Pareto Financial Planning Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 06582775 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Pareto Financial Planning Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M Stevenson

G M Chantry

REGISTERED OFFICE:

8 St John Street

Manchester

M3 4DU

REGISTERED NUMBER:

06582775 (England and Wales)

ACCOUNTANTS:

Pareto Tax & Wealth LLP

8 St John Street

Manchester

M3 4DU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

45,542

56,371

45,542

56,371

CURRENT ASSETS

Debtors

6

1,534,709

822,462

Cash at bank

848,252

297,515

2,382,961

1,119,977

CREDITORS

Amounts falling due within one year

7

1,461,748

731,700

NET CURRENT ASSETS

921,213

388,277

TOTAL ASSETS LESS CURRENT LIABILITIES

966,755

444,648

PROVISIONS FOR LIABILITIES

7,670

7,670

NET ASSETS

959,085

436,978

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

958,985

436,878

SHAREHOLDERS' FUNDS

959,085

436,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 17 November 2017 and were signed on its behalf by:

J M Stevenson - Director

1.	STATUTORY INFORMATION

Pareto Financial Planning 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is derived from commissions received and fees generated. Income is taken to the profit and loss

account on the following basis: Initial commission as and when the policy is in force. Renewal and fund based

commission is credited on a receipts basis and fee income as and when a sales invoice is generated.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of Pareto Financial Planning LLP, a LLP

controlled by J Stevenson and G Chantry, in 2010 is being amortised evenly over its estimated useful life of 5

years.

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.

Leasehold improvements

-

20% on cost

Furniture and fittings

-

20% on cost

Computer equipment

-

33% on cost

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 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.

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 34 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

1,200,000

AMORTISATION

At 1 April 2016

and 31 March 2017

1,200,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Furniture

Leasehold

and

Computer

improvements

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2016

80,817

40,354

66,312

187,483

Additions

-

10,681

10,606

21,287

Disposals

-

-

(19,424

)

(19,424

)

At 31 March 2017

80,817

51,035

57,494

189,346

DEPRECIATION

At 1 April 2016

62,238

22,463

46,411

131,112

Charge for year

9,312

8,892

13,912

32,116

Eliminated on disposal

-

-

(19,424

)

(19,424

)

At 31 March 2017

71,550

31,355

40,899

143,804

NET BOOK VALUE

At 31 March 2017

9,267

19,680

16,595

45,542

At 31 March 2016

18,579

17,891

19,901

56,371

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

313,870

217,098

Amounts owed by group undertakings

605,832

272,500

Other debtors

334,714

8,650

Directors' current accounts

211,139

258,168

Prepayments and accrued income

69,154

66,046

1,534,709

822,462

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Other loans

39,379

-

Trade creditors

65,649

109,396

Tax

232,914

201,943

Social security and other taxes

27,505

23,524

VAT

17,715

3,617

Other creditors

422,844

100,598

Accrued expenses

655,742

292,622

1,461,748

731,700

8.	RELATED PARTY DISCLOSURES

At 31 March 2017 the directors owed the company a total of £211,139 (2016: £258,168).

The amount is included in debtors due within one year.

The loan is interest free and repayable on demand.

At 31 March 2017 the company owed £384,564 (2016: £81,207 to Pensionhelp Limited, a company controlled

by John Stevenson.

The amount is included in other creditors due within one year.

At 31 March 2017 the company was owed £265,906 (2016: £4,207 by Millane Holdings Limited, a company in

which John Stevenson is a director and shareholder.

The amount is included in other debtors due within one year.

At 31 March 2017 the company was owed £25,265 (2016: £1,155 creditor) by Pareto Properties LLP, an LLP

controlled by John Stevenson and George Chantry.

The amount is included in other debtors due within one year.

At 31 March 2017 the company was owed £605,832 (2016: £272,500) by Stechant Limited, the ultimate parent

company, controlled by John Stevenson and George Chantry.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Stechant Limited, a company registered in England and Wales, and controlled

by John Stevenson and George Chantry.

At 31 March 2017 £605,832 (2016: £272,500) was due from Stechant Limited.