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REGISTERED NUMBER: 06408991 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 May 2024

for

Halstead Independent Financial
Management Limited

Halstead Independent Financial
Management Limited (Registered number: 06408991)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 7

Independent Auditors' Report 9

Profit and Loss Account 13

Balance Sheet 14

Statement of Changes in Equity 15

Cash Flow Statement 16

Notes to the Cash Flow Statement 17

Notes to the Financial Statements 18


Halstead Independent Financial
Management Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: M W Halstead
S Tanner





SECRETARY: E V Halstead





REGISTERED OFFICE: Holmstead
23 Barnfield
Urmston
Manchester
M41 9EW





REGISTERED NUMBER: 06408991 (England and Wales)





AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Strategic Report
for the Year Ended 31 May 2024

The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
Halstead Independent Financial Management Limited is a financial planning business which provides clients with independent financial advice. We intend to continue offering our discretionary fund management (DFM) services to clients as per our DFM service plan. The company is committed to delivering a fee based range of services to retail clients.

Turnover in the year increased by £25,552 to £580,637 ; the reduction being due to stock market weakness.
The operating profit of the company decreased by £326 to £231,399.
The company's balance sheet has net assets of £282,482 compared to £312,396 in the previous year.
The directors consider the annual results and the position of the company at the year end to be satisfactory.

Key Performance Indicators
The performance of the business is monitored by management through the use of various key performance indicators (KPI's).
The directors consider the following to be the KPI's for the company:-

2024 2023 2022
Turnover 580,637 555,085 583,901
Operating profit 40% 42% 37%


Halstead Independent Financial
Management Limited (Registered number: 06408991)

Strategic Report
for the Year Ended 31 May 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Liquidity Risk
The firm manages all cash and borrowing requirements to maximise potential interest income whilst ensuring the firm has sufficient liquid resources to meet the continued operating needs of the business. This is supported by a robust budgeting and forecasting process which has the full involvement of the senior management team.

Credit Risk
The main credit risk for the firm relates to advisory fees, being the risk that a client does not pay amounts due for services provided. This risk is mitigated by the low number of clients in respect of which amounts are due at any one time. The risk of non payment is also reduced due to the nature of the clients as they are typically wealthy individuals. The firm's revenues include annual management charges received from clients based on a percentage of client assets under management. These changes are made directly to the clients' portfolios, and therefore the credit risk relating to this income is minimal.

Business Risk
The firm's business risk assessment principally takes the form of a fall in assets under management following a market downturn that leads to lower management fees, although other risks such as loss of advisers and systems failures are also considered. To mitigate the Company's business risk, the directors regularly analyse various different economic scenarios to model the impact of economic downturns on our financial position.

Operational Risk
Operational risk is defined as the potential risk of financial loss or impairment to reputation resulting from inadequate or failed internal processes and systems, from the actions of people or from external events. Major sources of operational risk include: outsourcing of operations, IT security, internal and external fraud, implementation of strategic change and regulatory non-compliance. The Company operates a robust risk management process which is regularly reviewed and updated with details being provided to all staff. The firm's Compliance Oversight is responsible for the periodic reviews and recommending any changes to the Board. All senior management will bear responsibility for internal controls and the management of business risk as part of their accountability to the board.
Individuals are responsible for identifying the risks surrounding their work, implementing controls over those risks and reporting areas of concern to their line manager. The Compliance Oversight will provide the board with a yearly summary report on all significant risk issues using a traffic light system.

Regulatory Risk
The nature of the Company is such that it falls under the influence of regulators and legislators in the UK. The Company could face fines or be forced to cease trading if the regulations are not adhered to. To mitigate the risk, the Company has independent file reviews annually and an annual compliance review. Any noted recommendations are actioned.

Competition and client retention
Checking the quality of advice across the Company is fundamentally important to the future viability of the firm. Ensuring that all customers receive appropriate and suitable advice as well as being treated fairly is essential and assists with client retention.

IT Risk
IT Risk is a significant risk for the business. The data the firm stores is sensitive and commercially vital. The Company could be fined if data breaches occurred and would see significant falls in profitability if data was lost.
To mitigate the risk, the Company uses outsourced software which is tested for hacking and who also back up the data to two separate sites. We also take a copy of the data stored on this system in electronic and paper format.
The Company backs up its own in-house computers to the on site backup each night (which has two mirrored Hard Drives - to protect against hardware failure) and this in turn is backed up each night to an offsite European based cloud storage system.

Market Risk
The firm is indirectly subject to market risk as a significant element of income is dependent upon the value of client funds under management. The risk is mitigated by the asset allocation strategy adopted, which ensures that clients have highly diversified portfolios with limited exposure to any one asset class. Accordingly exposure to market risk is considered minimal.


Halstead Independent Financial
Management Limited (Registered number: 06408991)

Strategic Report
for the Year Ended 31 May 2024

REMUNERATION CODE DISCLOSURE
The firm is subject to the MiFiDPRU Remuneration Code. This section provides further information on our remuneration policy.

The directors have identified, and maintain a record of, "Remuneration Code Staff'. This includes senior management and members of staff whose actions may have a material impact on a firm's risk profile. All of our Code Staff fall into the "senior management" category of Code Staff for the purposes of the MiFiDPRU Remuneration Code.

Decision Making / Remuneration Committee
The Company does not have a Remuneration Committee. The Directors are responsible for the firm's remuneration policy including:
- Determining the framework and policy for remuneration and ensuring it does not encourage undue risk taking.
- Agreeing any major changes in remuneration structures.
- Reviewing the terms and conditions of any new incentive schemes and in particular, considering the appropriate targets for any performance related remuneration schemes.
- Considering and recommending the remuneration policy for the senior employees taking into account the appropriate mix of salary, discretionary bonus and share based remuneration.
- In determining remuneration arrangements, the Directors will give due regard to best practice and any relevant legal or regulatory requirements including the MiFiDPRU Remuneration Code.

Link Between Pay & Performance

Competitive salaries form the basis of the firm's remuneration package. In addition there is an element of variable pay for all staff which is based on firm wide and individual performance. Whilst most of the variable reward components are awarded to employees across the firm, the structure, balance and amounts may differ. Variable remuneration is considerably reduced where subdued or negative financial performance of the firm occurs.

When assessing individual performance, the directors use a robust performance review process, with reviews including qualitative criteria and, in the case of investment managers, long-term investment results are a factor in the assessment process.

Quantitive Information on Remuneration

The FCA rules require certain firms to disclose aggregate information on remuneration in respect of its MiFiDPRU Remuneration Code Staff broken down by business area, senior management and other Code Staff, including "risk takers".
The firm only has one business area - investment management. The firm had 2 directors during the year but no "risk takers".
Director remuneration is agreed formally at board meetings. The link between performance and pay is inevitable in a small firm, but the firm's risk averse strategy and robust risk management systems mitigate any risks.
The firm holds regulatory capital in accordance with the Capital Requirements Directive. All such capital is classified as Tier 1 capital and is therefore of the highest quality.


Halstead Independent Financial
Management Limited (Registered number: 06408991)

Strategic Report
for the Year Ended 31 May 2024

CAPITAL RESOURCES
Own Funds Requirement (OFR)

A firm's Own Funds Requirement is the higher of:
- its Permanent Minimum Requirement (PMR)
- its Fixed Overheads Requirement (FOR)
This is a minimum requirement.

Own Funds Threshold Requirement (OFTR)

The OFR may not be sufficient to mitigate the risk of harms a firm poses to its customers or markets. As part of its Internal Capital And Risk Assessment (ICARA) process, a firm needs to assess whether it needs to hold additional capital to:
- mitigate any risk of harms from its outgoing activities
- ensure the business can be wound down in an orderly manner
The OFTR is the amount of own funds that a firm needs to hold at any given time to comply with the Overall Financial Adequacy Rule.

Overall Financial Adequacy Rule (OFAR)

The OFAR is the obligation for a MiFiDPRU investment firm to hold "own funds" and "liquid assets" which are adequate both as to their amount and quality to ensure that:
a) the firm is able to remain financially viable throughout the economic cycle, with the ability to address any material potential harm that may result from its ongoing activities
b) its business can be wound down in an orderly manner, minimising harm to consumers or to other market participants.
The figure arrived at here is the higher of (a) and (b) above. This figure is then added to a firm's OFR.

The firm's liquidity will be adequate for its size and for the complexity of its business.
The directors estimate the firm's capital adequacy requirement, based on three month's fixed costs, to be £88,478.
Under normal trading conditions and based on cautious estimates of turnover and costs, the directors estimate that the firm will continue to have capital significantly in excess of its capital adequacy requirement with the aim being by the end of the business year ending May 2024 that Surplus Capital will continue to be at least 200% of the capital adequacy requirement, with this to be maintained during 2024-25 accounting period.

The firm will maintain an "early warning system". The aim of this system is that any reduction of the firm's liquidity to less than six months' fixed costs (as defined by the board in relation to the firm's capital adequacy requirements) will be noted by the board. This will present the board with ample opportunity to ensure that the firm's liquidity always remains within the bounds of prudence and within the regulatory requirements under which the firm operates. The firm will produce a monthly cash sheet as a further aid in monitoring liquidity.

Were the firm to undertake any acquisitions of IFA books of business, the board would strengthen the capital base of the firm, if necessary, as appropriate to the circumstances at the time.

Regulatory capital

The main features of the company's capital resources for regulatory purposes are:-

Capital Item:
2024 2023 2022
Tier 1 capital 289,000 312,000 302,000
Total of tier 1 & tier 2 capital - - -
Deductions from tier 1 & tier 2 capital - - -
Total capital resources, net of deductions 289,000 312,000 302,000

ON BEHALF OF THE BOARD:




Halstead Independent Financial
Management Limited (Registered number: 06408991)

Strategic Report
for the Year Ended 31 May 2024



M W Halstead - Director


23 September 2024

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of providing financial advice.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary A £1 shares 1.21875 - 6 April 2024
Ordinary B £1 shares 3.1625 - 6 April 2024
Ordinary C £1 shares 5 - 6 April 2024


The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 May 2024 will be £ 188,500 .

FUTURE DEVELOPMENTS
The directors believe that the UK financial services industry offers attractive prospects for long term growth, through the provision of high standards of advice, investment management and service to clients.
Specifically, the firm believes that offering 'in-house' discretionary management services to supplement a high quality financial planning service allows the firm to provide a truly holistic planning service for its clients and will help them to better plan for their specific objectives.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

M W Halstead
S Tanner

POLITICAL DONATIONS AND EXPENDITURE
Within the year the company made charitable donations of £6,301 (2023: £5,310). None of these donations were to any political entity.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Report of the Directors
for the Year Ended 31 May 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M W Halstead - Director


23 September 2024

Independent Auditors' Report to the Members of
Halstead Independent Financial
Management Limited

Opinion
We have audited the financial statements of Halstead Independent Financial Management Limited (the 'company') for the year ended 31 May 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
Halstead Independent Financial
Management Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Independent Auditors' Report to the Members of
Halstead Independent Financial
Management Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations; this responsibility lies with management.
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the company through discussions with the directors and from our commercial knowledge and experience of FCA regulated entities.
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operation of the company. These included the Companies Act 2006 and legislation for taxation, data protection, anti-bribery, employment and health & safety. The company is also regulated by the Financial Conduct Authority (FCA).
We assessed the extent of compliance with these laws and regulations through making enquiries of the directors and checking information on public record on the FCA website about the company. We also reviewed minutes of management meetings and read reports produced by the company's FCA compliance consultants.
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We enquired of the directors if there was any actual or potential litigation or claims involving the company.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by the following procedures:
We asked the directors as to where they considered there was susceptibility to fraud and whether they had knowledge of actual, suspected or alleged fraud.
We considered the internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations.
We used the Mercia audit package to guide our audit work so that we maximised the likelihood of detection of irregularities, including fraud.
We addressed the fraud risk relating to management override of controls by the following procedures:
We carried out analytical procedures to identify any unusual matters.
We assessed whether there was any potential management bias evident in making judgements and assumptions underlying accounting estimates.
We investigated the rationale behind significant or unusual transactions.
We addressed the fraud risk relating to revenue recognition by carrying out substantive testing of sales and accrued income

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Independent Auditors' Report to the Members of
Halstead Independent Financial
Management Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

23 September 2024

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Profit and Loss Account
for the Year Ended 31 May 2024

2024 2023
Notes £    £   

TURNOVER 3 580,637 555,085

Cost of sales 7,882 15,945
GROSS PROFIT 572,755 539,140

Administrative expenses 346,389 313,975
226,366 225,165

Other operating income 5,033 6,560
OPERATING PROFIT 5 231,399 231,725

Interest receivable and similar income 3,503 2,195
PROFIT BEFORE TAXATION 234,902 233,920

Tax on profit 6 59,316 49,662
PROFIT FOR THE FINANCIAL YEAR 175,586 184,258

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

175,586

184,258

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 72,769 47,959

CURRENT ASSETS
Debtors 9 65,043 55,895
Cash at bank 294,679 305,840
359,722 361,735
CREDITORS
Amounts falling due within one year 10 99,473 96,825
NET CURRENT ASSETS 260,249 264,910
TOTAL ASSETS LESS CURRENT
LIABILITIES

333,018

312,869

CREDITORS
Amounts falling due after more than one
year

11

(25,823

)

-

PROVISIONS FOR LIABILITIES 14 (7,713 ) (473 )
NET ASSETS 299,482 312,396

CAPITAL AND RESERVES
Called up share capital 15 80,000 80,000
Retained earnings 219,482 232,396
SHAREHOLDERS' FUNDS 299,482 312,396

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





M W Halstead - Director


Halstead Independent Financial
Management Limited (Registered number: 06408991)

Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 80,000 222,238 302,238

Changes in equity
Dividends - (174,100 ) (174,100 )
Total comprehensive income - 184,258 184,258
Balance at 31 May 2023 80,000 232,396 312,396

Changes in equity
Dividends - (188,500 ) (188,500 )
Total comprehensive income - 175,586 175,586
Balance at 31 May 2024 80,000 219,482 299,482

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Cash Flow Statement
for the Year Ended 31 May 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 255,097 207,508
Interest paid (135 ) -
Tax paid (49,189 ) (46,497 )
Net cash from operating activities 205,773 161,011

Cash flows from investing activities
Purchase of tangible fixed assets (44,858 ) (9,755 )
Interest received 3,719 2,007
Net cash from investing activities (41,139 ) (7,748 )

Cash flows from financing activities
Loan repayments in year - (408 )
Capital repayments in year 28,702 -
Amount introduced by directors 4,900 63,601
Amount withdrawn by directors (20,897 ) (69,230 )
Loan repaid to estate of former director - (1,213 )
Equity dividends paid (188,500 ) (174,100 )
Net cash from financing activities (175,795 ) (181,350 )

Decrease in cash and cash equivalents (11,161 ) (28,087 )
Cash and cash equivalents at beginning of
year

2

305,840

333,927

Cash and cash equivalents at end of year 2 294,679 305,840

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Cash Flow Statement
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 234,902 233,920
Depreciation charges 19,935 9,822
Loss on disposal of fixed assets 113 529
Finance income (3,503 ) (2,195 )
251,447 242,076
Decrease/(increase) in trade and other debtors 4,974 (7,126 )
Decrease in trade and other creditors (1,324 ) (27,442 )
Cash generated from operations 255,097 207,508

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 294,679 305,840
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 305,840 333,927


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank 305,840 (11,161 ) 294,679
305,840 (11,161 ) 294,679
Debt
Finance leases - (28,702 ) (28,702 )
- (28,702 ) (28,702 )
Total 305,840 (39,863 ) 265,977

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Halstead Independent Financial Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company for the year under review was that of providing financial advice.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.The total amount of accumulated depreciation at the year end is shown in the fixed asset note.

Accrued income
The company estimates accrued income based on premiums received since the year end. The amount accrued is shown in the debtors note.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% straight line
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
Computer equipment - 25% reducing balance

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 482,642 470,383
Commissions 97,995 84,702
580,637 555,085

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 125,958 124,636
Social security costs 13,209 12,437
Other pension costs 26,545 22,196
165,712 159,269

The average number of employees during the year was as follows:
2024 2023

Administrative staff 5 5

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 52,602 60,634
Directors' pension contributions to money purchase schemes 16,841 12,560

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 20,397 24,587
Other operating leases - 696
Depreciation - owned assets 9,184 9,822
Depreciation - assets on hire purchase contracts 10,751 -
Loss on disposal of fixed assets 113 529
Auditors' remuneration 8,390 6,919

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 52,076 49,189

Deferred tax - timing 7,240 473
Tax on profit 59,316 49,662

UK corporation tax has been charged at 24.80% .

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 234,902 233,920
Profit multiplied by the standard rate of corporation tax in the UK of
24.796% (2023 - 19.999%)

58,246

46,782

Effects of:
Expenses not deductible for tax purposes 181 2,270
Non qualifying depreciation 1,291 1,041
Deferred tax rate difference (402 ) (431 )
Total tax charge 59,316 49,662

7. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 39,000 39,000
Ordinary B shares of £1 each
Interim 109,500 115,100
Ordinary C shares of £1 each
Interim 40,000 20,000
188,500 174,100

8. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 55,718 23,535 - 6,198 85,451
Additions - 545 43,004 1,309 44,858
Disposals - (357 ) - - (357 )
At 31 May 2024 55,718 23,723 43,004 7,507 129,952
DEPRECIATION
At 1 June 2023 20,511 15,018 - 1,963 37,492
Charge for year 5,571 2,237 10,751 1,376 19,935
Eliminated on disposal - (244 ) - - (244 )
At 31 May 2024 26,082 17,011 10,751 3,339 57,183
NET BOOK VALUE
At 31 May 2024 29,636 6,712 32,253 4,168 72,769
At 31 May 2023 35,207 8,517 - 4,235 47,959

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 43,004
At 31 May 2024 43,004
DEPRECIATION
Charge for year 10,751
At 31 May 2024 10,751
NET BOOK VALUE
At 31 May 2024 32,253

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 500 750
Other debtors 135 40
Directors' current accounts 14,203 -
Accrued income 47,709 52,515
Prepayments 2,496 2,590
65,043 55,895

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 12) 2,879 -
Tax 52,076 49,189
Social security and other taxes - 182
VAT 14,790 4,591
Other creditors - 144
Directors' current accounts - 1,794
Accrued expenses 29,728 40,925
99,473 96,825

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 12) 25,823 -

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 2,879 -
Between one and five years 25,823 -
28,702 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 10,042

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 28,702 -

Hire purchase debts are secured over the specific asset financed.

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 11,279 5,756
Other timing differences (3,566 ) (5,283 )
7,713 473

Deferred
tax
£   
Balance at 1 June 2023 473
Provided during year 7,240
Balance at 31 May 2024 7,713

Halstead Independent Financial
Management Limited (Registered number: 06408991)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
32,000 Ordinary A £1 32,000 32,000
40,000 Ordinary B £1 40,000 40,000
8,000 Ordinary C £1 8,000 8,000
80,000 80,000

A, B and C shares are non-redeemable, with full voting and full distribution rights.

16. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

As at 31 May 2024, there was amounts owing to the company totalling £14,203 and will be repaid within 9 months of the year end.

17. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Sales 791 768
Office rent & utilities 4,900 4,900
Interest receivable - 345

Other related parties
2024 2023
£    £   
Sales 3,565 2,872

Related party balances are repayable on demand.

18. ULTIMATE CONTROLLING PARTY

The controlling party is M W Halstead.