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Forvis Mazars Financial Planning Limited (formerly Mazars Financial Planning Limited)

Registered number: 03172233
Annual report and audited
 financial statements
For the year ended 31 August 2024

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
COMPANY INFORMATION


Directors
D J Baker 
A Duley 
M Laidlaw 
I J Pickford 




Registered number
03172233



Registered office
30 Old Bailey

London

United Kingdom

EC4M 7AU




Auditor
Crowe U.K. LLP

55 Ludgate Hill

London

EC4M 7JW





 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 25


 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their Strategic report for the year ended 31 August 2024.

Business review
 
The Company has continued to deliver innovative, and high-quality services which has resulted in growth reporting a 9% (2023 - increase of 11%) increased turnover from prior year. 
The Company continued to attract new funds under management ("FUM") with assets growing by £0.4bn to £2.2bn (2023 - £1.8bn) as at 31 August 2024.

Principal risks and uncertainties
 
The principal risk to the business is a significant sustained financial market devaluation. The directors closely monitor and evaluate the market amid the current economic climate and inflationary pressures. 
The business is also at risk from regulatory changes which could affect how the business is operated although none such arose in the year. The company has a close engagement with the relevant regulatory bodies allowing the directors to anticipate and be proactive in mitigating the risks of any regulatory changes.

Financial key performance indicators

The main indicators are turnover and portfolio values. 
 

2024
2023
% change
Turnover
£19.2m
£17.6m
9%
FUM 
£2.2bn
£1.8bn
21%


Other key performance indicators
 
The welfare and development of the Company’s people remains a central focus of Forvis Mazars Financial Planning Limited’s strategy. We hold regular all-team webinars, run as open forums for the whole firm, provide service line specific training and utilise newsletters, surveys, socials and Teams communities which continues to transform the way that our people interact with each other and provide development opportunities. The Company also places significant focus upon mental health and wellbeing, offering a wide range of resources, webinars, apps, and trained Mental Health First Aiders accessible to all its employees. 


This report was approved by the board and signed on its behalf.



I J Pickford
Director

Date: 17 December 2024

- 1 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the audited financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the audited financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these audited financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the audited financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the provision of investment advice as defined by the Financial Conduct Authority. The Company is regulated by the Financial Conduct Authority. 

Results and dividends

The profit for the year, after taxation, amounted to £4.3m (2023 - £3.4m)

During the year, the directors recommended and paid a dividend of £4.1m (2023 - £3.2m)
Further to the launch of the new Forvis Mazars global network on 3 June 2024, the Company changed its name from Mazars Financial Planning Limited to Forvis Mazars Financial Planning Limited.

Directors

The directors who served during the year, and to the date of this report were:

D J Baker 
A Duley 
M Laidlaw 
I J Pickford 

- 2 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Going concern

The directors continue to closely monitor and evaluate the market amid the current economic climate and inflationary pressures. They are committed to retaining and investing in staff and the delivery of quality services for clients, including digital solutions, in order to further build strong performance. Detailed budgets and cash flow forecasts are completed in conjunction with the Company’s ultimate controlling party, Forvis Mazars LLP, and its subsidiaries. Ongoing performance against targets is comprehensively reviewed with forecasts updated on a regular basis. The directors are satisfied that the Company has adequate working capital resources and group support to continue in operational existence for the foreseeable future.
The directors of the Company, based upon the above, at the time of approval of the financial statements, have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the going concern basis has been adopted in preparing the financial statements.

Future developments

The Company will seek to continue to grow the FUM and to achieve investments performance for clients in line with the benchmarks set. The Company will continue to introduce technology to improve the efficiency of its operations.
The firms response to Consumer Duty is being monitored and reviewed by the Board quarterly; with the annual Consumer Duty report signed off in July, with an agreed action plan.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. No claim or notice of claim in respect of these indemnities has been received in the period.

Matters covered in the Strategic Report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report on page 1. These matters relate to principal risks and uncertainties and future developments.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

- 3 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

The auditor, Crowe U.K. LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 



I J Pickford
Director

Date: 17 December 2024

- 4 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS FINANCIAL PLANNING LIMITED
 

Opinion

We have audited the financial statements of Forvis Mazars Financial Planning Limited (the “Company”) for the year ended 31 August 2024 which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the company’s affairs as at 31 August 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
- 5 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS FINANCIAL PLANNING LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

 
- 6 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS FINANCIAL PLANNING LIMITED
 

Responsibilities of Directors

As explained more fully in the directors’ responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and UK Corporate Tax Legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and inappropriate revenue recognition. Our audit procedures to respond to these risks included enquiries of management about their identification and assessment of the risk of irregularities, sample testing on the appropriate journals, reviewing accounting estimates for biases, corroborating balances recognised to supporting documentation on a sample basis and ensuring accounting policies are appropriate under the United Kingdom Generally Accepted Accounting Practice and applicable law.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.


 
- 7 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORVIS MAZARS FINANCIAL PLANNING LIMITED
 


Use of the audit report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sarah Riches (Senior Statutory Auditor)
  
for and on behalf of
Crowe U.K. LLP
Statutory Auditor
55 Ludgate Hill
London
EC4M 7JW

17 December 2024
- 8 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
19,174
17,634

Gross profit
  
19,174
17,634

Administrative expenses
  
(13,493)
(13,349)

Operating profit
 5 
5,681
4,285

Profit before tax
  
5,681
4,285

Tax on profit
 9 
(1,421)
(882)

Profit for the financial year
  
4,260
3,403

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023 - £NIL).

The notes on pages 12 to 25 form part of these financial statements.

- 9 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
REGISTERED NUMBER: 03172233

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 11 
455
515

  
455
515

Current assets
  

Debtors: amounts falling due within one year
 13 
11,638
7,441

Cash and cash equivalents
 14 
987
923

  
12,625
8,364

Creditors: amounts falling due within one year
 15 
(5,292)
(1,051)

Net current assets
  
 
 
7,333
 
 
7,313

Total assets less current liabilities
  
7,788
7,828

Provisions for liabilities
  

Provisions
 18 
(195)
(370)

  
 
 
(195)
 
 
(370)

Net assets
  
7,593
7,458


Capital and reserves
  

Called up share capital 
 19 
2,000
2,000

Profit and loss account
  
5,593
5,458

  
7,593
7,458


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I J Pickford
Director

Date: 17 December 2024

The notes on pages 12 to 25 form part of these financial statements.

- 10 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 September 2022
2,000
5,205
7,205


Comprehensive income for the year

Profit for the year
-
3,403
3,403
Total comprehensive income for the year
-
3,403
3,403

Dividends: Equity capital (note 10)
-
(3,150)
(3,150)



At 1 September 2023
2,000
5,458
7,458


Comprehensive income for the year

Profit for the year
-
4,260
4,260
Total comprehensive income for the year
-
4,260
4,260

Dividends: Equity capital (note 10)
-
(4,125)
(4,125)


At 31 August 2024
2,000
5,593
7,593


The notes on pages 12 to 25 form part of these financial statements.

- 11 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Forvis Mazars Financial Planning Limited (formerly Mazars Financial Planning Limited) (the 'Company') is a private company limited by shares, registered and incorporated in England and Wales. The registered number of the company is 03172233. The address of its registered office is 30 Old Bailey, London, EC4M 7AU.
The principal activity of the Company is the provision of investment advise as defined by the Financial Conduct Authority. The Company is regulated by the Financial Conduct Authority. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Forvis Mazars LLP as at 31 August 2024, the Company's ultimate parent undertaking. The consolidated financial statements of Forvis Mazars LLP are prepared in accordance with IFRS and are available to the public and may be obtained from Companies House.

- 12 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors continue to closely monitor and evaluate the market amid the current economic climate and inflationary pressures. They are committed to retaining and investing in staff and the delivery of quality services for clients, including digital solutions, in order to further build strong performance. Detailed budgets and cash flow forecasts are completed in conjunction with the Company’s ultimate controlling party, Forvis Mazars LLP, and its subsidiaries. Ongoing performance against targets is comprehensively reviewed with forecasts updated on a regular basis. The directors are satisfied that the company has adequate working capital resources and group support to continue in operational existence for the foreseeable future.
The directors of the Company, based upon the above, at the time of approval of the financial statements, have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the going concern basis has been adopted in preparing the financial statements.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
 
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover recognised that has not been billed to clients is included in debtors and amounts billed in excess of revenue recognised are included in creditors.
A significant proportion of turnover is generated by the management of funds and recognised as fees calculated based on the level of funds managed in the period in which the services are provided. 

- 13 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP, rounded to the nearest pound. 

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

 
2.6

Pensions

Contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

- 14 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful life range as follows:

Brand Asset
-
10
years

Amortisation on intangible assets is charged to 'administrative expenses' in the 'Statement of comprehensive income'. 

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

- 15 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Debtors: amounts falling due within one year

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors: amounts falling due within one year

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

- 16 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

- 17 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any critical judgements relating to the financial statements for the year ended 31 August 2024.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Recoverability of debtors
The Company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors consider factors such as the aging of debtors, past experiences of recoverability, and the credit profile of individual or groups of customers.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
19,006
17,468

Rest of Europe
42
40

Rest of the World
126
126

19,174
17,634


- 18 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Operating profit

The operating profit is stated after (crediting)/charging:

2024
2023
£000
£000

Exchange differences
-
(2)


6.


Auditor's remuneration

The auditor's remuneration is paid by and charged to the ultimate parent undertaking and ultimate controlling party, Forvis Mazars LLP. 





7.


Employees

Staff costs were as follows:


2024
2023
£000
£000

Wages and salaries
6,657
6,391

Social security costs
642
674

Pension plan contributions
386
436

7,685
7,501


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Client facing
120
126



Support services
3
3

123
129


8.


Directors' remuneration



During the year, no director received any emoluments (2023 - £NIL). At year end, no benefits were accruing to the directors of the company (2023 - £NIL).

- 19 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
1,420
901

Adjustments in respect of previous periods
-
(13)

Total current tax
1,420
888

Deferred tax


Origination and reversal of timing differences
1
(6)

Total deferred tax
1
(6)


Tax on profit
1,421
882

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21.5% being the weighted average of the tax rates, where 25% and 19% were applied). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
5,681
4,285


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.5% weighted average rate of corporation tax)
1,420
921

Effects of:


Expenses not deductible for tax purposes, other than investments impairment
1
(20)

Adjustments to tax charge in respect of prior periods
-
(13)

Increase or decrease in pension fund prepayment leading to a decrease in tax
-
(6)

Total tax charge for the year
1,421
882



From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. As such,
for the financial year ended 31 August 2023, a weighted average tax rate of 21.5% was used.

- 20 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Dividends

2024
2023
£000
£000


Final dividend paid for on equity capital of £2.062 (2023 - £1.575) per ordinary share
4,125
3,150


11.


Intangible assets




Brand Asset

£000



Cost


At 1 September 2023
600



At 31 August 2024

600



Amortisation


At 1 September 2023
85


Charge for the year
60



At 31 August 2024

145



Net book value



At 31 August 2024
455



At 31 August 2023
515

The intangible assets relate to the acquisition of the 'Independent Women Limited' brand asset.



- 21 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

12.


Investments






Investments comprise a £1 holding at year end in the dormant entity Independent Women Limited, incorporated in 2022. 


Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Independent Women Limited
30 Old Bailey, London, EC4M 7AU
Dormant
Ordinary
100%


13.


Debtors: amounts falling due within one year

2024
2023
£000
£000


Trade debtors
164
274

Amounts owed by group undertakings
9,176
4,675

Other debtors
19
22

Prepayments and accrued income
134
159

Amounts recoverable on client contracts
2,113
2,108

Corporation tax
17
187

Deferred taxation (note 16)
15
16

11,638
7,441


Trade debtors are stated after provisions for impairment of £0.03m (2023 - £0.04m).
Amounts owed by group undertakings are unsecured, payable on demand and interest free.


14.


Cash and cash equivalents

2024
2023
£000
£000

Cash at bank and in hand
987
923


- 22 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

15.


Creditors: amounts falling due within one year

2024
2023
£000
£000

Trade creditors
52
36

Amounts owed to group undertakings
4,091
78

Other taxation and social security
405
440

Other creditors
192
201

Accruals and deferred income
552
296

5,292
1,051


Amounts owed to group undertakings are unsecured, repayable on demand and interest free.


16.


Financial instruments

2024
2023
£000
£000

Financial assets


Cash and cash equivalents
987
923

Financial assets measured at amortised cost
11,472
7,078

12,459
8,001


Financial liabilities


Financial liabilities measured at amortised cost
(4,887)
(631)


Financial assets measured at amortised cost comprise trade debtors, amounts recoverable on contracts, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals. 

- 23 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

17.


Deferred taxation




2024
2023


£000

£000






At beginning of year
16
10


Charged to Statement of comprehensive income
(1)
6



At end of year
15
16

The deferred tax asset is made up as follows:

2024
2023
£000
£000


Short term timing differences
15
16


18.


Provisions




Provision for claims
Deferred Consideration
Total

£000
£000
£000


At 1 September 2023
220
150
370


Released to profit or loss
(25)
-
(25)


Utilised in year
-
(150)
(150)



At 31 August 2024
195
-
195

The nature of the claims provision is such that the timing of the utilisation of those provisions is inherently difficult to predict.


19.


Called up share capital

2024
2023
£000
£000
Allotted, called up and fully paid



2,000,000 (2023 - 2,000,000) ordinary shares of £1.00 each
2,000
2,000

The ordinary shares entitles the holder to one voting right and no right to fixed income.


- 24 -

 
FORVIS MAZARS FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


20.


Pension commitments

The Company makes contributions to staff personal pension plans. The pension cost charge represents contributions payable by the company to the plan and amounted to £0.4m (2023 - £0.4m). Contributions totalling £0.06m (2023 - £0.06m) were payable to the plans at year end and are included in creditors. 


21.


Related party transactions

The Company is a wholly owned subsidiary of Forvis Mazars Services Limited, which is wholly owned and controlled by Forvis Mazars LLP, and as such has taken advantage of the exemption permitted by Section 33 ‘Related party disclosures’ not to provide disclosures of transactions entered into with other wholly owned members of the group. The Company and its subsidiary undertaking are included within the consolidated financial statements of Forvis Mazars LLP, which are publicly available and can be obtained from Companies House.


22.


Post balance sheet events

There have been no significant events affecting the company since the year end.


23.


Controlling party

The Company is owned by Forvis Mazars Services Limited, which is wholly owned and controlled by Forvis Mazars LLP, a limited liability partnership resident in England and Wales, which the directors consider to be the ultimate parent undertaking and controlling party. The Company and its subsidiary are included within the consolidated financial statements of Forvis Mazars LLP, being the smallest and largest group in which the Company is consolidated into. The group accounts produced by Forvis Mazars LLP are available from Companies House. The registered address of the LLP is 30 Old Bailey, London, EC4M 7AU.
Forvis Mazars LLP is part of the Forvis Mazars worldwide organisation which comprises all the member entities who have signed a co-operation agreement with Forvis Mazars Group SC. Forvis Mazars Group SC is a Limited Responsibility Co- operative Company headquartered in Belgium which itself has no professional activity and whose shareholders are partners in the member entities.

- 25 -