Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Client list The value of customer acquisitions from other financial advisers are shown under the heading of client list and are recognised as an intangible asset when: it is probable that future economic benefits will flow to the entity; and the cost or value of the asset can be measured reliably. The client list is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years. Trademark The trademark is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years, at which point it is required to be renewed.The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Financial planning & advice2023-01-01false44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11241588 2023-01-01 2023-12-31 11241588 2022-01-01 2022-12-31 11241588 2023-12-31 11241588 2022-12-31 11241588 c:Director1 2023-01-01 2023-12-31 11241588 c:Director2 2023-01-01 2023-12-31 11241588 c:RegisteredOffice 2023-01-01 2023-12-31 11241588 d:FurnitureFittings 2023-01-01 2023-12-31 11241588 d:FurnitureFittings 2023-12-31 11241588 d:FurnitureFittings 2022-12-31 11241588 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11241588 d:OfficeEquipment 2023-01-01 2023-12-31 11241588 d:OfficeEquipment 2023-12-31 11241588 d:OfficeEquipment 2022-12-31 11241588 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11241588 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11241588 d:Goodwill 2023-01-01 2023-12-31 11241588 d:Goodwill 2023-12-31 11241588 d:Goodwill 2022-12-31 11241588 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 11241588 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 11241588 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11241588 d:OtherResidualIntangibleAssets 2023-12-31 11241588 d:OtherResidualIntangibleAssets 2022-12-31 11241588 d:CurrentFinancialInstruments 2023-12-31 11241588 d:CurrentFinancialInstruments 2022-12-31 11241588 d:Non-currentFinancialInstruments 2023-12-31 11241588 d:Non-currentFinancialInstruments 2022-12-31 11241588 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11241588 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11241588 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11241588 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11241588 d:ShareCapital 2023-12-31 11241588 d:ShareCapital 2022-12-31 11241588 d:RetainedEarningsAccumulatedLosses 2023-12-31 11241588 d:RetainedEarningsAccumulatedLosses 2022-12-31 11241588 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11241588 c:OrdinaryShareClass1 2023-12-31 11241588 c:OrdinaryShareClass2 2023-01-01 2023-12-31 11241588 c:OrdinaryShareClass2 2023-12-31 11241588 c:FRS102 2023-01-01 2023-12-31 11241588 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11241588 c:FullAccounts 2023-01-01 2023-12-31 11241588 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11241588 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 11241588 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 11241588 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 11241588 2 2023-01-01 2023-12-31 11241588 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 11241588 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-01-01 2023-12-31 11241588 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11241588










GEORGE SHIPPAM FINANCIAL PLANNING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
COMPANY INFORMATION


Directors
C B G Shippam 
Mrs S A Shippam 




Registered number
11241588



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10


 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Shippam Financial Planning Limited for the year ended 31 December 2023 which comprise  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 (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of George Shippam Financial Planning Limited, as a body, in accordance with the terms of our engagement letter dated 24 May 2022Our work has been undertaken solely to prepare for your approval the financial statements of George Shippam Financial Planning Limited and state those matters that we have agreed to state to the Board of Directors of George Shippam Financial Planning Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Shippam 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 George Shippam Financial Planning Limited 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 George Shippam Financial Planning Limited. You consider that George Shippam Financial Planning Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of George Shippam 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 statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
5 April 2024
Page 1

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
REGISTERED NUMBER: 11241588

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 8 
714,014
849,304

Tangible assets
 9 
7,552
10,105

  
721,566
859,409

Current assets
  

Debtors: amounts falling due within one year
 10 
48,273
34,921

Cash at bank and in hand
  
117,862
179,240

  
166,135
214,161

Creditors: amounts falling due within one year
 11 
(221,495)
(264,096)

Net current liabilities
  
 
 
(55,360)
 
 
(49,935)

Total assets less current liabilities
  
666,206
809,474

Creditors: amounts falling due after more than one year
 12 
(498,873)
(618,350)

Provisions for liabilities
  

Deferred tax
  
(1,744)
(1,792)

Net assets
  
165,589
189,332


Capital and reserves
  

Called up share capital 
 7 
20
20

Profit and loss account
  
165,569
189,312

  
165,589
189,332


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

Page 2

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
REGISTERED NUMBER: 11241588
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 April 2024.




C B G Shippam
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

George Shippam Financial Planning Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is that of financial planning and advice.  The principal places of business are East Anglia and London.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the Company in respect of services supplied in relation to commissions and fees received for providing financial advice.  The Company is not registered for Value Added Tax.
Revenue from the provision of services is recognised on an accruals basis in accordance with the period in which the services are provided and when the amount of revenue can be reliably measured.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
 
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition.
Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years.
 
Client list
The value of customer acquisitions from other financial advisers are shown under the heading of client list and are recognised as an intangible asset when:
it is probable that future economic benefits will flow to the entity; and
the cost or value of the asset can be measured reliably.

The client list is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years.
Trademark
The trademark is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years, at which point it is required to be renewed.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Page 6

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Pension commitments

Contributions totalling £5 were owed to the fund (2022 - £281 due from the fund) at the balance sheet date and are included in creditors.


5.


Related party transactions

At the balance sheet date the Company owed £51,548 (2022 - £79,865) to the directors.  These balances are interest free and repayable on demand and are included in other creditors due within one year in note 11 to the financial statements.


6.Directors' personal guarantees

One of the directors has provided an unlimited personal guarantee in support of the other loans.

Page 7

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10 A ordinary shares of £1.00 each
10
10
10 B ordinary shares of £1.00 each
10
10

20

20



8.


Intangible assets




Client list
Goodwill
Trademark
Total

£
£
£
£



Cost


At 1 January 2023 and 31 December 2023

1,029,086
323,636
170
1,352,892



Amortisation


At 1 January 2023
347,123
156,424
41
503,588


Charge for the year on owned assets
102,909
32,364
17
135,290



At 31 December 2023

450,032
188,788
58
638,878



Net book value



At 31 December 2023
579,054
134,848
112
714,014



At 31 December 2022
681,963
167,212
129
849,304



Page 8

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 January 2023
8,267
9,806
18,073


Additions
-
180
180



At 31 December 2023

8,267
9,986
18,253



Depreciation


At 1 January 2023
1,179
6,789
7,968


Charge for the year on owned assets
827
1,906
2,733



At 31 December 2023

2,006
8,695
10,701



Net book value



At 31 December 2023
6,261
1,291
7,552



At 31 December 2022
7,088
3,017
10,105


10.


Debtors

2023
2022
£
£


Trade debtors
46,914
33,611

Other debtors
201
189

Prepayments and accrued income
1,158
1,121

48,273
34,921


Page 9

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
96,084
100,596

Corporation tax
69,540
79,638

Other taxation and social security
-
435

Other creditors
51,553
79,865

Accruals and deferred income
4,318
3,562

221,495
264,096


The bank loans are secured by way of fixed and floating charges over the Company and its assets.
The other loans are secured by way of a personal guarantee from one of the directors (see note 6).


12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
498,873
618,350

498,873
618,350


The bank loans are secured by way of fixed and floating charges over the Company and its assets.
The other loans are secured by way of a personal guarantee from one of the directors (see note 6).

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
171,854
250,823

171,854
250,823

.

 
Page 10