Mark Patterson Financial Planning Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12341834

MARK PATTERSON FINANCIAL PLANNING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

MARK PATTERSON FINANCIAL PLANNING LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31st DECEMBER 2024

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

MARK PATTERSON FINANCIAL PLANNING LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	330,902	362,168
Tangible assets	6	2,007	2,508
		----------	----------
		332,909	364,676

CURRENT ASSETS

Debtors	7	23,505	8,633
Cash at bank and in hand		15,293	10,748
		---------	---------
		38,798	19,381

CREDITORS: amounts falling due within one year	8	90,933		85,710
		---------		---------
NET CURRENT LIABILITIES			52,135		66,329
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			280,774		298,347

CREDITORS: amounts falling due after more than one year	9		248,674		297,406

PROVISIONS

Taxation including deferred tax	502	627
	----------	----------
NET ASSETS	31,598	314
	----------	----------

CAPITAL AND RESERVES

Called up share capital	11	100	100
Profit and loss account		31,498	214
		---------	----
SHAREHOLDERS FUNDS		31,598	314
		---------	----

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.

MARK PATTERSON FINANCIAL PLANNING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

For the year ending 31st December 2024 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 24 September 2025 , and are signed on behalf of the board by:

C. M. Patterson

Director

Company registration number: 12341834

MARK PATTERSON FINANCIAL PLANNING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 2, Blue Pigeon Cosalt Building, 1 Liddell Street, North Shields, NE30 1HE.

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	15 years straight line

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

	Plant and equipment	-	20% reducing balance

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost .

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 3 (2023: 2 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1st January 2024 and 31st December 2024	468,994
	----------
Amortisation
At 1st January 2024	106,826
Charge for the year	31,266
	----------
At 31st December 2024	138,092
	----------
Carrying amount
At 31st December 2024	330,902
	----------
At 31st December 2023	362,168
	----------

6. TANGIBLE ASSETS

	Plant and equipment
	£
Cost
At 1st January 2024 and 31st December 2024	4,323
	-------
Depreciation
At 1st January 2024	1,815
Charge for the year	501
	-------
At 31st December 2024	2,316
	-------
Carrying amount
At 31st December 2024	2,007
	-------
At 31st December 2023	2,508
	-------

7. DEBTORS

	2024	2023
	£	£
Trade debtors	23,375	7,642
Prepayments	130	127
Directors loan account	–	864
	---------	-------
	23,505	8,633
	---------	-------

8. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans	47,500	46,001
Accruals	1,721	1,664
Corporation tax	40,345	35,394
Social security and other taxes	528	2,651
Director loan accounts	839	–
	---------	---------
	90,933	85,710
	---------	---------

9. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans	248,674	297,406
	----------	----------

10. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions	502	627
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	502	627
	----	----

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C. M. Patterson	864	102,399	( 104,102)	( 839)
	----	----------	----------	----

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C. M. Patterson	( 469)	81,426	( 80,093)	864
	----	---------	---------	----

13. RELATED PARTY TRANSACTIONS

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.