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REGISTERED NUMBER: 03857961 (England and Wales)









SOUND FINANCIAL MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


SOUND FINANCIAL MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A Pollard
S Murphy
P Meatyard





SECRETARY: R Wix





REGISTERED OFFICE: Windsor Villas
Lockyer Street
PLYMOUTH
Devon
PL1 2QD





REGISTERED NUMBER: 03857961 (England and Wales)





ACCOUNTANTS: Mark Holt & Co Limited
Chartered Accountants
7 Sandy Court
Ashleigh Way
Langage Business Park
Plymouth
Devon
PL7 5JX

SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)

ABRIDGED BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 5 125,372 108,600
Tangible assets 6 598,487 759,145
Investments 7 202,445 812,753
926,304 1,680,498

CURRENT ASSETS
Debtors 412,139 325,780
Cash at bank and in hand 449,818 614,083
861,957 939,863
CREDITORS
Amounts falling due within one year 851,578 1,497,343
NET CURRENT ASSETS/(LIABILITIES) 10,379 (557,480 )
TOTAL ASSETS LESS CURRENT LIABILITIES 936,683 1,123,018

CREDITORS
Amounts falling due after more than one year 8 (390,779 ) (597,756 )

PROVISIONS FOR LIABILITIES (48,000 ) (12,600 )
NET ASSETS 497,904 512,662

CAPITAL AND RESERVES
Called up share capital 1,151 1,151
Retained earnings 496,753 511,511
SHAREHOLDERS' FUNDS 497,904 512,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2025 and were signed on its behalf by:





A Pollard - Director


SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Sound Financial Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the rendering of services.

The turnover shown in the profit and loss account represents policies written which are on risk and other fees raised. Policies written are subject to being clawed back when policies are cancelled. An appropriate provision is made to reflect this occurrence.

Intangible assets
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:

Goodwill - 3.5 years

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets is being amortised evenly over its estimated useful life of nil years.

SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Long leasehold - Straight line over 5 years
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors
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.

Creditors
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.

Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Provisions for liabilities
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Associated undertakings and joint ventures
In accordance with FRS 102, all investments in associated undertakings and joint ventures are accounted for as fixed asset investments and shown at cost in the balance sheet, less any adjustments required for impairment. Equity and gross equity accounting methods are not adopted due to the company not requiring consolidated accounts. The results are therefore included by way of an additional note in the financial statements.

Investments
Investments in shares are measured at fair value with any changes to fair value going through profit or loss, provided that they are publicly traded, or fair value can be measured reliably. Where fair value cannot be measured reliably, then the investment is carried at cost less impairment.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 26 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024 1,481,268
Additions 592
Impairments (152,168 )
Reclassification/transfer 686,489
At 31 December 2024 2,016,181
AMORTISATION
At 1 January 2024 1,372,668
Amortisation for year 518,141
At 31 December 2024 1,890,809
NET BOOK VALUE

At 31 December 2024 125,372
At 31 December 2023 108,600

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024 1,058,993
Additions 9,741
Disposals (71,966 )
Impairments (144,342 )
At 31 December 2024 852,426
DEPRECIATION
At 1 January 2024 299,848
Charge for year 22,514
Eliminated on disposal (68,423 )
At 31 December 2024 253,939
NET BOOK VALUE
At 31 December 2024 598,487
At 31 December 2023 759,145

SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. TANGIBLE FIXED ASSETS - continued

The property, 5 Windsor Villas, Lockyer Street is security for loans held within the business. The net book value of the property is £550,000 (2023: £708,257) Impairment in the current year is £144,343 (2023: £nil), the depreciation charged to the financial statements in the year amounted to £13,914 (2023: £13,914).

7. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST OR VALUATION
At 1 January 2024 811,753
Additions 102,234
Disposals (71,190 )
Revaluations 46,137
Reclassification/transfer (686,489 )
At 31 December 2024 202,445
NET BOOK VALUE
At 31 December 2024 202,445
At 31 December 2023 811,753

Cost or valuation at 31 December 2024 is represented by:
Totals
£   
Valuation in 2024 46,137
Valuation in 2023 (2,639 )
Valuation in 2022 (92,562 )
Valuation in 2021 33,400
Valuation in 2020 44,498
Valuation in 2019 7,394
Valuation in 2018 (5,086 )
Cost 171,303
202,445

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 201,119 228,259

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 467,686 539,862

Amounts owed on a loan are secured on the property, 5 Windsor Villas, Lockyer Street.

The value of these are disclosed in note 7.

SOUND FINANCIAL MANAGEMENT LIMITED (REGISTERED NUMBER: 03857961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

10. FINANCIAL INSTRUMENTS

There is a debenture with a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Sound Holdings Limited.