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2025-02-28
COMPANY REGISTRATION NUMBER:
03235062
|
Aeon Financial Services Limited |
|
|
Filleted Unaudited Financial Statements |
|
|
Aeon Financial Services Limited |
|
Year ended 28 February 2025
|
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
|
Statement of financial position |
2 to 3 |
|
|
|
Notes to the financial statements |
4 to 7 |
|
|
|
Aeon Financial Services Limited |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Aeon Financial Services Limited |
|
Year ended 28 February 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aeon Financial Services Limited for the year ended 28 February 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Aeon Financial Services Limited, as a body, in accordance with the terms of our engagement letter dated 29 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Aeon Financial Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aeon Financial Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Aeon Financial Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aeon Financial Services Limited. You consider that Aeon Financial Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Aeon Financial Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
14 August 2025
|
Aeon Financial Services Limited |
|
|
Statement of Financial Position |
|
28 February 2025
Fixed assets
|
Tangible assets |
5 |
42,202 |
44,669 |
|
|
|
|
Current assets
|
Debtors |
6 |
89,821 |
158,678 |
|
Cash at bank and in hand |
117,720 |
103,390 |
|
--------- |
--------- |
|
207,541 |
262,068 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
135,095 |
105,301 |
|
--------- |
--------- |
|
Net current assets |
72,446 |
156,767 |
|
--------- |
--------- |
|
Total assets less current liabilities |
114,648 |
201,436 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
3,334 |
13,333 |
|
|
|
|
Provisions
|
Taxation including deferred tax |
10,479 |
11,080 |
|
--------- |
--------- |
|
Net assets |
100,835 |
177,023 |
|
--------- |
--------- |
|
|
|
|
Aeon Financial Services Limited |
|
|
Statement of Financial Position (continued) |
|
28 February 2025
Capital and reserves
|
Called up share capital |
200 |
200 |
|
Profit and loss account |
100,635 |
176,823 |
|
--------- |
--------- |
|
Shareholders funds |
100,835 |
177,023 |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2025
, and are signed on behalf of the board by:
|
Mr A B Hill |
Mr A R Long |
|
Director |
Director |
|
|
Company registration number:
03235062
|
Aeon Financial Services Limited |
|
|
Notes to the Financial Statements |
|
Year ended 28 February 2025
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Aeon Court, 108 Main Street, Bramley, Rotherham, S66 2SE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. In the opinion of management, there are no judgements or key sources of estimation uncertainty that have a significant impact on the financial statements, other than those stated below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents fees and commissions receivable for services rendered.
Commissions
The company account for commissions when receivable in terms of business written in the period. Indemnity commissions are paid to the company resulting in the possibility of commission clawback in cases where sums have been received and premiums are not subsequently paid by the policyholder. Provision is made such clawbacks based on past history.
Taxation
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 accounts. 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures, Fittings & Equipment |
- |
15% reducing balance |
|
Computer Equipment |
- |
33% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2024:
18
).
5.
Tangible assets
|
Fixtures, fittings and equipment |
Computer equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 March 2024 |
75,523 |
25,814 |
101,337 |
|
Additions |
2,553 |
3,405 |
5,958 |
|
Disposals |
(
3,668) |
(
3,789) |
(
7,457) |
|
-------- |
-------- |
--------- |
|
At 28 February 2025 |
74,408 |
25,430 |
99,838 |
|
-------- |
-------- |
--------- |
|
Depreciation |
|
|
|
|
At 1 March 2024 |
36,102 |
20,566 |
56,668 |
|
Charge for the year |
6,153 |
2,272 |
8,425 |
|
Disposals |
(
3,668) |
(
3,789) |
(
7,457) |
|
-------- |
-------- |
--------- |
|
At 28 February 2025 |
38,587 |
19,049 |
57,636 |
|
-------- |
-------- |
--------- |
|
Carrying amount |
|
|
|
|
At 28 February 2025 |
35,821 |
6,381 |
42,202 |
|
-------- |
-------- |
--------- |
|
At 29 February 2024 |
39,421 |
5,248 |
44,669 |
|
-------- |
-------- |
--------- |
|
|
|
|
6.
Debtors
|
2025 |
2024 |
|
£ |
£ |
|
Trade debtors |
76,804 |
54,303 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
1,718 |
92,818 |
|
Other debtors |
11,299 |
11,557 |
|
-------- |
--------- |
|
89,821 |
158,678 |
|
-------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Bank loans and overdrafts |
10,000 |
10,000 |
|
Trade creditors |
42,123 |
39,010 |
|
Corporation tax |
34,076 |
19,816 |
|
Social security and other taxes |
12,263 |
11,591 |
|
Other creditors |
36,633 |
24,884 |
|
--------- |
--------- |
|
135,095 |
105,301 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2025 |
2024 |
|
£ |
£ |
|
Bank loans and overdrafts |
3,334 |
13,333 |
|
------- |
-------- |
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2025 |
2024 |
|
£ |
£ |
|
Not later than 1 year |
38,833 |
39,981 |
|
Later than 1 year and not later than 5 years |
111,632 |
138,595 |
|
Later than 5 years |
– |
8,250 |
|
--------- |
--------- |
|
150,465 |
186,826 |
|
--------- |
--------- |
|
|
|
10.
Contingencies
The company receives contingency commission. A contingent liability therefore exists in relation to any such policies arranged by the company where subsequent premiums are not paid by the policyholder. A provision is made for such clawback commissions based on past history. However, there remains an element of uncertainty in this regard for any unknown contingent liability for future clawback of commissions already received.
11.
Related party transactions
Included within debtors at the year end date are loan amounts owed to
Aeon Financial Services Limited
by its parent company, in the sum of £1,718 (2024: £92,818). The loan is not subject to any formal repayment terms and neither is any interest chargeable.
12.
Controlling party
The parent company is Aeon Financial Group Limited, a company incorporated in England and Wales. The registered office address of the parent company is Aeon Court, 108 Main Street, Bramley, Rotherham S66 2SE. The group structure headed by Aeon Financial Group Limited qualifies as a small group, and therefore the parent company is not required to prepare consolidated financial statements. The ultimate controlling parties are
Mr A R Long
and Mrs J Long.