Company registration number SC304033 (Scotland)
FIRST FINANCIAL CONSULTING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
FIRST FINANCIAL CONSULTING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
FIRST FINANCIAL CONSULTING LTD
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,412
Current assets
Debtors
4
169,259
29,981
Cash at bank and in hand
92,874
169,259
122,855
Creditors: amounts falling due within one year
5
(26,688)
(50,909)
Net current assets
142,571
71,946
Total assets less current liabilities
142,571
75,358
Provisions for liabilities
(853)
Net assets
142,571
74,505
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
142,570
74,504
Total equity
142,571
74,505
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
T D Bremner
Director
Company registration number SC304033 (Scotland)
FIRST FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
First Financial Consulting Ltd is a private company limited by shares incorporated in Scotland. The registered office is Gresham Chambers, 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.
1.1
Reporting period
The comparative figures are for a period of 7 months as it had been shortened from 30 June 2023 to the 31 January 2023 to align the accounting date to that of the parent company. The figures for the current year relate to a period of 12 months and are therefore not entirely comparable.
1.2
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 as applicable to companies subject to the small companies regime. 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 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 £.
As the intention is to strike off the company as soon as practicably possible, the closing balance sheet has been prepared on a net realisable value basis. There is no material impact on the closing balance sheet as a result of the change in the basis of preparation. The principal accounting policies adopted are set out below.
At 31 January 2024 the ultimate parent company was Intelligent Capital Holdings Limited, a company registered in Scotland, with their registered office being Gresham Chambers 3rd Floor, 45 West Nile Street, Glasgow, G1 2PT.
On 8 April 2024 the ultimate parent company became Canaccord Genuity Group Inc.
1.3
Going concern
As the intention is to strike off the company as soon as practicably possible, the Directors have determined that the Company does not meet the criteria for a going concern and so the going concern assumption is no longer appropriate. Accordingly, these financial statements have been prepared on an other than going concern basis.
1.4
Turnover
Turnover represents commission and fees earned.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% straight line
Computers
25% straight line
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.
FIRST FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
1.6
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 current liabilities.
1.7
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.
Debtors
Debtors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
FIRST FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
FIRST FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
26,657
Depreciation and impairment
At 1 February 2023
23,245
Depreciation charged in the year
3,412
At 31 January 2024
26,657
Carrying amount
At 31 January 2024
At 31 January 2023
3,412
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,759
Amounts owed by group undertakings
160,625
Other debtors
5,296
5,296
Prepayments and accrued income
3,338
8,926
169,259
29,981
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
22,314
45,014
Other taxation and social security
1,025
Other creditors
1,272
Accruals and deferred income
4,374
3,598
26,688
50,909
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
FIRST FINANCIAL CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
7
Financial commitments, guarantees and contingent liabilities
At 31 January 2024 the company was party to a cross corporate guarantee between Intelligent Capital Holdings Limited, Intelligent Capital Group Limited, Intelligent Capital Ltd, Intelligent Portfolios Limited, and Focus Financial Management (Scotland) Limited. The guarantees and securities were against the sums drawn down, lent or otherwise utilised under the terms of the credit facilities offered to Intelligent Capital Ltd, or any of the above companies, by Clydesdale Bank PLC. This charge was satisfied on 11 April 2024.
8
Related party transactions
The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.