Yorkshire Premier Financial Services Limited - Period Ending 2020-12-31
Yorkshire Premier Financial Services Limited - Period Ending 2020-12-31
Registration number:
Yorkshire Premier Financial Services Limited
for the Period from 1 June 2020 to 31 December 2020
Yorkshire Premier Financial Services Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Yorkshire Premier Financial Services Limited
Company Information
Directors |
Mr Simon John Cocking Mr Stephen William Rudd |
Registered office |
|
Auditors |
|
Yorkshire Premier Financial Services Limited
Strategic Report for the Period from 1 June 2020 to 31 December 2020
The directors present their strategic report for the period from 1 June 2020 to 31 December 2020.
Principal activity
The principal activity of the company is financial intermediation.
Fair review of the business
Yorkshire Premier Financial Services Limited provides a range of investment and financial advice services in the UK. The company takes an integrated advice led approach to protecting and growing client’s wealth, combining skills and experience in investment management and financial planning.
The company is authorised and regulated by the Financial Conduct Authority (FCA).
The company receives advice charges from clients and commission and fee income and in turn incurs costs that are directly attributable to the delivery of advice driving the gross profit.
Notwithstanding the challenges the business faced with COVID-19 pandemic a solid set of results have been achieved.
Despite the political, economic and environmental challenges, and the ensuing uncertainties that were faced throughout the reporting period, the directors are satisfied with the firm’s performance.
The company's key financial and other performance indicators during the period were as follows:
Unit |
2020 |
2020 |
|
Turnover |
£ |
199,581 |
345,203 |
Profit before tax |
£ |
107,852 |
171,879 |
Profit before tax |
% |
54 |
50 |
EBITDA |
£ |
108,283 |
170,955 |
Yorkshire Premier Financial Services Limited
Strategic Report for the Period from 1 June 2020 to 31 December 2020
Principal risks and uncertainties
Current Risk Environment
Over the past year, the emergence and impact of COVID -19 has been a major external risk event. No event of this nature can be precisely forecast and planned for; however, through our approach to the fundamentals of risk management, the company has been able to demonstrate resilience, from a financial and operational perspective, against COVID-19 .
Principal risks and uncertainties
Risks to the business are reviewed monthly and monitored by the board, and supported by the internal Capital Adequacy Assessment Process (‘ICAAP’) for the management of capital risk which is reviewed by the board on an annual basis and more frequently if considered necessary.
Conduct Risk
Conduct risk is the risk arising from any breach of the Financial Conduct Authority (‘FCA’) rules. A strong compliance culture supported by a robust governance framework mitigates risk in this area
Capital adequacy risk
Capital resources are maintained well in excess of the regulatory requirements. Material surplus cash balances are always carried by the firm.
Liquidity risk
The company does not hold client money which are handled by external third party specializing in the handling Model B clearing, custody and related services.
Approved by the
.........................................
Director
Yorkshire Premier Financial Services Limited
Directors' Report for the Period from 1 June 2020 to 31 December 2020
The directors present their report and the financial statements for the period from 1 June 2020 to 31 December 2020.
Directors of the company
The directors who held office during the period were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
.........................................
Director
Yorkshire Premier Financial Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Yorkshire Premier Financial Services Limited
Independent Auditor's Report to the Members of Yorkshire Premier Financial Services Limited
Opinion
We have audited the financial statements of Yorkshire Premier Financial Services Limited (the 'company') for the period from 1 June 2020 to 31 December 2020, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the period then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Yorkshire Premier Financial Services Limited
Independent Auditor's Report to the Members of Yorkshire Premier Financial Services Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Yorkshire Premier Financial Services Limited
Independent Auditor's Report to the Members of Yorkshire Premier Financial Services Limited
The objective of our audit are to obtain sufficient appropriate audit evidence regardig compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non compliance with other laws and regulations that may have material effect on the financial statements and to respond appropriately to identified or suspected non-compliance with the laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
· obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;
· inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
· discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006, tax compliance regulations and compliance with the regulations of the Coronavirus Job Retention Scheme (CJRS). We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities where relevant and in relation to CJRS reviewing a sample of relevant contracts and agreements to confirm compliance with the terms of the CJRS.
The audit engagement team identified, consistent with ISAs (UK), the risk of management override of controls as the area where the financial statements were susceptible to material misstatement due to fraud. Audit procedures performed included, but were not limited to, testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant unusual transactions and transactions entered into outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Yorkshire Premier Financial Services Limited
Independent Auditor's Report to the Members of Yorkshire Premier Financial Services Limited
......................................
For and on behalf of
BCL House
2 Roads Hall Road
West Yorkshire
LS12 6AJ
Yorkshire Premier Financial Services Limited
Profit and Loss Account for the Period from 1 June 2020 to 31 December 2020
Note |
2020 |
2020 |
|
Turnover |
|
|
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
107,763 |
169,904 |
|
Other interest receivable and similar income |
|
|
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial period |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Yorkshire Premier Financial Services Limited
Statement of Comprehensive Income for the Period from 1 June 2020 to 31 December 2020
2020 |
2020 |
|
Profit for the period |
|
|
Total comprehensive income for the period |
|
|
Yorkshire Premier Financial Services Limited
(Registration number: 00862099)
Balance Sheet as at 31 December 2020
Note |
2020 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,000 |
1,000 |
|
Share premium reserve |
450 |
450 |
|
Capital redemption reserve |
2,000 |
2,000 |
|
Profit and loss account |
43,774 |
172,906 |
|
Shareholders' funds |
47,224 |
176,356 |
Yorkshire Premier Financial Services Limited
(Registration number: 00862099)
Balance Sheet as at 31 December 2020
Approved and authorised by the
.........................................
Director
Yorkshire Premier Financial Services Limited
Statement of Changes in Equity for the Period from 1 June 2020 to 31 December 2020
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
|
At 1 June 2020 |
|
|
|
|
Profit for the period |
- |
- |
- |
|
Total comprehensive income |
- |
- |
- |
|
Dividends |
- |
- |
- |
( |
At 31 December 2020 |
|
|
|
|
Total |
|
At 1 June 2020 |
|
Profit for the period |
|
Total comprehensive income |
|
Dividends |
( |
At 31 December 2020 |
|
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
|
At 1 June 2019 |
|
|
|
|
Profit for the period |
- |
- |
- |
|
Total comprehensive income |
- |
- |
- |
|
Dividends |
- |
- |
- |
( |
At 31 May 2020 |
|
|
|
|
Total |
|
At 1 June 2019 |
|
Profit for the period |
|
Total comprehensive income |
|
Dividends |
( |
At 31 May 2020 |
|
Yorkshire Premier Financial Services Limited
Statement of Cash Flows for the Period from 1 June 2020 to 31 December 2020
Note |
2020 |
2020 |
|
Cash flows from operating activities |
|||
Profit for the period |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
- |
|
|
Finance income |
( |
( |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in trade debtors |
|
( |
|
Decrease in trade creditors |
( |
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
- |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
- |
( |
|
Net cash flows from investing activities |
|
|
|
Cash flows from financing activities |
|||
Dividends paid |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 June |
|
|
|
Cash and cash equivalents at 31 December |
93,512 |
232,174 |
Yorkshire Premier Financial Services Limited
Notes to the Financial Statements for the Period from 1 June 2020 to 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Yorkshire Premier Financial Services Limited
Notes to the Financial Statements for the Period from 1 June 2020 to 31 December 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
15% reducing balance |
Computer Equipment |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Yorkshire Premier Financial Services Limited
Notes to the Financial Statements for the Period from 1 June 2020 to 31 December 2020
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Revenue |
The analysis of the company's revenue for the period from continuing operations is as follows:
2020 |
2020 |
|
Rendering of services |
|
|
The analysis of the company's turnover for the period by class of business is as follows:
2020 |
2020 |
|
Class 1 |
|
|
The analysis of the company's turnover for the period by market is as follows:
2020 |
2020 |
|
UK |
|
|
Other operating income |
The analysis of the company's other operating income for the period is as follows:
2020 |
2020 |
|
Government grants |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the period is as follows:
2020 |
2020 |
|
Gain (loss) on disposal of property, plant and equipment |
- |
( |
Yorkshire Premier Financial Services Limited
Notes to the Financial Statements for the Period from 1 June 2020 to 31 December 2020
Operating profit |
Arrived at after charging/(crediting)
2020 |
2020 |
|
Depreciation expense |
|
|
Loss on disposal of property, plant and equipment |
- |
|
Other interest receivable and similar income |
2020 |
2020 |
|
Interest income on bank deposits |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2020 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
- |
Other post-employment benefit costs |
|
|
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
2020 |
2020 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
2020 |
2020 |
|
Remuneration |
|
|
Auditors' remuneration |
2020 |
2020 |
|
Audit of the financial statements |
|
- |
Yorkshire Premier Financial Services Limited
Notes to the Financial Statements for the Period from 1 June 2020 to 31 December 2020
Taxation |
Tax charged/(credited) in the income statement
2020 |
2020 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
( |
Tax expense in the income statement |
|
|
Deferred tax
Deferred tax assets and liabilities
2020 |
Liability |
Accelerated capital allowances |
|
2020 |
Liability |
Accelerated capital allowances |
|
Yorkshire Premier Financial Services Limited
Notes to the Financial Statements for the Period from 1 June 2020 to 31 December 2020
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
|
Cost or valuation |
|||
At 1 June 2020 |
|
|
|
At 31 December 2020 |
|
|
|
Depreciation |
|||
At 1 June 2020 |
|
|
|
Charge for the period |
|
|
|
At 31 December 2020 |
|
|
|
Carrying amount |
|||
At 31 December 2020 |
|
|
|
At 31 May 2020 |
|
|
|
Debtors |
2020 |
2020 |
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2020 |
2020 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Yorkshire Premier Financial Services Limited
Notes to the Financial Statements for the Period from 1 June 2020 to 31 December 2020
Creditors |
Note |
2020 |
2020 |
|
Due within one year |
|||
Trade creditors |
|
- |
|
Other payables |
- |
|
|
Accruals |
|
|
|
Income tax liability |
53,389 |
32,807 |
|
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 June 2020 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2020 |
|
|
Share capital |
Allotted, called up and fully paid shares
2020 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
- |
- |
|
1,000 |
|
|
600 |
- |
- |
|
|
400 |
- |
- |
|
|
|
|
Dividends |
Interim dividends paid
2020 |
2020 |
|||
Interim dividend of £ |
|
|
||