Professional Financial Partnerships Limited Company accounts

COMPANY REGISTRATION NUMBER: 04014156

Professional Financial Partnerships Limited

Unaudited Financial Statements

28 February 2025

Professional Financial Partnerships Limited

Financial Statements

Year ended 28 February 2025

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Accountants & business advisers report to the board of directors on the preparation of the unaudited statutory financial statements	9

Professional Financial Partnerships Limited

Directors' Report

Year ended 28 February 2025

The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2025 .

Directors

The directors who served the company during the year were as follows:

Mr WJ Ratcliffe
Mr R Wignell

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 12 June 2025 and signed on behalf of the board by:

Mr WJ Ratcliffe

Director

Registered office:

2 Chartfield House

Castle Street

Taunton

Somerset

TA1 4AS

Professional Financial Partnerships Limited

Statement of Income and Retained Earnings

Year ended 28 February 2025

	2025	2024
Note	£	£
Turnover	210,995	204,388

Cost of sales	10,302	10,316
	---------	---------
Gross profit	200,693	194,072

Administrative expenses	140,354	98,559
	---------	---------
Operating profit	60,339	95,513

Interest payable and similar expenses		1,558	1,303
		---------	---------
Profit before taxation	5	58,781	94,210

Tax on profit	11,896	21,101
	--------	--------
Profit for the financial year and total comprehensive income	46,885	73,109
	--------	--------

Dividends paid and payable	( 15,000)	( 70,000)

Retained losses at the start of the year	( 26,080)	( 29,189)
	--------	--------
Retained earnings/(losses) at the end of the year	5,805	( 26,080)
	--------	--------

All the activities of the company are from continuing operations.

Professional Financial Partnerships Limited

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6		48,495	260

Current assets

Debtors	7	42,322	42,629
Cash at bank and in hand		23,675	23,133
		--------	--------
		65,997	65,762

Creditors: amounts falling due within one year	8	52,491		40,102
		--------		--------
Net current assets			13,506	25,660
			--------	--------
Total assets less current liabilities			62,001	25,920

Creditors: amounts falling due after more than one year	9	4,196	–
		--------	--------
Net assets		57,805	25,920
		--------	--------

Professional Financial Partnerships Limited

Statement of Financial Position (continued)

28 February 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	52,000	52,000
Profit and loss account	5,805	( 26,080)
	--------	--------
Shareholders funds	57,805	25,920
	--------	--------

These financial statements have been prepared 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'.

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 12 June 2025 , and are signed on behalf of the board by:

Mr WJ Ratcliffe	Mr R Wignell
Director	Director

Company registration number: 04014156

Professional Financial Partnerships 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 2 Chartfield House, Castle Street, Taunton, Somerset, TA1 4AS.

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.

Revenue recognition

Turnover represents consultancy fees and commissions received during the year.

Income tax

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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Office Equipment	-	straight line over three years

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2025	2024
	£	£
Depreciation of tangible assets	260	644
	----	----

6. Tangible assets

	Land and buildings	Office Equipment	Total
	£	£	£
Cost
At 1 March 2024	–	14,921	14,921
Additions	48,495	–	48,495
	--------	--------	--------
At 28 February 2025	48,495	14,921	63,416
	--------	--------	--------
Depreciation
At 1 March 2024	–	14,661	14,661
Charge for the year	–	260	260
	--------	--------	--------
At 28 February 2025	–	14,921	14,921
	--------	--------	--------
Carrying amount
At 28 February 2025	48,495	–	48,495
	--------	--------	--------
At 29 February 2024	–	260	260
	--------	--------	--------

7. Debtors

	2025	2024
	£	£
Other debtors	42,322	42,629
	--------	--------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Corporation tax	11,895	21,101
Social security and other taxes	867	1,047
Other creditors	39,729	17,954
	--------	--------
	52,491	40,102
	--------	--------

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

	2025	2024
	£	£
Loan	4,196	–
	-------	----

10. Directors' advances, credits and guarantees

During the year there were transactions on Director1's loan account, as follows: B/f £14,924 CR Receipts £53,037 CR Withdrawals £58,045 DR C/f £9,916 CR owing to the director 1 and included in other creditors.

Professional Financial Partnerships Limited

Management Information

Year ended 28 February 2025

The following pages do not form part of the financial statements.

Professional Financial Partnerships Limited

Accountants & Business Advisers Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Professional Financial Partnerships Limited

Year ended 28 February 2025

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2025, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

CHEDZOY BUTTERWORTH Accountants & business advisers

2 Chartfield House Castle Street Taunton Somerset TA1 4AS

13 October 2025