Vantage Financial Planning Limited 08368985 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of independent financial advisers. Digita Accounts Production Advanced 6.30.9574.0 true 08368985 2023-04-01 2024-03-31 08368985 2024-03-31 08368985 bus:OrdinaryShareClass1 2024-03-31 08368985 bus:OrdinaryShareClass2 2024-03-31 08368985 core:RetainedEarningsAccumulatedLosses 2024-03-31 08368985 core:ShareCapital 2024-03-31 08368985 core:CurrentFinancialInstruments 2024-03-31 08368985 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08368985 core:Non-currentFinancialInstruments 2024-03-31 08368985 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08368985 core:FurnitureFittingsToolsEquipment 2024-03-31 08368985 bus:SmallEntities 2023-04-01 2024-03-31 08368985 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08368985 bus:FilletedAccounts 2023-04-01 2024-03-31 08368985 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08368985 bus:RegisteredOffice 2023-04-01 2024-03-31 08368985 bus:Director1 2023-04-01 2024-03-31 08368985 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08368985 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 08368985 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08368985 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08368985 countries:EnglandWales 2023-04-01 2024-03-31 08368985 2023-03-31 08368985 core:FurnitureFittingsToolsEquipment 2023-03-31 08368985 2022-04-01 2023-03-31 08368985 2023-03-31 08368985 bus:OrdinaryShareClass1 2023-03-31 08368985 bus:OrdinaryShareClass2 2023-03-31 08368985 core:RetainedEarningsAccumulatedLosses 2023-03-31 08368985 core:ShareCapital 2023-03-31 08368985 core:CurrentFinancialInstruments 2023-03-31 08368985 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08368985 core:Non-currentFinancialInstruments 2023-03-31 08368985 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08368985 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08368985

Vantage Financial Planning Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Vantage Financial Planning Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Vantage Financial Planning Limited

Registration number: 08368985

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,829

1,505

Current assets

 

Debtors

5

100,905

106,706

Creditors: Amounts falling due within one year

6

(88,464)

(81,937)

Net current assets

 

12,441

24,769

Total assets less current liabilities

 

17,270

26,274

Creditors: Amounts falling due after more than one year

6

(13,333)

(23,333)

Provisions for liabilities

(1,209)

(286)

Net assets

 

2,728

2,655

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

1,728

1,655

Shareholders' funds

 

2,728

2,655



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Vantage Financial Planning Limited

Registration number: 08368985

Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 January 2025
 

R E Fay
Director

   
     

 

Vantage Financial Planning Limited

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

1

General information

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

The address of its registered office is:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
5 Golden Court
Bridge Road
Oulton Broad
Lowestoft
NR32 3LU
England

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Vantage Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Government grants

Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.

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.

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.

 

Vantage Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Fixtures, fittings and equipment

25% reducing balance

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 the director) during the year, was 2 (2023 - 2).

 

Vantage Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

9,230

9,230

Additions

4,934

4,934

At 31 March 2024

14,164

14,164

Depreciation

At 1 April 2023

7,725

7,725

Charge for the year

1,610

1,610

At 31 March 2024

9,335

9,335

Carrying amount

At 31 March 2024

4,829

4,829

At 31 March 2023

1,505

1,505

 

Vantage Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

69,713

63,989

Prepayments

202

-

Other debtors

30,990

42,717

 

100,905

106,706

The amounts owed to the company at the year-end in respect of the directors' loans was £23,730 (2023 - £32,695) and is included in other debtors. It is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest.

 

Vantage Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

14,386

17,227

Trade creditors

 

15,476

16,696

Taxation and social security

 

36,752

29,983

Other creditors

 

21,850

18,031

 

88,464

81,937

Due after one year

 

Loans and borrowings

8

13,333

23,333

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,333

23,333

 

Vantage Financial Planning Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

900

900

900

900

Ordinary B shares of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,333

23,333

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

4,386

7,227

14,386

17,227