Company registration number 04840566 (England and Wales)
HSP FINANCIAL PLANNING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
HSP FINANCIAL PLANNING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HSP FINANCIAL PLANNING LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
32,866
68,720
Tangible assets
4
11,382
13,026
44,248
81,746
Current assets
Debtors
5
153,636
119,808
Investments
6
5,364
6,897
Cash at bank and in hand
1,225,238
1,318,151
1,384,238
1,444,856
Creditors: amounts falling due within one year
7
(353,862)
(412,180)
Net current assets
1,030,376
1,032,676
Total assets less current liabilities
1,074,624
1,114,422
Creditors: amounts falling due after more than one year
8
(40,045)
Provisions for liabilities
(2,846)
(3,257)
Net assets
1,071,778
1,071,120
Capital and reserves
Called up share capital
5,333
5,333
Capital redemption reserve
4,667
4,667
Profit and loss reserves
1,061,778
1,061,120
Total equity
1,071,778
1,071,120
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
Mrs Caroline Simpson
Director
Company registration number 04840566 (England and Wales)
HSP FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
HSP Financial Planning Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit F, Whiteacres, Cambridge Road, Whetstone, Leicestershire, LE8 6ZG.
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, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of commission and fees receivable for services provided in the normal course of business. Commission and fees receivable are accounted for when the stage of completion of services is such that the company is entitled to the income.
1.3
Intangible fixed assets - goodwill
Goodwill, being amounts paid in connection with business acquisitions is measured at cost and amortised evenly over it's estimated useful life as follows:
On business acquisitions in 2022 - over 1 year and over 3 years
On a business acquisition in 2004 - over 15 years
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, fittings & equipment
20% on cost
Computer equipment
33% on cost
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
HSP FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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 and receivable under operating leases are charged to the profit and loss account on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
HSP FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
1,397,252
Amortisation and impairment
At 1 May 2023
1,328,532
Amortisation charged for the year
35,854
At 30 April 2024
1,364,386
Carrying amount
At 30 April 2024
32,866
At 30 April 2023
68,720
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
81,552
Additions
3,943
At 30 April 2024
85,495
Depreciation and impairment
At 1 May 2023
68,526
Depreciation charged in the year
5,587
At 30 April 2024
74,113
Carrying amount
At 30 April 2024
11,382
At 30 April 2023
13,026
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
65,800
33,114
Other debtors
87,836
86,694
153,636
119,808
HSP FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Current asset investments
2024
2023
£
£
Other investments
5,364
6,897
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
39,507
34,442
Taxation and social security
137,107
92,844
Other creditors
177,248
284,894
353,862
412,180
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
40,045
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Callum Veasey ACA
Statutory Auditor:
Edward Thomas Peirson & Sons
Date of audit report:
22 August 2024
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
450,541
177,466
HSP FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
11
Auditor's liability limitation agreement
The company has entered into a liability limitation agreement with its auditors and this agreement was approved by resolution dated 17th June 2024.
Liability is limited to a maximum of the lessor of 20 times the audit fees or £92,000. In accordance with section 537 of Companies Act 2006, the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable, as determined by that section, the agreement shall have the effect as if it limited the liability to such amount as is fair and reasonable, as so determined.
The agreement limits the liability owed to the company by the auditors in respect of any negligence, default, breach of duty or beach of trust occurring in the course of the audit of the financial statements of the company for the year ended 30th April 2024.
The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws or regulations.