Marshall Wooldridge Financial Services Limited Filleted accounts for Companies House (small and micro)

MARSHALL WOOLDRIDGE FINANCIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09887995

Marshall Wooldridge Financial Services Limited

Filleted unaudited financial statements

31 March 2021

Marshall Wooldridge Financial Services Limited

Statement of financial position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		1,440	60,280

Current assets

Debtors	7	321,890	558,074
Cash at bank and in hand		279,418	715,712
		---------	-----------
		601,308	1,273,786

Creditors: amounts falling due within one year	8	153,319		203,330
		---------		-----------
Net current assets			447,989	1,070,456
			---------	-----------
Total assets less current liabilities			449,429	1,130,736

Provisions	( 3,500)	7,000
	---------	-----------
Net assets	452,929	1,123,736
	---------	-----------

Capital and reserves

Called up share capital	1	1
Profit and loss account	452,928	1,123,735
	---------	-----------
Shareholders funds	452,929	1,123,736
	---------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 October 2021 , and are signed on behalf of the board by:

Mr R M Hopson	Mr D C Hemsley
Director	Director

Company registration number: 09887995

Marshall Wooldridge Financial Services Limited

Notes to the financial statements

year ended 31st March 2021

1. General information

The principle activity of the company is the provision of financial services . The company is a private limited company, which is incorporated in England and Wales (no 09887995 ). The address of the registered office is Unit 4B Regency House, Kirk Lane, Yeadon, Leeds, LS19 7EP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis . The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on the basis that the company can continue to operate as a going concern. The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. This conclusion was made having considered the impact of the ongoing worldwide Covid-19 pandemic. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies .

Revenue recognition

Turnover represents the commissions receivable. Commission is included in the financial statements on each transaction on the date of the transaction.

Income tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted .

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Motor vehicles	-	25% straight line
Equipment	-	33% straight line

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2020: 7 ).

5. Intangible assets

	Goodwill
	£

Cost
At 1st April 2020 and 31st March 2021	178,430
	---------
Amortisation
At 1st April 2020 and 31st March 2021	178,430
	---------
Carrying amount
At 31st March 2021	–
	---------
At 31st March 2020	–
	---------

6. Tangible assets

Fixtures and fittings	Motor vehicles	Equipment	Total
£	£	£	£

Cost
At 1st April 2020	7,190	96,950	16,934	121,074
Disposals	–	( 96,950)	( 8,704)	( 105,654)
	------	-------	-------	---------
At 31st March 2021	7,190	–	8,230	15,420
	------	-------	-------	---------
Depreciation
At 1st April 2020	4,312	43,950	12,532	60,794
Charge for the year	1,438	–	1,764	3,202
Disposals	–	( 43,950)	( 6,066)	( 50,016)
	------	-------	-------	---------
At 31st March 2021	5,750	–	8,230	13,980
	------	-------	-------	---------
Carrying amount
At 31st March 2021	1,440	–	–	1,440
	------	-------	-------	---------
At 31st March 2020	2,878	53,000	4,402	60,280
	------	-------	-------	---------

7. Debtors

	2021	2020
	£	£

Amounts owed by group undertakings and undertakings in which the company has a participating interest	313,544	476,265
Other debtors	8,346	81,809
	---------	---------
	321,890	558,074
	---------	---------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£

Trade creditors	687	5,180
Accruals and deferred income	13,739	44,000
Corporation tax	123,000	93,000
Social security and other taxes	3,724	8,044
Obligations under finance leases and hire purchase contracts	–	52,866
Director loan accounts	12,141	–
Other creditors	28	240
	---------	---------
	153,319	203,330
	---------	---------

Included in other creditors due within one year is a Hire Purchase agreement of £52,866 (2019- £16,686) which is secured on the vehicle purchased under the Hire Purchase agreement.

9. Directors' advances, credits and guarantees

Included in debtors is nil (2020- £69,379) due from Directors and family.