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Company No: 15091708 (England and Wales)

VIVID FINANCIAL PLANNING LIMITED

Unaudited Financial Statements
For the financial period from 23 August 2023 to 10 January 2025
Pages for filing with the registrar

VIVID FINANCIAL PLANNING LIMITED

Unaudited Financial Statements

For the financial period from 23 August 2023 to 10 January 2025

Contents

VIVID FINANCIAL PLANNING LIMITED

BALANCE SHEET

As at 10 January 2025
VIVID FINANCIAL PLANNING LIMITED

BALANCE SHEET (continued)

As at 10 January 2025
Note 10.01.2025
£
Fixed assets
Intangible assets 4 948,787
Tangible assets 5 3,213
952,000
Current assets
Debtors 6 59,626
Cash at bank and in hand 88,866
148,492
Creditors: amounts falling due within one year 7 ( 116,850)
Net current assets 31,642
Total assets less current liabilities 983,642
Creditors: amounts falling due after more than one year 8 ( 726,535)
Provision for liabilities 9, 10 ( 211,645)
Net assets 45,462
Capital and reserves
Called-up share capital 11 1
Profit and loss account 45,461
Total shareholder's funds 45,462

For the financial period ending 10 January 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Vivid Financial Planning Limited (registered number: 15091708) were approved and authorised for issue by the Director on 28 March 2025. They were signed on its behalf by:

Mr G T Lewis
Director
VIVID FINANCIAL PLANNING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 August 2023 to 10 January 2025
VIVID FINANCIAL PLANNING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 23 August 2023 to 10 January 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Vivid Financial Planning Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 85 Great Portland Street, First Floor, London, W1W 7LT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements have been prepared for the period 23 August 2023 to 10 January 2025, following an extension to the company accounting period end.

Turnover

Turnover comprises amounts received in the period for services provided plus any amounts accrued for services provided prior to the period end.

Employee benefits

Defined contribution schemes
The company contributes to the director's pension scheme. Payments to the scheme are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Going concern, as mentioned in the accounting policy above.

During the period the company made an acquisition of a book of business. The company is required to pay an additional amount for the acquisition, payable after the period end, dependent on future performance. The director expects the performance criteria to be met and therefore estimates that the full amount of contingent consideration of £210,842 will be paid. This amount is included in provisions for liabilities.

Intangible assets are carried at cost, less amortised charges and any subsequent accumulated impairment loss. This requires an estimation in the amortisation rates, as well as assessment of the ongoing economic contribution of the assets as to whether an indicator of impairment has occurred. The carrying amount is £948,787.

3. Employees

Period from
23.08.2023 to
10.01.2025
Number
Monthly average number of persons employed by the Company during the period, including the director 1

4. Intangible assets

Goodwill Total
£ £
Cost
At 23 August 2023 0 0
Additions 1,054,208 1,054,208
At 10 January 2025 1,054,208 1,054,208
Accumulated amortisation
At 23 August 2023 0 0
Charge for the financial period 105,421 105,421
At 10 January 2025 105,421 105,421
Net book value
At 10 January 2025 948,787 948,787

On 11 January 2024 the company purchased a book of business clients for £1,054,208.

5. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 23 August 2023 0 0 0
Additions 3,499 151 3,650
At 10 January 2025 3,499 151 3,650
Accumulated depreciation
At 23 August 2023 0 0 0
Charge for the financial period 437 0 437
At 10 January 2025 437 0 437
Net book value
At 10 January 2025 3,062 151 3,213

6. Debtors

10.01.2025
£
Amounts owed by director 54,869
Accrued income 4,757
59,626

7. Creditors: amounts falling due within one year

10.01.2025
£
Trade creditors 480
Other loans 60,251
Accruals 3,749
Corporation tax 52,370
116,850

Creditors due within one year includes a third party loan of £60,251, which carries a personal guarantee given by the director.

8. Creditors: amounts falling due after more than one year

10.01.2025
£
Other loans 726,535

Creditors due after more than one year includes a third party loan of £726,535, which carries a personal guarantee given by the director.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

10.01.2025
£
Other loans (repayable by instalments) 426,771

9. Provision for liabilities

10.01.2025
£
Deferred tax 803
Other provisions 210,842
211,645

At 10 January 2025 the company had a deferred contingent consideration liability in respect of an acquisition made during the period. This liability relates to a deferred acquisition consideration payment which is subject to an agreed performance criteria being achieved.

10. Deferred tax

10.01.2025
£
At the beginning of financial period 0
Charged to the Statement of Income and Retained Earnings ( 803)
At the end of financial period ( 803)

11. Called-up share capital

10.01.2025
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

Upon incorporation, one Ordinary £1.00 share was allotted at par in the company.

12. Related party transactions

Transactions with the entity's director

10.01.2025
£
Director Loan 54,869

Advances made to the director during the period ended 10 January 2025 totalled £80,240 and repayments of £25,371 were made. As at 10 January 2025, the amount due to the company was £54,869. Interest is payable on all balances owed to the company at HMRC's official rate of interest.