Registration number:
Gilmour Quinn Financial Planning Ltd
for the Year Ended 28 February 2023
Gilmour Quinn Financial Planning Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Gilmour Quinn Financial Planning Ltd
Company Information
Directors |
K Shephard P Shephard |
Registered office |
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Gilmour Quinn Financial Planning Ltd
(Registration number: 03024043)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Tangible assets |
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Other financial assets |
- |
80,000 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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
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Gilmour Quinn Financial Planning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Gilmour Quinn Financial Planning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2022 |
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- |
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Additions |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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- |
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Charge for the year |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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- |
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Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 March 2022 |
80,000 |
80,000 |
Disposals |
(80,000) |
(80,000) |
At 28 February 2023 |
- |
- |
Impairment |
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Carrying amount |
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At 28 February 2023 |
- |
- |
Gilmour Quinn Financial Planning Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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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 |
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Due after one year |
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Loans and borrowings |
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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.
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 £
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.