Silverfin false 31/03/2023 01/04/2022 31/03/2023 M Ahmed 31/03/2023 30/07/2019 A W Carey 31/03/2023 30/07/2019 M Grady 30/07/2019 T M Hamilton 30/07/2019 N P Kimber 31/03/2023 30/07/2019 N L Paterno 30/07/2019 A J Warren 30/07/2019 21 November 2023 The principal activity of the Company during the financial period was the provision of accountancy and audit services. 12130135 2023-03-31 12130135 bus:Director1 2023-03-31 12130135 bus:Director2 2023-03-31 12130135 bus:Director3 2023-03-31 12130135 bus:Director4 2023-03-31 12130135 bus:Director5 2023-03-31 12130135 bus:Director6 2023-03-31 12130135 bus:Director7 2023-03-31 12130135 2022-03-31 12130135 core:CurrentFinancialInstruments 2023-03-31 12130135 core:CurrentFinancialInstruments 2022-03-31 12130135 core:ShareCapital 2023-03-31 12130135 core:ShareCapital 2022-03-31 12130135 core:RetainedEarningsAccumulatedLosses 2023-03-31 12130135 core:RetainedEarningsAccumulatedLosses 2022-03-31 12130135 core:Goodwill 2022-03-31 12130135 core:Goodwill 2023-03-31 12130135 core:OtherPropertyPlantEquipment 2022-03-31 12130135 core:OtherPropertyPlantEquipment 2023-03-31 12130135 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 12130135 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 12130135 bus:OrdinaryShareClass1 2023-03-31 12130135 bus:OrdinaryShareClass2 2023-03-31 12130135 bus:OrdinaryShareClass3 2023-03-31 12130135 bus:OrdinaryShareClass4 2023-03-31 12130135 bus:OrdinaryShareClass5 2023-03-31 12130135 bus:OtherShareClass1 2023-03-31 12130135 bus:OtherShareClass2 2023-03-31 12130135 2022-04-01 2023-03-31 12130135 bus:FullAccounts 2022-04-01 2023-03-31 12130135 bus:SmallEntities 2022-04-01 2023-03-31 12130135 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12130135 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12130135 bus:Director1 2022-04-01 2023-03-31 12130135 bus:Director2 2022-04-01 2023-03-31 12130135 bus:Director3 2022-04-01 2023-03-31 12130135 bus:Director4 2022-04-01 2023-03-31 12130135 bus:Director5 2022-04-01 2023-03-31 12130135 bus:Director6 2022-04-01 2023-03-31 12130135 bus:Director7 2022-04-01 2023-03-31 12130135 1 2022-04-01 2023-03-31 12130135 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 12130135 core:Goodwill 2022-04-01 2023-03-31 12130135 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 12130135 2021-04-01 2022-03-31 12130135 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 12130135 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 12130135 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 12130135 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 12130135 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 12130135 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 12130135 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 12130135 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 12130135 bus:OrdinaryShareClass4 2021-04-01 2022-03-31 12130135 bus:OrdinaryShareClass5 2022-04-01 2023-03-31 12130135 bus:OrdinaryShareClass5 2021-04-01 2022-03-31 12130135 bus:OtherShareClass1 2022-04-01 2023-03-31 12130135 bus:OtherShareClass1 2021-04-01 2022-03-31 12130135 bus:OtherShareClass2 2022-04-01 2023-03-31 12130135 bus:OtherShareClass2 2021-04-01 2022-03-31 12130135 bus:OtherShareClass3 2022-04-01 2023-03-31 12130135 bus:OtherShareClass3 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12130135 (England and Wales)

MCBRIDES ASSURANCE SERVICES LIMITED
(Formerly McBrides Business Advisers Limited)

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

MCBRIDES ASSURANCE SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

MCBRIDES ASSURANCE SERVICES LIMITED

BALANCE SHEET

As at 31 March 2023
MCBRIDES ASSURANCE SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 4 508,851 565,390
Tangible assets 5 1 1
508,852 565,391
Current assets
Debtors 6 158,585 229,880
Cash at bank and in hand 131,086 147,342
289,671 377,222
Creditors: amounts falling due within one year 7 ( 160,495) ( 311,594)
Net current assets 129,176 65,628
Total assets less current liabilities 638,028 631,019
Net assets 638,028 631,019
Capital and reserves
Called-up share capital 8 700 100
Profit and loss account 637,328 630,919
Total shareholders' funds 638,028 631,019

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of McBrides Assurance Services Limited (registered number: 12130135) were approved and authorised for issue by the Director on 21 November 2023. They were signed on its behalf by:

N L Paterno
Director
MCBRIDES ASSURANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
MCBRIDES ASSURANCE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

McBrides Business Advisers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, 2 Cray Road, Sidcup, DA14 5DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of McBrides Business Advisers Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Other income is accounted for on a receivable basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 12.5 years straight line
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 12.5 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Specifically judgements and estimates are required in determining the carrying value of assets and recoverability of debtors.

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 706,738 706,738
At 31 March 2023 706,738 706,738
Accumulated amortisation
At 01 April 2022 141,348 141,348
Charge for the financial year 56,539 56,539
At 31 March 2023 197,887 197,887
Net book value
At 31 March 2023 508,851 508,851
At 31 March 2022 565,390 565,390

5. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 1 1
At 31 March 2023 1 1
Accumulated depreciation
At 01 April 2022 0 0
At 31 March 2023 0 0
Net book value
At 31 March 2023 1 1
At 31 March 2022 1 1

6. Debtors

2023 2022
£ £
Trade debtors 54,098 81,871
Other debtors 104,487 148,009
158,585 229,880

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,381 1,546
Amounts owed to Parent undertakings 81,130 189,504
Taxation and social security 22,676 94,378
Other creditors 55,308 26,166
160,495 311,594

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each (2022: nil shares) 100 0
100 Ordinary B shares of £ 1.00 each (2022: nil shares) 100 0
100 Ordinary C shares of £ 1.00 each (2022: nil shares) 100 0
100 Ordinary D shares of £ 1.00 each (2022: nil shares) 100 0
100 Ordinary E shares of £ 1.00 each (2022: nil shares) 100 0
100 Ordinary F shares of £ 1.00 each (2022: nil shares) 100 0
100 Ordinary G shares of £ 1.00 each (2022: nil shares) 100 0
nil Ordinary shares (2022: 100 shares of £ 1.00 each) 0 100
700 100

During the year, the ordinary shares were re-designated to ordinary A shares.

In the financial year 2023 class Ordinary B shares were allotted with an aggregate nominal value of £100.0 and consideration of £100 was received.

In the financial year 2023 class Ordinary C shares were allotted with an aggregate nominal value of £100.0 and consideration of £100 was received.

In the financial year 2023 class Ordinary D shares were allotted with an aggregate nominal value of £100.0 and consideration of £100 was received.

In the financial year 2023 class Ordinary E shares were allotted with an aggregate nominal value of £100.0 and consideration of £100 was received.

In the financial year 2023 class Ordinary F shares were allotted with an aggregate nominal value of £100.0 and consideration of £100 was received.

In the financial year 2023 class Ordinary G shares were allotted with an aggregate nominal value of £100.0 and consideration of £100 was received.

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 55,540 0

The above amounts are in respect of cars and end between 3 and 4 years.

10. Related party transactions

The company has taken advantage of the exemption in FRS102 1AC.35 "Related Party Disclosures" from disclosing transactions with other members of the group.