Affinity Financial Advisors Limited
Registered number: 04714450
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,688,911 3,209,554
Tangible assets 4 10,555 10,900
2,699,466 3,220,454
Current assets
Debtors 5 4,619 4,006
Cash at bank and in hand 136,428 301,232
141,047 305,238
Creditors: amounts falling due within one year 6 (2,657,277) (3,142,219)
Net current liabilities (2,516,230) (2,836,981)
Total assets less current liabilities 183,236 383,473
Creditors: amounts falling due after more than one year 7 (266,059) (271,224)
Net (liabilities)/assets (82,823) 112,249
Capital and reserves
Called up share capital 11,500 11,500
Profit and loss account (94,323) 100,749
Shareholders' funds (82,823) 112,249
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Groves, Esq R Salter, Esq
Director
Approved by the board on 28 March 2025
Affinity Financial Advisors Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services, which is recognised by reference to the stage of completion of the contract and is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers and office equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 7,970,951
At 31 March 2024 7,970,951
Amortisation
At 1 April 2023 4,761,397
Provided during the year 520,643
At 31 March 2024 5,282,040
Net book value
At 31 March 2024 2,688,911
At 31 March 2023 3,209,554
Amortisation is being provided to write off the Goodwill over a period of approximately 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 39,105
Additions 3,606
At 31 March 2024 42,711
Depreciation
At 1 April 2023 28,205
Charge for the year 3,951
At 31 March 2024 32,156
Net book value
At 31 March 2024 10,555
At 31 March 2023 10,900
5 Debtors 2024 2023
£ £
Amounts owed by related partiy 4,619 4,006
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,200 5,280
Taxation and social security costs 92,606 75,561
Other creditors 2,559,471 3,061,378
2,657,277 3,142,219
Included in creditors is £2,553,364 (2023: £3,055,432) owing to the directors. The loans are interest-free and there is no fixed date of repayment. The directors have confirmed that the loans will only be repaid as and when cash flow permits.
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 30,653 35,818
Provision for clawbacks 40,000 40,000
Provision for PI claims 20,000 120,000
Provision for uninsured claims and associated costs 175,406 75,406
266,059 271,224
The Directors consider the total of provisions is adequate but have decided that a reallocation
as shown is appropriate.
8 Related party transactions
The company is the wholly owned subsidiary of Affinity Financial Holdings Ltd, a company incorporated in England and Wales. During the year there were transactions paid by Affinity Financial Advisers Ltd of £4,613 (2023: £4,006) on that company's behalf. At the balance sheet date, there was an amount due to Affinity Financial Advisers Ltd of £4,619 (2023: £4,006).
9 Controlling party
The Company is a wholly owned subsidiary of Affinity Financial Holdings Ltd
10 Other information
Affinity Financial Advisors Limited is a private company limited by shares and incorporated in England. Its registered office is:
High House
Harlington Road
Hillingdon
Middlesex
UB8 3HX
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