Pareto Financial Planning Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06582775 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Pareto Financial Planning Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M Stevenson

G M Chantry

P Stones

S Carswell

R Percival

D Hardy-Dearness

REGISTERED OFFICE:

Level 7, Tower 12

The Avenue North

18-22 Bridge Street

Manchester

M3 3BZ

REGISTERED NUMBER:

06582775 (England and Wales)

ACCOUNTANTS:

Pareto Tax & Wealth LLP

Level 7, Tower 12,

18-22 Bridge Street,

Spinningfields,

Manchester

M3 3BZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

77,960

88,030

77,960

88,030

CURRENT ASSETS

Debtors

6

2,638,535

2,150,198

Cash at bank

36,236

641,789

2,674,771

2,791,987

CREDITORS

Amounts falling due within one year

7

678,792

1,092,717

NET CURRENT ASSETS

1,995,979

1,699,270

TOTAL ASSETS LESS CURRENT LIABILITIES

2,073,939

1,787,300

PROVISIONS FOR LIABILITIES

22,482

16,289

NET ASSETS

2,051,457

1,771,011

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,051,357

1,770,911

SHAREHOLDERS' FUNDS

2,051,457

1,771,011

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 20 December 2019 and were signed on its behalf by:

J M Stevenson - Director

1.	STATUTORY INFORMATION

Pareto Financial Planning Limited 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 derived from commissions received and fees generated. Income is taken to the profit and loss

account on the following basis: Initial commission as and when the policy is in force. Renewal and fund based

commission is credited on a receipts basis and fee income as and when a sales invoice is generated.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of Pareto Financial Planning LLP, a LLP

controlled by J Stevenson and G Chantry, in 2010 is being amortised evenly over its estimated useful life of 5

years.

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.

Tangible fixed assets

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

Leasehold improvements

-

20% on cost

Furniture and fittings

-

20% on cost

Computer equipment

-

33% on 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.

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 49 (2018 - 37 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

1,200,000

AMORTISATION

At 1 April 2018

and 31 March 2019

1,200,000

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Furniture

Leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2018

80,817

83,072

99,341

263,230

Additions

-

4,101

23,393

27,494

At 31 March 2019

80,817

87,173

122,734

290,724

DEPRECIATION

At 1 April 2018

76,378

41,383

57,439

175,200

Charge for year

3,158

11,344

23,062

37,564

At 31 March 2019

79,536

52,727

80,501

212,764

NET BOOK VALUE

At 31 March 2019

1,281

34,446

42,233

77,960

At 31 March 2018

4,439

41,689

41,902

88,030

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

363,070

339,661

Amounts owed by group undertakings

1,272,496

939,164

Other debtors

523,267

474,479

Directors' current accounts

274,985

203,013

Prepayments and accrued income

204,717

193,881

2,638,535

2,150,198

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

170,590

45,825

Tax

168,486

267,985

Social security and other taxes

47,953

42,847

VAT

23,962

27,316

Other creditors

-

91,626

Accrued expenses

267,801

617,118

678,792

1,092,717

8.	RELATED PARTY DISCLOSURES

At 31 March 2019 the directors owed the company a total of £274,985 (2018: £203,013).

The amount is included in debtors due within one year and is repayable on demand.

Interest is payable on the loan at 2.5% per annum.

At 31 March 2019 the company was owed £3,522 (2018: £27,030) by Pensionhelp Limited, a company

controlled by John Stevenson.

At 31 March 2019 the company was owed £336,030 (2018: £306,011) by Millane Holdings Limited, a company

in which John Stevenson is a director and shareholder.

The amount is included in other debtors due within one year.

At 31 March 2019 the company was owed £73,830 (2018: £47,400) by Pareto Properties LLP, an LLP

controlled by John Stevenson and George Chantry.

The amount is included in other debtors due within one year.

At 31 March 2019 the company was owed £1,272,496 (2018: £939,164) by Stechant Limited, the ultimate parent

company, controlled by John Stevenson and George Chantry.

At 31 March 2019 the company was owed £57,281 (2018: £Nil) by Pareto Property Investments LLP, an LLP

controlled by John Stevenson.

The amount is included in other debtors due within one year.

At 31 March 2019 the company was owed £7,005 (2018: £Nil) by Lunar Investment Management Limited, a

company in which John Stevenson is a director and shareholder.

The amount is included in other debtors due within one year.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Stechant Limited, a company registered in England and Wales, and controlled

by John Stevenson and George Chantry.

At 31 March 2019 £1,272,496 (2018: £939,164) was due from Stechant Limited.