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REGISTERED NUMBER: 06371256 (England and Wales)





















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Grovesend Financial Planning Limited
Trading as
Southernhay Financial Planning

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Grovesend Financial Planning Limited
Trading as Southernhay Financial Planning

Company Information
for the Year Ended 31 May 2024







DIRECTORS: R D Wheeler
Mrs L E Wheeler





SECRETARY: Mrs L E Wheeler





REGISTERED OFFICE: Grovesend
Week Orchard
Marhamchurch
Bude
Cornwall
EX23 0HT





REGISTERED NUMBER: 06371256 (England and Wales)





ACCOUNTANTS: Mark Ward Chartered Certified Accountants
First Floor Cef Building
Broomhill Way
Torquay
Devon
TQ2 7QN

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 76,490 86,920
Tangible assets 5 93,542 111,419
Investments 6 - 266,325
170,032 464,664

CURRENT ASSETS
Debtors 7 919,362 63,273
Cash at bank 301,322 12,703
1,220,684 75,976
CREDITORS
Amounts falling due within one year 8 149,006 281,769
NET CURRENT ASSETS/(LIABILITIES) 1,071,678 (205,793 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,241,710 258,871

CREDITORS
Amounts falling due after more than one year 9 (80,510 ) (102,229 )

PROVISIONS FOR LIABILITIES (1,987 ) (2,056 )
NET ASSETS 1,159,213 154,586

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,159,113 154,486
SHAREHOLDERS' FUNDS 1,159,213 154,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2025 and were signed on its behalf by:





R D Wheeler - Director


Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

Grovesend Financial Planning Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under historical cost convention.

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 £1.

Critical accounting judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill purchased in 2010, 2011, 2012 and 2013 has been amortised over its estimated life of five years respectively.

Goodwill purchased in 2022 is being amortised over its estimated life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 10% on cost

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds the following financial instruments:

- Short term trade and other debtors and creditors;
- Bank loans; and
- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 183,904
AMORTISATION
At 1 June 2023 96,984
Charge for year 10,430
At 31 May 2024 107,414
NET BOOK VALUE
At 31 May 2024 76,490
At 31 May 2023 86,920

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 156,049 68,387 224,436
DEPRECIATION
At 1 June 2023 51,032 61,985 113,017
Charge for year 15,605 2,272 17,877
At 31 May 2024 66,637 64,257 130,894
NET BOOK VALUE
At 31 May 2024 89,412 4,130 93,542
At 31 May 2023 105,017 6,402 111,419

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023 266,325
Disposals (266,325 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 266,325

7. DEBTORS
31.5.24 31.5.23
£    £   
Amounts falling due within one year:
Trade debtors 3,850 8,750
Other debtors 13,212 54,523
17,062 63,273

Amounts falling due after more than one year:
Other debtors 902,300 -

Aggregate amounts 919,362 63,273

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 30,267 45,683
Taxation and social security 107,869 90,180
Other creditors 10,870 145,906
149,006 281,769

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans 80,510 102,229

Grovesend Financial Planning Limited (Registered number: 06371256)
Trading as Southernhay Financial Planning

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.5.24 31.5.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bounce Back loan > 5 years 5,616 11,191

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 May 2024 and the period ended 31 May 2023:

31.5.24 31.5.23
£    £   
R D Wheeler and Mrs L E Wheeler
Balance outstanding at start of year 41,184 41,184
Amounts repaid (41,184 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 41,184

Interest has been charged on the balance at HMRC's official prevailing rate.