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

REGISTERED NUMBER: 09040481 (England and Wales)

MY FINANCIAL PLANNING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr M A Young

Mrs L Young

REGISTERED OFFICE:

20 Kings Lynn Road

Hunstanton

Norfolk

PE36 5HP

BUSINESS ADDRESS:

c/o Continuum

Regus House

Fairbourne Drive

Atterbury

Milton Keynes

MK10 9RG

REGISTERED NUMBER:

09040481 (England and Wales)

FIXED ASSETS

Tangible assets

4

494

1,223

CURRENT ASSETS

Work in progress

5

15,304

13,223

Debtors

6

1,966

9,231

Cash at bank

90,197

56,945

107,467

79,399

CREDITORS

Amounts falling due within one year

7

35,279

27,687

NET CURRENT ASSETS

72,188

51,712

TOTAL ASSETS LESS CURRENT LIABILITIES

72,682

52,935

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

72,582

52,835

SHAREHOLDERS' FUNDS

72,682

52,935

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 and authorised for issue on 28 June 2022 and were signed on its behalf by:

Mr M A Young - Director

Mrs L Young - Director

1.	STATUTORY INFORMATION

MY 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 represents net invoiced and accrued fees, excluding value added tax

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost

Work in progress

Work in progress is valued at the lower of cost, and and fair value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2021

and 31 May 2022

6,469

DEPRECIATION

At 1 June 2021

5,246

Charge for year

729

At 31 May 2022

5,975

NET BOOK VALUE

At 31 May 2022

494

At 31 May 2021

1,223

5.	WORK IN PROGRESS

2022

2021

£

£

Work-in-progress

15,304

13,223

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Accrued income

1,966

9,231

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Corporation tax

25,366

19,308

Social security and other taxes

887

735

Other creditors

323

349

Company credit card

73

64

Joint Directors' Account

4,100

3,901

Accrued expenses

4,530

3,330

35,279

27,687

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021:

2022

2021

£

£

Mr M A Young and Mrs L Young

Balance outstanding at start of year

(3,901

)

(4,088

)

Amounts advanced

105,221

96,728

Amounts repaid

(105,420

)

(96,541

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(4,100

)

(3,901

)

Interest is charged on any overdrawn Director's Loan Account at the HMRC official rate of interest.

The loan is unsecured and repayable on demand.