Foresight Independent Financial Planning Limited
Foresight Independent Financial Planning Limited
Registered number: 05897811
Unaudited Financial Statements
For The Year Ended
30 April 2023
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Foresight Independent Financial Planning Limited
Unaudited Financial Statements
For The Year Ended
30 April 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Foresight Independent Financial Planning Limited
Balance Sheet
As At
30 April 2023
Balance Sheet
Registered number:
05897811
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 262,559 | 603,334 | |||
Foresight Independent Financial Planning Limited
Balance Sheet (continued)
As At
30 April 2023
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Foresight Independent Financial Planning Limited
Notes to the Financial Statements
For The Year Ended
30 April 2023
Notes to the Financial Statements
1.
General Information
Foresight Independent Financial Planning Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
05897811
. The registered office is Richmond House, 1a Heath Road, Hale, Altrincham, Cheshire, WA14 2XP.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Fixtures & Fittings |
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| Computer Equipment |
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2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Foresight Independent Financial Planning Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2023
2.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2022: 14)
4.
Intangible Assets
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5.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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Foresight Independent Financial Planning Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2023
6.
Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts owed by group undertakings | 189,188 | 181,136 | |
| Amounts owed by participating interests | - | 79,216 | |
| Other debtors | 228,732 | 283,940 | |
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7.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 113,945 | 61,736 | |
| Taxation and social security |
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8.
Creditors: Amounts Falling Due After More Than One Year
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| Bank loans |
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| Amounts owed to participating interests |
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9.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 8,346 | 3,697 | |
10.
Provisions for Liabilities
| Deferred Tax | Total | |
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| £ | £ | |
| As at
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3,697 |
| Deferred taxation |
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| Balance at
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8,346 |
Foresight Independent Financial Planning Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2023
12.
Other Commitments
The total of future minimum rent payments under non-cancellable rental leases are as following:
| 2023 | 2022 | ||
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| Not later than one year |
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| Later than one year and not later than five years |
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| Later than five years |
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13.
Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
14.
Off-Balance Sheet Arrangements
The company has a registration of charge with Vertus Capital SPV1 Limited that is not contained on the balance sheet. The charge was registered on 20th January 2022 and shares a cross-company guarantee between two other subsidiaries that are held within the group.