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Registration number: 06472931

Together Financial Solutions Ltd

Annual Report and Unaudited Financial Statements

for the year ended 31 March 2025

image-name
 

Together Financial Solutions Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 10

 

Together Financial Solutions Ltd

(Registration number: 06472931)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

6

44,242

36,120

Current assets

 

Stocks

7

656

1,080

Debtors

8

219,655

257,637

Cash at bank and in hand

 

593,525

572,956

 

813,836

831,673

Creditors: Amounts falling due within one year

9

(225,830)

(295,647)

Net current assets

 

588,006

536,026

Net assets

 

632,248

572,146

Capital and reserves

 

Called up share capital

10

200

200

Retained earnings

632,048

571,946

Shareholders' funds

 

632,248

572,146

 

Together Financial Solutions Ltd

(Registration number: 06472931)
Balance Sheet as at 31 March 2025

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2025 and signed on its behalf by:
 


Mrs A M Whiteley
Director


Mr P J Whiteley
Director

 

 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
29 Trinity Street
BARNSTAPLE
Devon
EX32 8HX

These financial statements were authorised for issue by the Board on 15 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

straight line over length of lease

Fixtures and fittings

15% reducing balance

Plant and machinery

20% reducing balance or straight line over 10 years

Office equipment

15% reducing balance

Computer equipment

33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Website development costs

Straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and preference shares that are classified as debt.
 Recognition and measurement
Basic financial assets are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities 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. 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. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

3

Staff numbers

The average number of persons employed by the company (including directors under service contract) during the year, was 9 (2024 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

9,281

34,080

5

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2024

52,625

7,631

60,256

At 31 March 2025

52,625

7,631

60,256

Amortisation

At 1 April 2024

52,625

7,631

60,256

At 31 March 2025

52,625

7,631

60,256

Carrying amount

At 31 March 2025

-

-

-

 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2024

188,890

30,870

27,669

63,014

310,443

Additions

-

-

13,746

6,344

20,090

Disposals

-

(88)

(4,745)

(44,119)

(48,952)

At 31 March 2025

188,890

30,782

36,670

25,239

281,581

Depreciation

At 1 April 2024

188,890

16,530

18,417

50,486

274,323

Charge for the year

-

2,151

1,899

5,231

9,281

Eliminated on disposal

-

(79)

(4,473)

(41,713)

(46,265)

At 31 March 2025

188,890

18,602

15,843

14,004

237,339

Carrying amount

At 31 March 2025

-

12,180

20,827

11,235

44,242

At 31 March 2024

-

14,340

9,252

12,528

36,120

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of short leasehold land and buildings.
 

Within plant & machinery there is a net book value of £13,697 for solar panels which has been depreciated on a straight line basis over a period of 10 years.

7

Stocks

2025
£

2024
£

Other inventories

656

1,080

 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Debtors

Note

2025
£

2024
£

Trade debtors

 

203,357

221,921

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

9,719

20,022

Prepayments

 

29

579

Other debtors

 

6,550

15,115

   

219,655

257,637

Less non-current portion

 

-

(87,950)

 

219,655

169,687

9

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Taxation and social security

74,649

82,782

Accruals and deferred income

149,519

210,257

Other creditors

1,662

2,608

225,830

295,647

10

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

       
 

Together Financial Solutions Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

11

Related party transactions

2025

At 1 April 2024
£

Repayments by director
£

At 31 March 2025
£

Interest free loan to directors

(20,022)

10,303

(9,719)

       
     

 

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Interest free loan to directors

(24,608)

4,586

(20,022)