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 2021

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

Miss N J Aspray

C Romain

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

103,927

116,813

103,927

116,813

CURRENT ASSETS

Debtors

6

1,667,187

2,846,355

Cash at bank

462,387

392,882

2,129,574

3,239,237

CREDITORS

Amounts falling due within one year

7

778,996

809,520

NET CURRENT ASSETS

1,350,578

2,429,717

TOTAL ASSETS LESS CURRENT LIABILITIES

1,454,505

2,546,530

PROVISIONS FOR LIABILITIES

19,746

29,864

NET ASSETS

1,434,759

2,516,666

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,434,659

2,516,566

SHAREHOLDERS' FUNDS

1,434,759

2,516,666

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 22 September 2021 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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 56 (2020 - 54 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

1,200,000

AMORTISATION

At 1 April 2020

and 31 March 2021

1,200,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	TANGIBLE FIXED ASSETS

Furniture

Leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

80,817

131,580

166,091

378,488

Additions

-

23,617

16,920

40,537

At 31 March 2021

80,817

155,197

183,011

419,025

DEPRECIATION

At 1 April 2020

80,817

69,082

111,776

261,675

Charge for year

-

20,869

32,554

53,423

At 31 March 2021

80,817

89,951

144,330

315,098

NET BOOK VALUE

At 31 March 2021

-

65,246

38,681

103,927

At 31 March 2020

-

62,498

54,315

116,813

6.

DEBTORS

31.3.21

31.3.20

£

£

Amounts falling due within one year:

Trade debtors

358,409

402,673

Amounts owed by group undertakings

-

1,605,829

Other debtors

298,747

560,995

Directors' current accounts

-

77,420

Prepayments and accrued income

228,662

199,438

885,818

2,846,355

Amounts falling due after more than one year:

Other debtors

781,369

-

Aggregate amounts

1,667,187

2,846,355

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

80,170

49,650

Other loans

23,495

-

Trade creditors

41,844

123,252

Tax

273,854

209,160

Social security and other taxes

58,331

54,155

VAT

39,597

42,478

Other creditors

6,440

53,891

Directors' current accounts

26,651

-

Accrued expenses

228,614

276,934

778,996

809,520

8.	OTHER FINANCIAL COMMITMENTS

At the 31 March 2021 the company had rental lease commitments of £183,558 per annum.

The remaining value of the commitments are shown to acknowledge an option for early termination at the end of year 3:

Within 1 year

£183,558

Within 3 years

£515,639

9.	RELATED PARTY DISCLOSURES

At 31 March 2021 the directors were owed by the company a total of £26,651 (2020: £77,420 debtor).

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 2021 the company was owed £2,976 (2020: £1,837) by Pensionhelp Limited, a company controlled by John Stevenson. The amount is included within trade debtors.

At 31 March 2021 the company was owed £Nil (2020: £285,000) by Millane Holdings Limited, a company in which John Stevenson is a director and shareholder.

The amount was included in other debtors due within one year and was repaid on 4 September 2020.

At 31 March 2021 the company was owed £142,108 (2020: £117,388) 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 2021 the company was owed £Nil (2020: £1,605,829) by Stechant Limited, the parent company, controlled by John Stevenson.

At 31 March 2021 the company was owed £81,383 (2020: £Nil) by Jaws Property Investments LLP, an LLP in which John Stevenson is a member.

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

At 31 March 2021 the company was owed £781,369 (2020: £111,154) by Lunar Investment Management Limited, a company in which John Stevenson is a director and shareholder.

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

10.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Stechant Limited, a company registered in England and Wales, and controlled by John Stevenson.

At 31 March 2021 £Nil (2020: £1,605,829) was due from Stechant Limited.

The ultimate parent company is Primas Newco 3 Limited, a company registered in England and Wales, and controlled by John Stevenson.