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Registration number: 03024043

Gilmour Quinn Financial Planning Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Gilmour Quinn Financial Planning Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Gilmour Quinn Financial Planning Ltd

Company Information

Directors

K Shephard

P Shephard

Registered office

Suite 6, Chequers Barn
Chequers Hill
Bough Beech
Kent
TN8 7PD

 

Gilmour Quinn Financial Planning Ltd

(Registration number: 03024043)
Balance Sheet as at 28 February 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

60,807

 

8,555

Other financial assets

5

 

-

 

80,000

   

60,807

 

88,555

Current assets

   

 

Debtors

6

175,061

 

217,763

 

Cash at bank and in hand

 

418,221

 

163,428

 

 

593,282

 

381,191

 

Creditors: Amounts falling due within one year

7

(97,648)

 

(93,525)

 

Net current assets

   

495,634

 

287,666

Total assets less current liabilities

   

556,441

 

376,221

Creditors: Amounts falling due after more than one year

7

 

(27,442)

 

(37,271)

Provisions for liabilities

 

(15,202)

 

(21,442)

Net assets

   

513,797

 

317,508

Capital and reserves

 

Called up share capital

920

920

Profit and loss account

512,877

316,588

Total equity

 

513,797

317,508

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gilmour Quinn Financial Planning Ltd

(Registration number: 03024043)
Balance Sheet as at 28 February 2023 (continued)

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

K Shephard
Director

P Shephard
Director

 
     
 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 6, Chequers Barn
Chequers Hill
Bough Beech
Kent
TN8 7PD

The principal place of business is:
Ground floor office
Staines One
Station Approach
Staines-Upon-Thames
Surrey
TW18 4LY

These financial statements were authorised for issue by the Board on 27 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

This is the first year in which the financial statements have been prepared under Financial Reporting Standard FRS 102 Section 1A. Refer to note 10 for an explanation of the transition.

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on written down value

Motor vehicles

25% on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

21,953

-

21,953

Additions

602

71,918

72,520

At 28 February 2023

22,555

71,918

94,473

Depreciation

At 1 March 2022

13,398

-

13,398

Charge for the year

2,288

17,980

20,268

At 28 February 2023

15,686

17,980

33,666

Carrying amount

At 28 February 2023

6,869

53,938

60,807

At 28 February 2022

8,555

-

8,555

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2022

80,000

80,000

Disposals

(80,000)

(80,000)

At 28 February 2023

-

-

Impairment

Carrying amount

At 28 February 2023

-

-

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Debtors

Current

2023
£

2022
£

Trade debtors

16,735

19,418

Other debtors

156,300

196,297

Prepayments

2,026

2,048

 

175,061

217,763

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

 

Loans and borrowings

9,829

9,586

Trade creditors

 

2,477

3,746

Taxation and social security

 

74,844

71,954

Other creditors

 

5,528

1,982

Accruals and deferred income

 

4,970

6,257

 

97,648

93,525

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

 

Loans and borrowings

27,442

37,271

The loans and borrowings represent a Bounce Back Loan which is not subject to any security by the company but covered by the UK Government's Bounce Back Loan Scheme guarantee.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £126,787 (2022 - £165,665).

9

Transition to FRS 102

The financial information for the year ended 31 March 2023 has been prepared in accordance with Financial Reporting Standard 102 (FRS 102) Section 1A for the first time. The company's transition date to FRS 102 was 1 April 2021. The rules relating to the transition are set out in section 35 to the standard. The transitional rules require that the new financial reporting standard be adopted for the comparative period, that is the year to 31 March 2022, and therefore commences with the opening balance sheet as at 1 April 2021. The comparative figures have therefore been presented on the basis that FRS 102 Section 1A had been adopted for that period.

The only adjustment on transition has been the recognition of deferred tax in respect of all timing differences. Opening reserves on the profit and loss account at 1 April 2021 have been reduced by £824. The taxation charge for the year ended 31 March 2022 has been increased by £1,315 to reflect the deferred tax charge for the year. The overall balance on the closing reserves on the profit and loss account at 31 March 2022 has been reduced by £2,139.