Paul Cliff Financial Management Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04407302 (England and Wales)

Paul Cliff Financial Management Ltd

Unaudited Financial Statements for the Year Ended 30 April 2023

Page

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

Directors:

P E Cliff

P N Cliff

Registered office:

35 Copperfields

Chew Moor

Lostock

Bolton

BL6 4HZ

Registered number:

04407302 (England and Wales)

Accountants:

Leach Briely

Craven House

32 Lee Lane

Horwich

Bolton

BL6 7BY

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 Statement of Financial Position. 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 Paul Cliff Financial Management Ltd for the year ended 30 April 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Paul Cliff Financial Management Ltd, 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 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, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, 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

Craven House

32 Lee Lane

Horwich

Bolton

BL6 7BY

19 January 2024

Fixed assets

Intangible assets

4

180,000

180,000

Tangible assets

5

1,260

920

181,260

180,920

Current assets

Debtors

6

191,046

194,530

Cash at bank

-

1,387

191,046

195,917

Creditors

Amounts falling due within one year

7

72,399

85,293

Net current assets

118,647

110,624

Total assets less current liabilities

299,907

291,544

Creditors

Amounts falling due after more than one year

8

(22,499

)

(31,665

)

Provisions for liabilities

9

(20,674

)

(20,247

)

Net assets

256,734

239,632

Capital and reserves

Called up share capital

10

100

100

Retained earnings

256,634

239,532

Shareholders' funds

256,734

239,632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2024 and were signed on its behalf by:

P N Cliff - Director

1.	Statutory information

Paul Cliff Financial Management Ltd 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 measured at the fair value of the consideration receivable for commissions after adjusting for potential lapses.

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.

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.

Fixtures and fittings

-

20% on cost

Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.

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.

Taxation

The taxation expense represents the aggregate amount of current tax recognised in the reporting year . Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current year.

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.

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 3 (2022 - 3 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 May 2022

and 30 April 2023

180,000

Net book value

At 30 April 2023

180,000

At 30 April 2022

180,000

5.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 1 May 2022

2,335

Additions

708

Disposals

(443

)

At 30 April 2023

2,600

Depreciation

At 1 May 2022

1,415

Charge for year

368

Eliminated on disposal

(443

)

At 30 April 2023

1,340

Net book value

At 30 April 2023

1,260

At 30 April 2022

920

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

7,937

7,390

Other debtors

183,109

187,140

191,046

194,530

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

14,469

10,000

Trade creditors

4,005

4,215

Taxation and social security

49,559

65,893

Other creditors

4,366

5,185

72,399

85,293

8.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans

22,499

31,665

9.	Provisions for liabilities

2023

2022

£

£

Other provisions

20,674

20,247

Other

provisions

£

Balance at 1 May 2022

20,247

Charge to Statement of Income and Retained Earnings during year

427

Balance at 30 April 2023

20,674

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

1

100

100

11.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023

2022

£

£

P N Cliff and P E Cliff

Balance outstanding at start of year

(157,988

)

(142,869

)

Amounts advanced

-

(15,119

)

Amounts repaid

21,323

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(136,665

)

(157,988

)