Company Registration No. 06531197 (England and Wales)
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
COMPANY INFORMATION
Directors
Mrs G Houghton
Mr I J Trafford
Mr M R Houghton
Mrs A M Trafford
Secretary
Mr I J Trafford
Company number
06531197
Registered office
Ribblesdale House
14 Ribblesdale Place
Preston
Lancashire
PR1 3NA
Accountants
Bishops Chartered Accountants
Phoenix Park
Blakewater Road
Blackburn
Lancashire
BB1 5BG
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 11
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Trafford & Houghton Financial Planning Ltd for the year ended 31 March 2021 which comprise, the 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Trafford & Houghton Financial Planning Ltd, as a body, in accordance with the terms of our engagement letter dated 8 April 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Trafford & Houghton Financial Planning Ltd
and state those matters that we have agreed to state to the Board of Directors of Trafford & Houghton Financial Planning Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trafford & Houghton Financial Planning Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Trafford & Houghton Financial Planning 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 Trafford & Houghton Financial Planning Ltd. You consider that Trafford & Houghton Financial Planning 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 Trafford & Houghton Financial Planning 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.
Bishops Chartered Accountants
22 April 2021
Chartered Accountants
Phoenix Park
Blakewater Road
Blackburn
Lancashire
BB1 5BG
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,088
8,282
Investments
5
417,305
322,897
427,393
331,179
Current assets
Debtors
6
10,312
9,333
Cash at bank and in hand
150,610
21,905
160,922
31,238
Creditors: amounts falling due within one year
7
(121,329)
(152,469)
Net current assets/(liabilities)
39,593
(121,231)
Total assets less current liabilities
466,986
209,948
Creditors: amounts falling due after more than one year
8
(3,874)
Provisions for liabilities
(208)
Net assets
463,112
209,740
Capital and reserves
Called up share capital
10
184
184
Profit and loss reserves
12
462,928
209,556
Total equity
463,112
209,740
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 April 2021 and are signed on its behalf by:
Mr I J Trafford
Mr M R Houghton
Director
Director
Company Registration No. 06531197
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
1
Accounting policies
Company information
Trafford & Houghton Financial Planning Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ribblesdale House, 14 Ribblesdale Place, Preston, Lancashire, PR1 3NA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance basis
Fixtures and fittings
15% reducing balance basis
Computers
33% straight line
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 7 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
8
10
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2020
8,307
1,245
7,908
9,550
27,010
Additions
1,168
10,999
12,167
Disposals
(9,550)
(9,550)
At 31 March 2021
8,307
1,245
9,076
10,999
29,627
Depreciation and impairment
At 1 April 2020
8,007
988
5,554
4,179
18,728
Depreciation charged in the year
75
38
2,127
2,750
4,990
Eliminated in respect of disposals
(4,179)
(4,179)
At 31 March 2021
8,082
1,026
7,681
2,750
19,539
Carrying amount
At 31 March 2021
225
219
1,395
8,249
10,088
At 31 March 2020
300
257
2,354
5,371
8,282
5
Fixed asset investments
2021
2020
£
£
Other investments other than loans
417,305
322,897
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2020
322,897
Additions
210,000
Valuation changes
(3,080)
Disposals
(112,512)
At 31 March 2021
417,305
Carrying amount
At 31 March 2021
417,305
At 31 March 2020
322,897
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
10,312
9,333
7
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
113,123
145,227
Other creditors
8,206
7,242
121,329
152,469
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
3,874
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
9
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
1,083
In two to five years
3,875
4,958
Finance lease payments represent rentals payable by the company for certain assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2.5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
54
54
54
54
Ordinary B of £1 each
63
63
63
63
Ordinary C of £1 each
63
63
63
63
Ordinary D of £1 each
1
1
1
1
Ordinary E of £1 each
1
1
1
1
Ordinary F of £1 each
1
1
1
1
Ordinary G of £1 each
1
1
1
1
184
184
184
184
11
Non-distributable profits reserve
2021
2020
£
£
At the beginning of the year
6,954
31,937
Non distributable profits in the year
(5,538)
(24,983)
At the end of the year
1,416
6,954
12
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
209,556
1,267,886
Profit for the year
523,015
605,841
Dividends declared and paid in the year
(269,643)
(1,664,171)
At the end of the year
462,928
209,556
TRAFFORD & HOUGHTON FINANCIAL PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
12
Profit and loss reserves
(Continued)
- 11 -
Included within profit and loss reserves are non-distributable profits, as set out below:
2021
2020
£
£
Non-distributable profits included above
At the beginning of the year
6,954
31,937
Non distributable profits in the year
(5,538)
(24,983)
At the end of the year
1,416
6,954
Distributable profits
461,512
202,602
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Mrs G Houghton
Mr M R Houghton
Mrs A M Trafford
Mrs Angela Marie Trafford
Mr I J Trafford
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