Sanderson Financial Ltd 05279665 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is to provide financial services. Digita Accounts Production Advanced 6.30.9574.0 true true 05279665 2023-05-01 2024-04-30 05279665 2024-04-30 05279665 core:CurrentFinancialInstruments 2024-04-30 05279665 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 05279665 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 05279665 core:Goodwill 2024-04-30 05279665 core:FurnitureFittingsToolsEquipment 2024-04-30 05279665 core:MotorVehicles 2024-04-30 05279665 bus:SmallEntities 2023-05-01 2024-04-30 05279665 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 05279665 bus:FullAccounts 2023-05-01 2024-04-30 05279665 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05279665 bus:RegisteredOffice 2023-05-01 2024-04-30 05279665 bus:Director2 2023-05-01 2024-04-30 05279665 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05279665 bus:Agent1 2023-05-01 2024-04-30 05279665 core:Goodwill 2023-05-01 2024-04-30 05279665 core:FurnitureFittings 2023-05-01 2024-04-30 05279665 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 05279665 core:MotorVehicles 2023-05-01 2024-04-30 05279665 countries:EnglandWales 2023-05-01 2024-04-30 05279665 2023-04-30 05279665 core:Goodwill 2023-04-30 05279665 core:FurnitureFittingsToolsEquipment 2023-04-30 05279665 core:MotorVehicles 2023-04-30 05279665 2022-05-01 2023-04-30 05279665 2023-04-30 05279665 core:CurrentFinancialInstruments 2023-04-30 05279665 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 05279665 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 05279665 core:Goodwill 2023-04-30 05279665 core:FurnitureFittingsToolsEquipment 2023-04-30 05279665 core:MotorVehicles 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 05279665

Prepared for the registrar

Sanderson Financial Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Sanderson Financial Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Sanderson Financial Ltd

Company Information

Director

W D Collins

Registered office

9 Twigworth Court Business Centre
Tewkesbury Road
Twigworth
Gloucester
GL2 9PG

Bankers

HBOS PLC
600 Gorgie Road
Edinburgh
EH11 3XP

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Sanderson Financial Ltd

(Registration number: 05279665)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

31,403

60,261

Tangible assets

6

60,766

2,443

 

92,169

62,704

Current assets

 

Debtors

7

472,592

198,340

Cash at bank and in hand

 

154,088

167,722

 

626,680

366,062

Creditors: Amounts falling due within one year

8

(187,825)

(131,677)

Net current assets

 

438,855

234,385

Total assets less current liabilities

 

531,024

297,089

Creditors: Amounts falling due after more than one year

8

(49,436)

-

Net assets

 

481,588

297,089

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

481,388

296,889

Shareholders' funds

 

481,588

297,089

For the financial year ending 30 April 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 31 January 2025
 


W D Collins
Director

 

Sanderson Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
9 Twigworth Court Business Centre
Tewkesbury Road
Twigworth
Gloucester
GL2 9PG

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company. 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 the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

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.

 

Sanderson Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% reducing balance

Intangible assets

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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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:

Asset class

Amortisation method and rate

Goodwill

Straight line over 20 years

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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Sanderson Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sanderson Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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 as follows:

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

12,912

 

Sanderson Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

5

Intangible assets

Goodwill
 £

Cost

At 1 May 2023 and at 30 April 2024

577,150

Amortisation

At 1 May 2023

516,889

Amortisation charge

28,858

At 30 April 2024

545,747

Carrying amount

At 30 April 2024

31,403

At 30 April 2023

60,261

 

6

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 May 2023

9,779

-

9,779

Additions

925

65,219

66,144

At 1 May 2023

10,704

65,219

75,923

Depreciation

At 1 May 2023

7,336

-

7,336

Charge for the year

450

7,371

7,821

At 30 April 2024

7,786

7,371

15,157

Carrying amount

At 30 April 2024

2,918

57,848

60,766

At 30 April 2023

2,443

-

2,443

 

7

Debtors

Note

2024
 £

2023
 £

Amounts due to related parties

372,184

172,292

Other debtors

 

1,000

1,000

Prepayments

 

99,408

25,048

   

472,592

198,340

 

Sanderson Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

8

Creditors

2024
 £

2023
 £

Due within one year

Hire purchase contracts

5,918

-

Trade creditors

35,795

11,703

Social security and other taxes

503

-

Outstanding defined contribution pension costs

153

-

Accrued expenses

41,367

30,622

Corporation tax liability

104,089

89,352

187,825

131,677

Due after one year

Hire purchase contracts

49,436

-

Note

2024
£

2023
£

Due after one year

 

Hire purchase contracts

49,436

-

 

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £900,000 (2023 - £1,140,000). The company is bound by an intra-group guarantee in respect of bank debt with its parent Tudor Wealth Limited.