| Jennings & Co Financial Planning Limited |
| Financial statements for the period ended 31 December 2018 |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited financial statements of Jennings & Co Financial Planning Limited for the period ended 31 December 2018 |
|
| In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval the financial statements of Jennings & Co Financial Planning Limited for the period ended 31 December 2018, which comprise of the Profit and Loss Account, the Balance Sheet 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 we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Jennings & Co Financial Planning Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Jennings & Co Financial Planning Limited and state those matters that we have agreed to state to the Board of Directors of Jennings & Co Financial Planning Limited, 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 Jennings & Co Financial Planning Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Jennings & Co Financial Planning Limited has kept adequate accounting records and to prepare financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Jennings & Co Financial Planning Limited. You consider that Jennings & Co Financial Planning Limited is exempt from the statutory audit requirement for the period. |
| We have not been instructed to carry out an audit or a review of the financial statements of Jennings & Co Financial Planning Limited. 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 financial statements. |
|
| Cavendish Bond |
| Chartered Accountants |
| Bentinck House |
| 3 - 8 Bolsover Street |
| London |
| W1W 6AB |
|
| 30 March 2020 |
|
| Jennings & Co Financial Planning Limited |
| Financial statements for the period ended 31 December 2018 |
|
| Balance Sheet |
|
| Notes |
|
|
2018 |
|
| £ |
|
| Fixed assets |
| Intangible assets |
3 |
|
|
9,000 |
| Tangible assets |
4 |
|
|
2,107 |
|
|
|
|
11,107 |
|
| Current assets |
| Debtors |
5 |
|
32,603 |
| Cash at bank and in hand |
|
|
166,459 |
|
|
|
199,062 |
|
|
| Creditors: amounts falling due within one year |
6 |
|
(61,213) |
|
|
|
|
| Net current assets |
|
|
|
137,849 |
|
|
| Total assets less current liabilities |
|
|
|
148,956 |
|
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(146,525) |
|
| Provisions for liabilities |
|
|
|
(400) |
|
| Net assets |
|
|
|
2,031 |
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
| Profit and loss account |
|
|
|
1,931 |
|
| Shareholders' funds |
|
|
|
2,031 |
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
| The financial statements have been prepared in accordance with the special provisions for small companies within Part 15 of the Companies Act 2006. The company's profit and loss account for the period has not been delivered to the Registrar of Companies. |
| These financial statements were approved by the board on 25 March 2020 and are signed on its behalf by |
|
|
|
| S M Jennings |
| Director |
|
| Company registration number 11130798 |
|
| Jennings & Co Financial Planning Limited |
| Financial statements for the period ended 31 December 2018 |
|
| Notes to the Financial Statements |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applicable to companies subject to the small entities regime. |
|
|
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 provision of financial advice. Revenue in respect of one-off advice is recognised when the advice is provided. Revenue in respect of ongoing annual advice is recognised on a straight line basis over the course of the year. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office equipment |
over 3 years |
|
Furniture, fixtures and fittings |
over 5 years |
|
|
Debtors |
|
Short term debtors are measured at transaction price less any provision for bad and doubtful debts. Loans and other financial assets are initially recognised at fair value, taking account of any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment losses. |
|
|
Creditors |
|
Short term creditors are measured at the transaction price. Loans and other financial liabilities are initially recognised at fair value, taking account of any transaction costs, and are subsequently measured at amortised cost using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Financial instruments |
|
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 entity after deducting all of its liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument those financial instruments are classified as financial liabilities and are presented as such in the balance sheet.
Where the contractual terms of financial instruments do not meet the definition of a financial liability those financial instruments are classified as equity instruments. Dividends and other distributions relating to equity instruments are debited directly to equity. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2018 |
|
| Number |
|
|
|
Average number of persons employed by the company |
2 |
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
| Goodwill |
| £ |
|
Cost |
|
Additions |
10,000 |
|
At 31 December 2018 |
10,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
Provided during the period |
1,000 |
|
At 31 December 2018 |
1,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2018 |
9,000 |
|
|
|
|
|
|
|
|
|
|
The goodwill arose on the acquisition of the business of Jennings & Co Financial Planning and is being written off in equal annual instalments over its estimated economic life of 10 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Office equipment |
|
Furniture, fixtures and fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
Additions |
1,156 |
|
1,670 |
|
2,826 |
|
At 31 December 2018 |
1,156 |
|
1,670 |
|
2,826 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
Charge for the period |
385 |
|
334 |
|
719 |
|
At 31 December 2018 |
385 |
|
334 |
|
719 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2018 |
771 |
|
1,336 |
|
2,107 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Debtors |
2018 |
|
| £ |
|
|
|
Trade debtors |
23,148 |
|
Other debtors |
9,455 |
|
|
|
|
|
|
32,603 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2018 |
|
| £ |
|
|
|
Taxes and social security costs |
15,806 |
|
Other creditors |
45,407 |
|
|
|
|
|
|
61,213 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2018 |
|
| £ |
|
|
|
Other creditors |
146,525 |
|
|
|
|
|
|
|
|
|
Included within other creditors is £88,651 payable by instalments that fall due after more than five years. |
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
At the balance sheet date the company was owed £8,690 by its director. This sum was repaid on 31 March 2019. |
|
|
| 9 |
Other information |
|
|
Jennings & Co Financial Planning Limited is a private company limited by shares and incorporated in England with its registered office at: |
|
|
C/O Cavendish Bond |
|
Bentinck House |
|
3 - 8 Bolsover Street |
|
London |
|
W1W 6AB |
