Company registration number 04034866 (England and Wales)
Symphony Financial Advisers Ltd
Unaudited financial statements
For the year ended 31 March 2025
Symphony Financial Advisers Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Symphony Financial Advisers Ltd
Statement of financial position
As at 31 March 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
265,574
333,012
Current assets
Debtors
5
358,168
356,183
Cash at bank and in hand
371,239
292,582
729,407
648,765
Creditors: amounts falling due within one year
6
(198,334)
(197,065)
Net current assets
531,073
451,700
Total assets less current liabilities
796,647
784,712
Creditors: amounts falling due after more than one year
7
(233,701)
(299,707)
Provisions for liabilities
(14,601)
(63,273)
Net assets
548,345
421,732
Capital and reserves
Called up share capital
10
52
52
Capital redemption reserve
50
50
Profit and loss reserves
548,243
421,630
Total equity
548,345
421,732
Symphony Financial Advisers Ltd
Statement of financial position (continued)
As at 31 March 2025
31 March 2025
- 2 -
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
Mr D W Guy
Director
Company registration number 04034866 (England and Wales)
Symphony Financial Advisers Ltd
Notes to the financial statements
For the year ended 31 March 2025
- 3 -
1
Accounting policies
Company information
Symphony Financial Advisers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Brindley House, Suite 1, Unit H6, Premier Way, Lowfields Business Park, Elland, HX5 9HF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Symphony Financial Advisers Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the lease term
Fixtures and fittings
15% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Symphony Financial Advisers Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Symphony Financial Advisers Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
- 6 -
1.12
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
18
18
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
72,000
Amortisation and impairment
At 1 April 2024 and 31 March 2025
72,000
Carrying amount
At 31 March 2025
At 31 March 2024
Symphony Financial Advisers Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
- 7 -
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
15,278
68,934
385,485
469,697
Additions
4,315
5,811
3,900
14,026
Disposals
(7,748)
(7,748)
At 31 March 2025
19,593
66,997
389,385
475,975
Depreciation and impairment
At 1 April 2024
3,056
29,618
104,011
136,685
Depreciation charged in the year
2,068
6,406
71,343
79,817
Eliminated in respect of disposals
(6,101)
(6,101)
At 31 March 2025
5,124
29,923
175,354
210,401
Carrying amount
At 31 March 2025
14,469
37,074
214,031
265,574
At 31 March 2024
12,222
39,316
281,474
333,012
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,476
26,912
Amounts owed by group undertakings and undertakings in which the company has a participating interest
327,476
277,476
Other debtors
29,216
51,795
358,168
356,183
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,288
9,928
Trade creditors
417
1,334
Taxation and social security
123,852
82,050
Other creditors
63,777
103,753
198,334
197,065
Symphony Financial Advisers Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
- 8 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,923
12,479
Other creditors
231,778
287,228
233,701
299,707
8
Security
Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
14,601
63,273
2025
Movements in the year:
£
Liability at 1 April 2024
63,273
Credit to profit or loss
(48,672)
Liability at 31 March 2025
14,601
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
52
52
52
52
11
Operating lease commitments
As lessee
Symphony Financial Advisers Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2025
11
Operating lease commitments
(Continued)
- 9 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Total commitments
214,676
129,777
2025-03-312024-04-01falsefalsefalse09 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr D W GuyMrs K GuyMr C WalmsleyMrs K Guy040348662024-04-012025-03-31040348662025-03-31040348662024-03-3104034866core:LandBuildingscore:LeasedAssetsHeldAsLessee2025-03-3104034866core:FurnitureFittings2025-03-3104034866core:MotorVehicles2025-03-3104034866core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3104034866core:FurnitureFittings2024-03-3104034866core:MotorVehicles2024-03-3104034866core:CurrentFinancialInstrumentscore:WithinOneYear2025-03-3104034866core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3104034866core:ShareCapital2025-03-3104034866core:ShareCapital2024-03-3104034866core:CapitalRedemptionReserve2025-03-3104034866core:CapitalRedemptionReserve2024-03-3104034866core:RetainedEarningsAccumulatedLosses2025-03-3104034866core:RetainedEarningsAccumulatedLosses2024-03-3104034866core:ShareCapitalOrdinaryShareClass12025-03-3104034866core:ShareCapitalOrdinaryShareClass12024-03-3104034866bus:Director12024-04-012025-03-3104034866core:Goodwill2024-04-012025-03-3104034866core:LandBuildingscore:LongLeaseholdAssets2024-04-012025-03-3104034866core:FurnitureFittings2024-04-012025-03-3104034866core:MotorVehicles2024-04-012025-03-31040348662023-04-012024-03-3104034866core:Goodwill2024-03-3104034866core:Goodwill2025-03-3104034866core:Goodwill2024-03-3104034866core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3104034866core:FurnitureFittings2024-03-3104034866core:MotorVehicles2024-03-31040348662024-03-3104034866core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-04-012025-03-3104034866core:CurrentFinancialInstruments2025-03-3104034866core:CurrentFinancialInstruments2024-03-3104034866core:WithinOneYear2025-03-3104034866core:WithinOneYear2024-03-3104034866core:Non-currentFinancialInstruments2025-03-3104034866core:Non-currentFinancialInstruments2024-03-3104034866bus:OrdinaryShareClass12024-04-012025-03-3104034866bus:OrdinaryShareClass12025-03-3104034866bus:OrdinaryShareClass12024-03-3104034866bus:PrivateLimitedCompanyLtd2024-04-012025-03-3104034866bus:SmallCompaniesRegimeForAccounts2024-04-012025-03-3104034866bus:FRS1022024-04-012025-03-3104034866bus:AuditExemptWithAccountantsReport2024-04-012025-03-3104034866bus:Director22024-04-012025-03-3104034866bus:Director32024-04-012025-03-3104034866bus:CompanySecretary12024-04-012025-03-3104034866bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP