Burley Financial Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01217536 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2021

for

Burley Financial Services Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr M J Mawson

Mr S Burley

Mrs M Bamford

SECRETARY:

Mrs E Newton

REGISTERED OFFICE:

Office 1, Wyvern House

Old Forge Business Park

Guernsey Road

Sheffield

South Yorkshire

S2 4HG

REGISTERED NUMBER:

01217536 (England and Wales)

ACCOUNTANTS:

Landin Wilcock & Co

Chartered Accountants

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

BANKERS:

Virgin Money

66 Fargate

Sheffield

South Yorkshire

S1 2HE

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Burley Financial Services Limited for the year ended 30 April 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Burley Financial Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Burley Financial Services Limited and state those matters that we have agreed to state to the Board of Directors of Burley Financial Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Burley Financial Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Burley Financial Services Limited 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 Burley Financial Services Limited. You consider that Burley Financial Services Limited 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 Burley Financial Services Limited. 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.

Landin Wilcock & Co

Chartered Accountants

68 Queen Street

Sheffield

South Yorkshire

S1 1WR

27 April 2022

FIXED ASSETS

Tangible assets

4

31,569

35,939

Investments

5

69,801

43,309

101,370

79,248

CURRENT ASSETS

Debtors

6

48,364

65,037

Cash at bank and in hand

246,593

282,095

294,957

347,132

CREDITORS

Amounts falling due within one year

7

(95,887

)

(111,948

)

NET CURRENT ASSETS

199,070

235,184

TOTAL ASSETS LESS CURRENT LIABILITIES

300,440

314,432

PROVISIONS FOR LIABILITIES

(5,873

)

(14,904

)

NET ASSETS

294,567

299,528

CAPITAL AND RESERVES

Called up share capital

120,000

120,000

Retained earnings

174,567

179,528

294,567

299,528

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 26 April 2022 and were signed on its behalf by:

Mr M J Mawson - Director

1.	STATUTORY INFORMATION

Burley Financial Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Government grants

Grants which are received by the company for compensation for expenses or losses are recognised in

the same period as the related expenditure.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Going concern.

The directors consider that the company has adapted to function despite the Covid-19 pandemic, they do not expect that the impact of the pandemic will cause the business to cease trading, as such the directors have considered this and other factors and assess it appropriate to prepare the accounts on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 May 2020

33,997

18,172

48,893

101,062

Additions

-

-

8,052

8,052

At 30 April 2021

33,997

18,172

56,945

109,114

DEPRECIATION

At 1 May 2020

17,025

15,526

32,572

65,123

Charge for year

3,399

662

8,361

12,422

At 30 April 2021

20,424

16,188

40,933

77,545

NET BOOK VALUE

At 30 April 2021

13,573

1,984

16,012

31,569

At 30 April 2020

16,972

2,646

16,321

35,939

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 May 2020

2

43,307

43,309

Revaluations

-

26,492

26,492

At 30 April 2021

2

69,799

69,801

NET BOOK VALUE

At 30 April 2021

2

69,799

69,801

At 30 April 2020

2

43,307

43,309

Cost or valuation at 30 April 2021 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2018

-

36,914

36,914

Valuation in 2020

-

6,393

6,393

Valuation in 2021

-

26,492

26,492

Cost

2

-

2

2

69,799

69,801

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

DEB Wealth Management & Protection Ltd

Registered office: DEB House 19 Middlewoods Way, Wharncliffe Business Park, Carlton, Barnsley, S71 3HR

Nature of business: Financial Services

%

Class of shares:

holding

Ordinary A Shares

50.00

30.4.21

30.4.20

£

£

Aggregate capital and reserves

2,442

2,703

(Loss)/profit for the year

(261

)

565

The market value of the listed investments at 30 April 2021 was £69,799 (2020 - £43,307).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/21

30/4/20

£

£

Trade debtors

27,089

39,517

Other debtors

21,275

25,520

48,364

65,037

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/21

30/4/20

£

£

Trade creditors

22,142

27,007

Taxation and social security

42,742

40,503

Other creditors

31,003

44,438

95,887

111,948

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30/4/21

30/4/20

£

£

Within one year

13,803

13,803

Between one and five years

6,470

20,273

20,273

34,076

The company has a motor vehicle operating lease to September 2022 and an office equipment operating lease to August 2022.

9.	RELATED PARTY DISCLOSURES

Summary of transactions with subsidiaries

DEB Wealth Management & Protection Limited

(A company in which Burley Financial Services Limited owns 50% of the ordinary shares)

During the year the company received a management charge of £19,722 (2020 - £23,199).

At the balance sheet date the amount due to/(from) DEB Wealth Management & Protection Limited was £nil (2020 - £nil).