Company Registration No. 01183165 (England and Wales)
Professional & Executive Financial Services Limited
Unaudited
Financial Statements
for the year ended 31 October 2021
PAGES FOR FILING WITH REGISTRAR
Professional & Executive Financial Services Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Professional & Executive Financial Services Limited
Statement Of Financial Position
as at 31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
113
Investment properties
5
450,000
450,000
Investments
6
44,960
39,799
494,960
489,912
Current assets
Debtors
7
1
2
Cash at bank and in hand
222,761
141,785
222,762
141,787
Creditors: amounts falling due within one year
8
(2,517)
(21,684)
Net current assets
220,245
120,103
Total assets less current liabilities
715,205
610,015
Provisions for liabilities
(48,173)
(48,194)
Net assets
667,032
561,821
Capital and reserves
Called up share capital
80,000
80,000
Share premium account
7,986
7,986
Profit and loss reserves
579,046
473,835
Total equity
667,032
561,821
Professional & Executive Financial Services Limited
Statement Of Financial Position (continued)
as at 31 October 2021
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2022 and are signed on its behalf by:
R D Lumley
Director
Company Registration No. 01183165
Professional & Executive Financial Services Limited
Notes to the financial statements
for the year ended 31 October 2021
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received or receivable for services provided in the normal course of business. Turnover is recognised on the provision of a contractual service obligation where a right to consideration is due.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straightline basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Professional & Executive Financial Services Limited
Notes to the financial statements (continued)
for the year ended 31 October 2021
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2020 and 31 October 2021
2,350
Depreciation and impairment
At 1 November 2020
2,237
Depreciation charged in the year
113
At 31 October 2021
2,350
Carrying amount
At 31 October 2021
At 31 October 2020
113
Professional & Executive Financial Services Limited
Notes to the financial statements (continued)
for the year ended 31 October 2021
- 5 -
5
Investment property
2021
£
Fair value
At 1 November 2020 and 31 October 2021
450,000
Investment property comprises 22 John William Street and 2 Church Street. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2021
2020
£
£
Other investments other than loans
44,960
39,799
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2020
39,799
Valuation changes
5,161
At 31 October 2021
44,960
Carrying amount
At 31 October 2021
44,960
At 31 October 2020
39,799
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1
2
8
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
17,264
Other creditors
2,517
4,420
2,517
21,684
Professional & Executive Financial Services Limited
Notes to the financial statements (continued)
for the year ended 31 October 2021
- 6 -
9
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
48,173
48,194
10
Company information
Professional & Executive Financial Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.
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