Cheltenham IFA Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06308841 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

CHELTENHAM INDEPENDENT FINANCIAL

ADVISERS LTD

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

M J Stanley

C L Heeley

SECRETARY:

Mrs E J Heeley

REGISTERED OFFICE:

5 Royal Crescent

Cheltenham

Gloucestershire

GL50 3DA

REGISTERED NUMBER:

06308841 (England and Wales)

ACCOUNTANTS:

Smith Heath Limited

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Cheltenham Independent Financial Advisers Ltd for the year ended 31 March 2019 which

comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Cheltenham Independent Financial Advisers Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cheltenham Independent Financial Advisers Ltd and state those matters that we have agreed to state to the Board of Directors of Cheltenham Independent Financial Advisers Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cheltenham Independent Financial Advisers Ltd 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 Cheltenham Independent Financial Advisers Ltd. You consider that Cheltenham Independent Financial Advisers Ltd 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 Cheltenham Independent Financial Advisers Ltd. 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.

Smith Heath Limited

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

18 December 2019

FIXED ASSETS

Intangible assets

4

526,668

-

Tangible assets

5

55,169

54,301

Investments

6

100

-

581,937

54,301

CURRENT ASSETS

Debtors

7

151,716

31,997

Investments

8

6,224

32,519

Cash at bank and in hand

182,480

446,861

340,420

511,377

CREDITORS

Amounts falling due within one year

9

396,588

209,416

NET CURRENT (LIABILITIES)/ASSETS

(56,168

)

301,961

TOTAL ASSETS LESS CURRENT LIABILITIES

525,769

356,262

CREDITORS

Amounts falling due after more than one year

10

(423,347

)

(332,328

)

PROVISIONS FOR LIABILITIES

(10,429

)

(11,664

)

NET ASSETS

91,993

12,270

CAPITAL AND RESERVES

Called up share capital

1,100

1,000

Fair value reserve

84

11,083

Retained earnings

90,809

187

SHAREHOLDERS' FUNDS

91,993

12,270

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

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

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 on 18 December 2019 and were signed on its behalf by:

M J Stanley - Director

C L Heeley - Director

1.	STATUTORY INFORMATION

Cheltenham Independent Financial Advisers Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 3 years.

Other intangible assets is written off in equal annual instalments over its estimated useful economic life of 5

years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment

-

15% reducing balance and 25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2018

429,847

-

429,847

Reclassification from fixed asset investments

-

644,900

644,900

At 31 March 2019

429,847

644,900

1,074,747

AMORTISATION

At 1 April 2018

429,847

-

429,847

Amortisation for year

-

118,232

118,232

At 31 March 2019

429,847

118,232

548,079

NET BOOK VALUE

At 31 March 2019

-

526,668

526,668

At 31 March 2018

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1 April 2018

117,594

Additions

12,565

At 31 March 2019

130,159

DEPRECIATION

At 1 April 2018

63,293

Charge for year

11,697

At 31 March 2019

74,990

NET BOOK VALUE

At 31 March 2019

55,169

At 31 March 2018

54,301

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

645,000

Reclassification to intangible assets

(644,900

)

At 31 March 2019

100

NET BOOK VALUE

At 31 March 2019

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,650

5,500

Amounts owed by connected companies

2,500

2,500

Other debtors

146,566

23,997

151,716

31,997

8.	CURRENT ASSET INVESTMENTS

2019

2018

£

£

Listed investments

6,224

32,519

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Taxation and social security

115,225

106,961

Other creditors

281,363

102,455

396,588

209,416

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

423,347

332,328

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

73,000

73,000

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

34,873

36,696

Between one and five years

86,184

103,415

In more than five years

-

9,937

121,057

150,048

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

M J Stanley

Balance outstanding at start of year

15,104

-

Amounts advanced

106,188

15,104

Amounts repaid

(25,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

96,292

15,104

C L Heeley

Balance outstanding at start of year

-

-

Amounts advanced

37,242

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

37,242

-