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Registration number: 06925501

Obsidian Financial Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Obsidian Financial Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Obsidian Financial Limited

Company Information

Directors

R H P Rennison

CM Saffer

G Clarke

Company secretary

CM Saffer

Registered office

Obsidian House
Hints Road
Mile Oak
Tamworth
Staffordshire
B78 3PQ

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Obsidian Financial Limited

(Registration number: 06925501)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,107

8,756

Current assets

 

Debtors

5

409,430

353,331

Cash at bank and in hand

 

328,519

282,639

 

737,949

635,970

Creditors: Amounts falling due within one year

6

(394,009)

(339,329)

Net current assets

 

343,940

296,641

Total assets less current liabilities

 

352,047

305,397

Creditors: Amounts falling due after more than one year

6

(9,669)

(19,921)

Provisions for liabilities

(2,149)

(1,664)

Net assets

 

340,229

283,812

Capital and reserves

 

Called up share capital

10

62,740

62,740

Share premium reserve

9,140

9,140

Retained earnings

268,349

211,932

Shareholders' funds

 

340,229

283,812

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Obsidian Financial Limited

(Registration number: 06925501)
Balance Sheet as at 30 June 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

.........................................
CM Saffer
Company secretary and director

   
     
 

Obsidian Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Obsidian House
Hints Road
Mile Oak
Tamworth
Staffordshire
B78 3PQ
United Kingdom

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 presentation currency of the financial statements is Pound Sterling (£).

 

Obsidian Financial Limited

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

2

Accounting policies (continued)

Revenue recognition

Turnover shown in the profit and loss account represents initial and renewal income earned during the year, from third parties exclusive of Value Added Tax.

Initial income is accounted for when the policy is issued by the product provider after taking into account provisions for the potential cancellation of policies.

Renewal income is accounted for when received.

Fee income is accounted for exclusive of Value Added Tax when the company obtains the right to consideration.

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.

 

Obsidian Financial Limited

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

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

Furniture, fittings and equipment

15% on cost/straight line over 3 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 clients for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

 

Obsidian Financial Limited

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

2

Accounting policies (continued)

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.

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.

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.

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.

 

Obsidian Financial Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 13).

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

4,115

89,789

93,904

Additions

-

3,800

3,800

Disposals

-

(3,228)

(3,228)

At 30 June 2024

4,115

90,361

94,476

Depreciation

At 1 July 2023

4,115

81,033

85,148

Charge for the year

-

4,448

4,448

Eliminated on disposal

-

(3,227)

(3,227)

At 30 June 2024

4,115

82,254

86,369

Carrying amount

At 30 June 2024

-

8,107

8,107

At 30 June 2023

-

8,756

8,756

 

Obsidian Financial Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

360,180

302,270

Prepayments

23,250

44,061

Other debtors

26,000

7,000

 

409,430

353,331

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

10,276

10,011

Trade creditors

 

20,792

24,379

Taxation and social security

 

34,310

13,873

Accruals and deferred income

 

15,780

28,368

Other creditors

 

312,851

262,698

 

394,009

339,329

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

9,669

19,921

 

Obsidian Financial Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,669

19,921

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,276

10,011

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

6,250

Later than one year and not later than five years

128,871

23,916

128,871

30,166

 

Obsidian Financial Limited

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

9

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

At 30 June 2024
£

CM Saffer

Directors loan account

-

10,500

10,500

G Clarke

Directors loan account

-

10,500

10,500

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

CM Saffer

Directors loan account

26,453

(26,453)

-

G Clarke

Directors loan account

29,042

(29,042)

-


The company considers the loans to the directors as being interest free and repayable on demand. No section 455 tax has been paid on the overdrawn balances as they have been cleared within 9 months on the year end.

Summary of transactions with entities with joint control or significant interest

The Adviser Solutions Company (Tamworth) Limited and Obsidian Employee Benefits Limited are companies under common control.

 As at the balance sheet date, the company was owed £6,244 (2023 - £6,244) from commonly controlled companies.

During the year, the company paid fees to companies under common control of £13,047 (2023 - £11,274). These transactions are considered as being at an arms length basis.

 

 

Obsidian Financial Limited

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

320

320

320

320

Ordinary B shares of £1 each

420

420

420

420

Ordinary C shares of £343.75 each

160

55,000

160

55,000

Ordinary D shares of £116.67 each

60

7,000

60

7,000

 

960

62,740

960

62,740