Company registration number 08107958 (England and Wales)
FOUNDATION INVESTMENT MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOUNDATION INVESTMENT MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
K. Horner
N. Alexander
Company number
08107958
Registered office
Foundation House
Scott Drive
Altrincham
Cheshire
WA15 8AB
Auditor
Jackson Stephen LLP
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
Foundation House
Scott Drive
Altrincham
Cheshire
WA15 8AB
Bankers
Bank of America
26 Elmfield Road
Bromley
Kent
BR1 1WA
FOUNDATION INVESTMENT MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 15
FOUNDATION INVESTMENT MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The financial highlights of the year were as follows:

 

 

Economic Outlook

 

The economic outlook remains uncertain as economies and markets adjust to a world of higher energy costs and higher interest rates. With regard to the latter, it appears likely that rates may remain higher for longer than was anticipated this time last year. Whilst inflation has fallen it remains problematic and in general economies, particularly the US, have proved resilient in the face of higher costs, generating jobs and economic growth which have avoided any deep recession in major world economies. This has reduced the pressure on central banks to lower interest rates. Markets are beginning to adjust to this new reality, and this may have the effect of reducing investment returns in the medium term.

 

As always, the Greystone Funds and Discretionary Model Portfolios remain highly diversified; we do not have a strong positioning towards any predicted future economic scenario, preferring to construct the portfolios in a way that seeks to mitigate risk and the ability to take modest advantage of any of the likely future outcomes as they evolve. This will invariably involve sacrificing some level of investment performance; however, we believe that this is currently a more prudent way of investing than having high conviction in what remains a very unpredictable economic environment.

 

Consumer Duty

The introduction of the Consumer Duty by the Financial Conduct Authority is intended by the Regulator to raise standards across the entire financial services industry. The primary focus of the Consumer Duty is to ensure that businesses organise themselves in a way that consistently delivers good outcomes to retail clients. The implementation period for the Consumer Duty ended on 30 April 2023 for Foundation Investment Management Limited. The Board considers that these deadlines were met and that the Consumer Duty was successfully implemented. The Board notes that the Consumer Duty is regarded by the Regulator as an ongoing process and that each business will require an annual review of its implementation of the Consumer Duty. The Board has allocated sufficient resources for this to be done and remain confident that we are consistently delivering good outcomes for all their clients.

FOUNDATION INVESTMENT MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Principal risks and uncertainties

The activities of the company expose it to a variety of risks, both financial and operational. Those which have a material impact on the company are as follows:

 

Credit risk

The company neither holds client money nor assets nor lends money. The exposure to credit risk is therefore the risk that:

  1. investment management fees cannot be collected,

  2. clients do not pay their fees,

  3. commissions / fees are not paid by providers, and

  4. banks, where the revenue is deposited, fail.

The credit risk is low as all cash is held with banks assigned high credit ratings. Amounts due from clients and providers are closely monitored and reviewed to assess their recoverability. Provisions are made if recoverability is in doubt.

 

Market risk

The company is exposed to market risk to the degree that a downturn in the market will usually lead to decreased revenues. These risks are unavoidable in the context of a largely percentage-based fee structure with clients. The risk is mitigated by Greystone’s excellent and long-standing relationship with many clients and the stability that this brings to revenues.

 

Operational risk

Our business is reliant upon financial, accounting and technology systems and networks to process, transmit and store information, including sensitive client and proprietary information, and to conduct many business activities and transactions with clients, advisers, vendors and other third parties. Failure to implement, maintain and safeguard an appropriate infrastructure could adversely impact our operations. Our back-up procedures, cyber-defenses and compliance with data privacy laws (“GDPR”) are regularly monitored and updated to manage this risk.

 

Performance risk

The company may under-perform against its chosen benchmarks. To mitigate this risk, performance in all areas of the business is monitored on a regular basis, allowing remedial action to be taken where necessary.

 

Regulatory risk

The company requires FCA approval to undertake its financial services business. A breach of the FCA’s rules might lead to the withdrawal of this approval. The group continues to mitigate this risk by way of an experienced and dedicated compliance and risk team.

 

Financial risk management policy

The company has very strong financial controls in place to mitigate any financial risk on the running of the business. These financial controls are continuously reviewed and updated where appropriate.

On behalf of the board

N. Alexander
Director
23 April 2024
FOUNDATION INVESTMENT MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K. Horner
N. Alexander
Auditor

The auditor, Jackson Stephen LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Matters of strategic importance

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

FOUNDATION INVESTMENT MANAGEMENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
N. Alexander
Director
23 April 2024
FOUNDATION INVESTMENT MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOUNDATION INVESTMENT MANAGEMENT LIMITED
- 5 -
Opinion

We have audited the financial statements of Foundation Investment Management Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FOUNDATION INVESTMENT MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOUNDATION INVESTMENT MANAGEMENT LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement included within the directors' report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities and fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below.

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006, UK tax legislation and Financial Conduct Authority regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the risk of fraudulent revenue recognition.

 

 

FOUNDATION INVESTMENT MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOUNDATION INVESTMENT MANAGEMENT LIMITED
- 7 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Atkinson F.C.A. (Senior Statutory Auditor)
For and on behalf of Jackson Stephen LLP
23 April 2024
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
FOUNDATION INVESTMENT MANAGEMENT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
2,922,749
2,768,628
Cost of sales
(923,626)
(877,046)
Gross profit
1,999,123
1,891,582
Administrative expenses
(1,577,494)
(1,775,852)
Other operating income
17,940
-
0
Operating profit
439,569
115,730
Interest receivable and similar income
5
1,682
-
0
Interest payable and similar expenses
6
-
0
(345)
Profit before taxation
441,251
115,385
Tax on profit
7
(103,661)
(22,904)
Profit for the financial year
337,590
92,481
Retained earnings brought forward
821,381
728,900
Retained earnings carried forward
1,158,971
821,381

The Statement of Income and Retained Earnings has been prepared on the basis that all operations are continuing operations.

FOUNDATION INVESTMENT MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
8
201,940
174,592
Cash at bank and in hand
1,112,904
890,734
1,314,844
1,065,326
Creditors: amounts falling due within one year
9
(105,873)
(193,945)
Net current assets
1,208,971
871,381
Capital and reserves
Called up share capital
10
50,000
50,000
Profit and loss reserves
1,158,971
821,381
Total equity
1,208,971
871,381

 

The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
N. Alexander
Director
Company registration number 08107958 (England and Wales)
FOUNDATION INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Foundation Investment Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Foundation House, Scott Drive, Altrincham, Cheshire, WA15 8AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Greystone Financial Services (Holdings) Limited. These consolidated financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents fees earned which are receivable by the company for funds held under management during the year.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

FOUNDATION INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

FOUNDATION INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

 

No critical judgements or estimates have been made by the directors in preparing the financial statements.

FOUNDATION INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Fee income
2,922,749
2,768,628
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
2,922,749
2,768,628
2023
2022
£
£
Other revenue
Interest income
1,682
-
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
2
2
5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,682
-
0
6
Interest payable and similar expenses
2023
2022
£
£
Other interest
-
0
345
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
103,830
22,619
Adjustments in respect of prior periods
(169)
285
Total current tax
103,661
22,904
FOUNDATION INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Taxation
(Continued)
- 14 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
441,251
115,385
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
103,694
21,923
Tax effect of expenses that are not deductible in determining taxable profit
136
696
Adjustments in respect of prior years
(169)
285
Taxation charge for the year
103,661
22,904

A UK Corporation Tax rate of 25% was announced in the Chancellor’s Budget of 3 March 2021, and applied from 1 April 2023. Prior to this, the UK Corporation Tax rate was 19%. Accordingly, the derived Corporation Tax rate for the accounting period ended 31 December 2023 was 23.5%.

8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
33,943
Other debtors
198,779
135,423
Prepayments and accrued income
3,161
5,226
201,940
174,592
9
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
91,474
182,176
Corporation tax
4,979
3,369
Accruals and deferred income
9,420
8,400
105,873
193,945
FOUNDATION INVESTMENT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
10
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
11
Equity reserve

Profit and loss account - includes all current and prior year retained profits and losses, net of distributions to shareholders.

12
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
10,861
5,215
13
Ultimate controlling party

The immediate parent company is Greystone Financial Services (Holdings) Limited, registered in England and Wales.

 

The immediate parent company prepares consolidated financial statements which are publicly available.

 

The Company is an indirect, wholly-owned subsidiary of Focus Financial Partners, LLC (“Focus LLC”), a Delaware (United States) limited liability company. On 31 August 2023, Focus LLC and other related entities were party to a transaction whereby funds affiliated with Clayton, Dubilier & Rice, LLC and Stone Point Capital LLC indirectly acquired, through Ferdinand FFP Ultimate Holdings, L.P., Focus LLC and other related entities, including the Company. As a result, Ferdinand FFP Ultimate Holdings, L.P. became an indirect owner of Focus LLC and the Company as of such date.

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