Company Registration No. SC113651 (Scotland)
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
COMPANY INFORMATION
Director
M K Marsh
Company number
SC113651
Registered office
100 West Regent Street
Glasgow
G2 2QD
Accountants
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,577
14,379
Current assets
Debtors
4
4,623,242
2,937,892
Cash at bank and in hand
524,673
1,493,249
5,147,915
4,431,141
Creditors: amounts falling due within one year
5
(324,669)
(624,035)
Net current assets
4,823,246
3,807,106
Total assets less current liabilities
4,832,823
3,821,485
Provisions for liabilities
6
(2,064)
(3,468)
Net assets
4,830,759
3,818,017
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
4,829,759
3,817,017
Total equity
4,830,759
3,818,017
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 29 January 2025 and are signed on its behalf by:
M K Marsh
Director
Company Registration No. SC113651
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Save & Invest (Financial Planning) Limited is a private company limited by shares incorporated in Scotland. The registered office is 100 West Regent Street, Glasgow, G2 2QD.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis.true
Whilst there can be no absolute certainty, having considered the current results of the company, including plausible downside scenarios impacting revenues, expenses and financial resilience, and the current liquidity and net assets of the company, the director is satisfied that it remains a reasonable assumption that the company will have sufficient resources to meet its working capital requirements for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
1.3
Turnover
Turnover represents the total value of initial transaction fees, trail commission, ongoing advisor charges, service fees and management charges earned during the year in the United Kingdom. Turnover is stated net of value added tax. Initial transaction fees are recognised on an accruals basis when the business is transacted. Trail commission and ongoing adviser charges are recognised on a cash basis, due to the nature of this income there is an immaterial difference to recognising on an accrual basis. Service fee income and management charges are recognised on an accruals basis over the period to which they relate.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Office equipment
25% straight line
Fixtures & fittings
20% straight line
Computer equipment & systems development
25% - 33% straight line
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 the profit and loss account.
The company's value of the tangible fixed assets is reviewed at each reporting date or when there are indicators of impairment, for example, changes in circumstances.
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or intangible assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
21
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
128,637
Depreciation and impairment
At 1 July 2023
114,258
Depreciation charged in the year
4,802
At 30 June 2024
119,060
Carrying amount
At 30 June 2024
9,577
At 30 June 2023
14,379
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
71,877
62,681
Amounts owed by group undertakings
4,097,979
2,390,412
Other debtors
453,386
484,799
4,623,242
2,937,892
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
109,796
137,234
Corporation tax
1,799
153,501
Other taxation and social security
34,415
53,082
Other creditors
178,659
280,218
324,669
624,035
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
2,064
3,468
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
250,076
327,526
9
Events after the reporting date
On 13 November 2024, a £1.8m dividend was paid by the company to its parent undertaking, Save & Invest Group Limited.
SAVE & INVEST (FINANCIAL PLANNING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
10
Related party transactions
The company has taken advantage of the exemption available in FRS 102 1A whereby it has not disclosed transactions with its parent undertaking or any fellow wholly owned subsidiary undertaking of the group.
11
Parent company
At the reporting date, the company's immediate and ultimate parent company was Save & Invest Group Limited, a company whose registered office is 100 West Regent Street, Glasgow, G2 2QD.
The results of the company have been consolidated in the accounts of Save & Invest Group Limited for the year to 30 June 2024. These accounts are not required to be lodged at Companies House due to the small group exemptions, however, copies of the consolidated accounts of the parent company can be obtained from its registered office.