922
Year ended 30 September 2023:
Profit and total comprehensive income
-
8,446
8,446
Balance at 30 September 2023
100
127,268
127,368
Year ended 30 September 2024:
Profit and total comprehensive income
-
71,128
71,128
Balance at 30 September 2024
100
198,396
198,496
MERIDEN FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Meriden Financial Planning Limited is a private company limited by shares incorporated in England and Wales. The registered office is 42 New Road, Stourbridge, West Midlands, England, DY8 1PA.
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 £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 September 2024 are the first that are prepared in accordance with FRS102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of transition to FRS 102 Section 1A is 1 October 2021.
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, excluding value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
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 and fittings
20% Straight Line
Computers
33% Straight Line
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.
MERIDEN FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Cash and cash equivalents
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
MERIDEN FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
9
MERIDEN FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023
214,643
Additions
1,903
At 30 September 2024
216,546
Amortisation and impairment
At 1 October 2023
57,464
Amortisation charged for the year
17,655
At 30 September 2024
75,119
Carrying amount
At 30 September 2024
141,427
At 30 September 2023
157,179
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2023
2,457
5,045
7,502
Additions
1,521
1,521
At 30 September 2024
2,457
6,566
9,023
Depreciation and impairment
At 1 October 2023
1,597
4,755
6,352
Depreciation charged in the year
258
797
1,055
At 30 September 2024
1,855
5,552
7,407
Carrying amount
At 30 September 2024
602
1,014
1,616
At 30 September 2023
860
290
1,150
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,806
3,184
MERIDEN FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
72,658
55,674
Corporation tax
29,435
7,050
Other taxation and social security
7,426
45
Other creditors
48,748
45,407
158,267
108,176
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Trade creditors
37,440
119,370
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share Capital A of £1 each
65
65
65
65
Ordinary Share Capital B of £1 each
20
20
20
20
Ordinary Share Capital C of £1 each
15
15
15
15
100
100
100
100
9
Financial commitments, guarantees and contingent liabilities
The company has operating lease commitments of £2,000 (2023 - £5,801).
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2022
2023
Notes
£
£
Equity as reported under previous UK GAAP
119,299
127,569
Adjustments arising from transition to FRS 102:
Deferred tax provision
(377)
(201)
Equity reported under FRS 102
118,922
127,368
MERIDEN FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of profit for the financial period
2023
£
Profit as reported under previous UK GAAP and under FRS 102
8,270
Adjustments to prior year (note )
176
As restated
8,446
Reconciliation of equity
At 1 October 2022
At 30 September 2023
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Goodwill
-
-
-
157,179
-
157,179
Tangible assets
1,508
-
1,508
1,150
-
1,150
1,508
-
1,508
158,329
-
158,329
Current assets
Debtors
7,599
-
7,599
3,184
-
3,184
Bank and cash
218,243
-
218,243
193,602
-
193,602
225,842
-
225,842
196,786
-
196,786
Creditors due within one year
Taxation
(13,211)
-
(13,211)
(7,095)
-
(7,095)
Other creditors
(94,840)
-
(94,840)
(101,081)
-
(101,081)
(108,051)
-
(108,051)
(108,176)
-
(108,176)
Net current assets
117,791
-
117,791
88,610
-
88,610
Total assets less current liabilities
119,299
-
119,299
246,939
-
246,939
Creditors due after one year
Other creditors
-
-
-
(119,370)
-
(119,370)
Provisions for liabilities
Deferred tax
-
(377)
(377)
-
(201)
(201)
Net assets
119,299
(377)
118,922
127,569
(201)
127,368
MERIDEN FINANCIAL PLANNING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Reconciliations on adoption of FRS 102
At 1 October 2022
At 30 September 2023
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
(Continued)
- 10 -
Capital and reserves
Share capital
100
100
100
-
100
Profit and loss
119,199
(377)
118,822
127,469
(201)
127,268
Total equity
119,299
(377)
118,922
127,569
(201)
127,368
Notes to reconciliations on adoption of FRS 102
First year adoption
This is the first period that the Company has presented its financial statements under Financial Reporting Standard 102 Section 1A issued by the Financial Reporting Council. The last financial statements presented its financial statements under FRS105 for the year ended 30 September 2023 and the date of transition was therefore the 1st October 2021. The policies applied for the year ended 30th September 2024 are not materially different and have given rise to a deferred tax provision.
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