Broughtons Financial Planning Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04066162 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

FOR

BROUGHTONS FINANCIAL PLANNING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G R Bond

M B Smith

N J M Imlach

REGISTERED OFFICE:

5A Swallowfield Courtyard

Wolverhampton Road

Oldbury

West Midlands

B69 2JG

REGISTERED NUMBER:

04066162 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kim Marie Knowles FCCA

AUDITORS:

Walker Thompson Ltd

Statutory Auditor

Empress House

43a Binley Road

Coventry

CV3 1HU

FIXED ASSETS

Tangible assets

4

9,278

10,829

CURRENT ASSETS

Debtors

5

328,289

349,536

Cash at bank

762,094

380,910

1,090,383

730,446

CREDITORS

Amounts falling due within one year

6

187,572

177,088

NET CURRENT ASSETS

902,811

553,358

TOTAL ASSETS LESS CURRENT LIABILITIES

912,089

564,187

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

911,989

564,087

SHAREHOLDERS' FUNDS

912,089

564,187

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 6 September 2018 and were signed on its behalf by:

G R Bond - Director

1.	STATUTORY INFORMATION

Broughtons Financial Planning 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.

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 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.

Income

Fees for investment advice represent invoiced fees. Commissions received and adviser charges received

represent all commissions and charges received and due for the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33.33% on cost

Office equipment

-

15% on reducing balance

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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

lease.

Indemnity commission

A reserve is made in the accounts for any commission that has been incorrectly received and not yet clawed

back by the product provider by the end of the accounting period. A reserve is also made for any policies sold

that are likely to be subject to a clawback of commission by the product provider as they have not run their

expected policy term, if the commission has not been repaid by the end of the accounting period.

Pensions

The company operates a defined contribution scheme. Contributions payable for the year are charged to the

profit & loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

Office

fittings

equipment

equipment

Totals

£

£

£

£

COST

At 1 August 2017

34,555

21,116

7,842

63,513

Additions

197

908

839

1,944

Disposals

(294

)

(951

)

(228

)

(1,473

)

At 31 July 2018

34,458

21,073

8,453

63,984

DEPRECIATION

At 1 August 2017

27,669

18,653

6,362

52,684

Charge for year

1,046

1,968

344

3,358

Eliminated on disposal

(183

)

(951

)

(202

)

(1,336

)

At 31 July 2018

28,532

19,670

6,504

54,706

NET BOOK VALUE

At 31 July 2018

5,926

1,403

1,949

9,278

At 31 July 2017

6,886

2,463

1,480

10,829

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as

follows:

Office

equipment

£

COST

At 1 August 2017

and 31 July 2018

3,480

DEPRECIATION

At 1 August 2017

3,479

Charge for year

1

At 31 July 2018

3,480

NET BOOK VALUE

At 31 July 2018

-

At 31 July 2017

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

250

Other debtors

2,988

17,898

Directors' loan

241,970

241,186

Tax

61,720

61,720

Prepayments and accrued income

21,611

28,482

328,289

349,536

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other loans

-

56

Trade creditors

27,854

28,933

Taxation

138,241

121,584

Social security and other taxes

3,135

4,343

Accrued expenses

18,342

22,172

187,572

177,088

7.	LEASING AGREEMENTS

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

2018

2017

£

£

Within one year

43,200

43,200

Between one and five years

39,600

82,800

82,800

126,000

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kim Marie Knowles FCCA (Senior Statutory Auditor)

for and on behalf of Walker Thompson Ltd

9.	CONTINGENT LIABILITIES

No contingent liabilities existed at the balance sheet date.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2018 and

31 July 2017:

2018

2017

£

£

G R Bond

Balance outstanding at start of year

241,186

241,186

Amounts advanced

784

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

241,970

241,186

The above loan is interest free and was repaid in full in August 2018.

11.	POST BALANCE SHEET EVENTS

In August 2018 the Company was bought by Mattioli Woods PLC.

12.	INDEMNITY COMMISSION

Of the total income received during the year, £31 was in respect of indemnity commission from Life and

Pension policies. This represents less than 1% of total income received.

There were no policies sold that was subject to a clawback of commission during the accounting period which

had not already been repaid. The total clawback commission repaid during the year amounted to £0.