Registered number
08197776
Michael James Financial Planning Limited
Filleted Accounts
31 August 2024
Michael James Financial Planning Limited
Registered number: 08197776
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 497 803
Current assets
Debtors 4 4,507 -
Cash at bank and in hand 7,735 9,738
12,242 9,738
Creditors: amounts falling due within one year 5 (10,966) (9,958)
Net current assets/(liabilities) 1,276 (220)
Total assets less current liabilities 1,773 583
Provisions for liabilities (95) (153)
Net assets 1,678 430
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,677 429
Shareholder's funds 1,678 430
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Michael Hillier James
Director
Approved by the board on 15 January 2025
Michael James Financial Planning Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 3 Years straight line/15% Reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office equipment
£
Cost
At 1 September 2023 3,476
At 31 August 2024 3,476
Depreciation
At 1 September 2023 2,673
Charge for the year 306
At 31 August 2024 2,979
Net book value
At 31 August 2024 497
At 31 August 2023 803
4 Debtors 2024 2023
£ £
Other debtors 4,507 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 9,941 8,843
Other creditors 1,025 1,115
10,966 9,958
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Michael Hillier James
Interest-free and unsecured - 4,507 - 4,507
- 4,507 - 4,507
7 Other information
Michael James Financial Planning Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B Sunrise Business Park
Higher Shaftesbury Road
Blandford Forum
Dorset
DT11 8ST
Michael James Financial Planning Limited 08197776 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts July 2024 Mr Michael Hillier James No description of principal activity 08197776 2022-09-01 2023-08-31 08197776 core:WithinOneYear 2023-08-31 08197776 core:ShareCapital 2023-08-31 08197776 core:RetainedEarningsAccumulatedLosses 2023-08-31 08197776 2023-09-01 2024-08-31 08197776 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08197776 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08197776 bus:Director40 2023-09-01 2024-08-31 08197776 core:PlantMachinery 2023-09-01 2024-08-31 08197776 bus:Director1 2023-09-01 2024-08-31 08197776 bus:Director1 1 2023-09-01 2024-08-31 08197776 countries:England 2023-09-01 2024-08-31 08197776 bus:FRS102 2023-09-01 2024-08-31 08197776 bus:FilletedAccounts 2023-09-01 2024-08-31 08197776 2024-08-31 08197776 core:WithinOneYear 2024-08-31 08197776 core:ShareCapital 2024-08-31 08197776 core:RetainedEarningsAccumulatedLosses 2024-08-31 08197776 core:PlantMachinery 2024-08-31 08197776 bus:Director1 1 2024-08-31 08197776 2023-08-31 08197776 core:PlantMachinery 2023-08-31 08197776 bus:Director1 1 2023-08-31 iso4217:GBP xbrli:pure