Paul Cliff Financial Management Ltd 30/04/2021 iXBRL

Other provisions

At 1 May 2020 and 30 April 2021

PAUL CLIFF FINANCIAL MANAGEMENT LTD - Company Information

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Company registration number: 04407302

Paul Cliff Financial Management Ltd

Unaudited financial statements

30 April 2021

Paul Cliff Financial Management Ltd

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Paul Cliff Financial Management Ltd

Directors and other information


	Directors	Paul Nicholas Cliff
		Pamela Elizabeth Cliff


	Secretary	Pamela Elizabeth Cliff


	Company number	04407302


	Registered office	35 Copperfields
		Chew Moor
		Lostock
		Bolton
		BL6 4HZ


	Business address	35 Copperfields
		Chew Moor
		Lostock
		Bolton
		BL6 4HZ


	Accountants	Leach Briely
		Craven House
		32 Lee Lane
		Horwich
		Bolton
		BL6 7BY




	Bankers	Lloyds TSB Bank plc
		Merchants Court
		2-12 Lord Street
		Liverpool
		L2 1TS

Paul Cliff Financial Management Ltd

Accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Paul Cliff Financial Management Ltd

Year ended 30 April 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Paul Cliff Financial Management Ltd for the year ended 30 April 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.

This report is made solely to the board of directors of Paul Cliff Financial Management Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Paul Cliff Financial Management Ltd and state those matters that we have agreed to state to the board of directors of Paul Cliff Financial Management Ltd, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Paul Cliff Financial Management Ltd and its board of directors for our work or for this report.

It is your duty to ensure that Paul Cliff Financial Management Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Paul Cliff Financial Management Ltd. You consider that Paul Cliff Financial Management Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Paul Cliff Financial Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Leach Briely

Accountants

Craven House

32 Lee Lane

Horwich

Bolton

BL6 7BY

7 January 2022

Paul Cliff Financial Management Ltd

Statement of financial position

30 April 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Intangible assets	6	180,000		180,000
Tangible assets	7	798		9,462
		_______		_______
			180,798		189,462

Current assets
Debtors	8	165,857		106,685
Cash at bank and in hand		16,075		-
		_______		_______
		181,932		106,685
Creditors: amounts falling due
within one year	9	( 83,499)		( 82,282)
		_______		_______
Net current assets			98,433		24,403
			_______		_______
Total assets less current liabilities			279,231		213,865

Creditors: amounts falling due
after more than one year	10		( 40,833)		( 8,388)

Provisions for liabilities	11		( 21,227)		( 53,307)

			_______		_______
Net assets			217,171		152,170
			_______		_______

Capital and reserves
Called up share capital	12		100		100
Profit and loss account			217,071		152,070
			_______		_______
Shareholders funds			217,171		152,170
			_______		_______

For the year ending 30 April 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 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.

These financial statements were approved by the board of directors and authorised for issue on 07 January 2022 , and are signed on behalf of the board by:

Paul Nicholas Cliff

Director

Company registration number: 04407302

Paul Cliff Financial Management Ltd

Notes to the financial statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Copperfields, Chew Moor, Lostock, Bolton, BL6 4HZ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

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

Turnover

Turnover is measured at the fair value of the consideration receivable for commissions after adjusting for potential lapses.

Taxation

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Amortisation of goodwill has not been provided for by the company as in the opinion of the directors it has an indefinite useful economic life. This accounting policy departs from the requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is that amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £18,000 and the profit for the year reduced accordingly.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:


Fittings fixtures and equipment	-	20 %	straight line

Government grants

Government grants are recognised using the accrual model. Under the accrual model, 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.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Tax on profit

Major components of tax expense

	2021	2020
	£	£
Current tax:
UK current tax expense	33,689	30,582
	_______	_______
Tax on profit	33,689	30,582
	_______	_______

6. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 May 2020 and 30 April 2021	180,000	180,000
	_______	_______
Amortisation
At 1 May 2020 and 30 April 2021	-	-
	_______	_______
Carrying amount
At 30 April 2021	180,000	180,000
	_______	_______
At 30 April 2020	180,000	180,000
	_______	_______

7. Tangible assets

	Fixtures, fittings and equipment	Motor vehicle	Total
	£	£	£
Cost
At 1 May 2020	1,935	23,910	25,845
Disposals	-	( 23,910)	( 23,910)
	_______	_______	_______
At 30 April 2021	1,935	-	1,935
	_______	_______	_______
Depreciation
At 1 May 2020	879	15,504	16,383
Charge for the year	258	-	258
Disposals	-	( 15,504)	( 15,504)
	_______	_______	_______
At 30 April 2021	1,137	-	1,137
	_______	_______	_______
Carrying amount
At 30 April 2021	798	-	798
	_______	_______	_______
At 30 April 2020	1,056	8,406	9,462
	_______	_______	_______

8. Debtors

	2021	2020
	£	£
Trade debtors	7,335	14,260
Other debtors	158,522	92,425
	_______	_______
	165,857	106,685
	_______	_______

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loan and overdrafts	9,167	2,986
Corporation tax	64,270	60,952
Social security and other taxes	809	4,454
Other creditors	9,253	13,890
	_______	_______
	83,499	82,282
	_______	_______

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loan	40,833	-
Other creditors	-	8,388
	_______	_______
	40,833	8,388
	_______	_______

The bank loan is repayable by instalments until June 2026. Instalments falling due after 30th April 2026 amount to £833.

11. Provisions

12. Called up share capital

Issued, called up and fully paid

	2021		2020
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

13. Directors advances, credits and guarantees

Other debtors include £142,869 in respect of cumulative advances made by the company to the directors. The advances are interest free with no specific terms of repayment.