Berkeley Financial Partners Ltd - Period Ending 2019-10-31
Berkeley Financial Partners Ltd - Period Ending 2019-10-31
Registration number:
Berkeley Financial Partners Ltd
for the Year Ended 31 October 2019
Berkeley Financial Partners Ltd
Contents
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Company Information |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Berkeley Financial Partners Ltd
Company Information
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Director |
Mr S Guiver |
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Company secretary |
Miss J Nayyar |
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Registered office |
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Solicitors |
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Auditors |
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Berkeley Financial Partners Ltd
Director's Report for the Year Ended 31 October 2019
The director presents his report and the financial statements for the year ended 31 October 2019.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Advisory services
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Director
Berkeley Financial Partners Ltd
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Berkeley Financial Partners Ltd
Independent Auditor's Report to the Members of Berkeley Financial Partners Ltd
Opinion
We have audited the financial statements of Berkeley Financial Partners Ltd (the 'company') for the year ended 31 October 2019, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 October 2019 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Berkeley Financial Partners Ltd
Independent Auditor's Report to the Members of Berkeley Financial Partners Ltd
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Director's Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 3], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Berkeley Financial Partners Ltd
Independent Auditor's Report to the Members of Berkeley Financial Partners Ltd
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
......................................
For and on behalf of
115-116 Spon End
Warwickshire
CV1 3HF
Berkeley Financial Partners Ltd
Profit and Loss Account for the Year Ended 31 October 2019
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Note |
2019 |
2018 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
- |
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- |
1 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Berkeley Financial Partners Ltd
Statement of Comprehensive Income for the Year Ended 31 October 2019
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2019 |
2018 |
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Profit for the year |
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Total comprehensive income for the year |
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Berkeley Financial Partners Ltd
(Registration number: 09171391)
Balance Sheet as at 31 October 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Director
Berkeley Financial Partners Ltd
Statement of Changes in Equity for the Year Ended 31 October 2019
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Share capital |
Profit and loss account |
Total |
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At 1 November 2018 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 October 2019 |
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Share capital |
Profit and loss account |
Total |
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At 1 November 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 October 2018 |
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Berkeley Financial Partners Ltd
Notes to the Financial Statements for the Year Ended 31 October 2019
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale 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.
Commissions are recognised when received, and advisory fees when rendered.
Tax
The tax expense for the period comprises current and deferred 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.
Berkeley Financial Partners Ltd
Notes to the Financial Statements for the Year Ended 31 October 2019
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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:
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Asset class |
Depreciation method and rate |
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Fixtures and Fittings |
20% reducing balance. |
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Equipment |
20% reducing balance. |
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.
Trade debtors
Trade debtors are amounts due from customers for 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.
Trade creditors
Trade creditors are obligations to pay for 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.
Berkeley Financial Partners Ltd
Notes to the Financial Statements for the Year Ended 31 October 2019
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.
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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Auditors' remuneration |
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2019 |
2018 |
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Profit before tax |
Arrived at after charging/(crediting)
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2019 |
2018 |
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Depreciation expense |
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Berkeley Financial Partners Ltd
Notes to the Financial Statements for the Year Ended 31 October 2019
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 November 2018 |
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At 31 October 2019 |
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Depreciation |
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At 1 November 2018 |
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Charge for the year |
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At 31 October 2019 |
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Carrying amount |
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At 31 October 2019 |
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At 31 October 2018 |
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Debtors |
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Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Berkeley Financial Partners Ltd
Notes to the Financial Statements for the Year Ended 31 October 2019
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Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2019 |
2018 |
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No. |
£ |
No. |
£ |
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10,000 |
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10,000 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2018 - £
There were no contingencies.
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Related party transactions |
Directors' remuneration
The director's remuneration for the year was as follows:
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2019 |
2018 |
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Remuneration |
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Summary of transactions with parent
Berkeley Financial Partners Ltd
Notes to the Financial Statements for the Year Ended 31 October 2019
All transactions are interest free and on non instalment basis.
Summary of transactions with entities with joint control or significant interest
Part of the Group Brookfield Partners Int'l Plc
All transactions are interest free non instalment basis.
Income and receivables from related parties
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2019 |
Parent |
Entities with joint control or significant influence |
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Receipt of services |
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2018 |
Parent |
Entities with joint control or significant influence |
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Receipt of services |
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Expenditure with and payables to related parties
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2019 |
Parent |
Entities with joint control or significant influence |
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Rendering of services |
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2018 |
Parent |
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Rendering of services |
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Loans to related parties
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2019 |
Parent |
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At start of period |
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Berkeley Financial Partners Ltd
Notes to the Financial Statements for the Year Ended 31 October 2019
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2018 |
Parent |
Entities with joint control or significant influence |
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At start of period |
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Advanced |
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- |
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Repaid |
- |
( |
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At end of period |
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- |
Loans from related parties
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2019 |
Entities with joint control or significant influence |
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At start of period |
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Advanced |
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At end of period |
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2018 |
Entities with joint control or significant influence |
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At start of period |
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Repaid |
( |
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At end of period |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is