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Registration number: 04820268

Charlwood IFA Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Charlwood IFA Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Charlwood IFA Limited

Company Information

Directors

M Charlwood

J M Charlwood

E K Charlwood

C S Charlwood

Company secretary

J M Charlwood

Registered office

35 Seamoor Road
Bournemouth
Dorset
BH4 9AE

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Charlwood IFA Limited

(Registration number: 04820268)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

22,549

24,224

Current assets

 

Stocks

6

500

500

Debtors

7

170,131

168,817

Investments

8

216,283

187,965

Cash at bank and in hand

 

361,636

335,675

 

748,550

692,957

Creditors: Amounts falling due within one year

9

(82,909)

(154,253)

Net current assets

 

665,641

538,704

Total assets less current liabilities

 

688,190

562,928

Creditors: Amounts falling due after more than one year

9

(27,000)

(27,000)

Provisions for liabilities

(5,637)

(6,056)

Net assets

 

655,553

529,872

Capital and reserves

 

Called up share capital

104

104

Retained earnings

655,449

529,768

Shareholders' funds

 

655,553

529,872

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

.........................................
M Charlwood
Director

 

Charlwood IFA Limited

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

1

General information

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

The address of its registered office is:
35 Seamoor Road
Bournemouth
Dorset
BH4 9AE

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.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Charlwood IFA Limited

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

2

Accounting policies (continued)

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

Short leasehold property

straight line over period of lease

Fixture and fittings

reducing balance 20%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Charlwood IFA Limited

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

2

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 directors) during the year, was 8 (2023 - 9).

 

Charlwood IFA Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

63,200

63,200

At 31 August 2024

63,200

63,200

Amortisation

At 1 September 2023

63,200

63,200

At 31 August 2024

63,200

63,200

Carrying amount

At 31 August 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

16,313

79,161

95,474

Additions

-

3,187

3,187

At 31 August 2024

16,313

82,348

98,661

Depreciation

At 1 September 2023

2,568

68,682

71,250

Charge for the year

1,813

3,049

4,862

At 31 August 2024

4,381

71,731

76,112

Carrying amount

At 31 August 2024

11,932

10,617

22,549

At 31 August 2023

13,745

10,479

24,224

Included within the net book value of land and buildings above is £11,932 (2023 - £13,745) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

500

500

 

Charlwood IFA Limited

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

7

Debtors

2024
£

2023
£

Prepayments

20,061

18,736

Other debtors

150,070

150,081

170,131

168,817

8

Current asset investments

2024
£

2023
£

Other investments

216,283

187,965

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

46

45

Taxation and social security

29,361

99,933

Accruals and deferred income

4,993

5,024

Other creditors

48,509

49,251

82,909

154,253

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

27,000

27,000

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other loans

27,000

27,000

The other loans are subordinated loans between the company's directors, the company and the Financial Conduct Authority Ltd (FCA). They are unsecured and repayment may not be made without the FCA's prior written consent and then with not less than two years notice.