8 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 251,104 251,104 97,560 25,189 122,749 153,544 xbrli:pure xbrli:shares iso4217:GBP 08738804 2023-01-01 2023-12-31 08738804 2023-12-31 08738804 2022-12-31 08738804 2022-01-01 2022-12-31 08738804 2022-12-31 08738804 core:NetGoodwill 2023-01-01 2023-12-31 08738804 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 08738804 core:FurnitureFittings 2023-01-01 2023-12-31 08738804 bus:Director1 2023-01-01 2023-12-31 08738804 core:NetGoodwill 2022-12-31 08738804 core:LandBuildings 2022-12-31 08738804 core:FurnitureFittings 2022-12-31 08738804 core:LandBuildings 2023-12-31 08738804 core:WithinOneYear 2023-12-31 08738804 core:WithinOneYear 2022-12-31 08738804 core:AfterOneYear 2023-12-31 08738804 core:AfterOneYear 2022-12-31 08738804 core:LandBuildings 2023-01-01 2023-12-31 08738804 core:ShareCapital 2023-12-31 08738804 core:ShareCapital 2022-12-31 08738804 core:SharePremium 2023-12-31 08738804 core:SharePremium 2022-12-31 08738804 core:RetainedEarningsAccumulatedLosses 2023-12-31 08738804 core:RetainedEarningsAccumulatedLosses 2022-12-31 08738804 core:BetweenOneFiveYears 2023-12-31 08738804 core:BetweenOneFiveYears 2022-12-31 08738804 core:NetGoodwill 2022-12-31 08738804 core:LandBuildings 2022-12-31 08738804 core:FurnitureFittings 2022-12-31 08738804 bus:SmallEntities 2023-01-01 2023-12-31 08738804 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08738804 bus:FullAccounts 2023-01-01 2023-12-31 08738804 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08738804 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08738804 core:OfficeEquipment 2023-01-01 2023-12-31 08738804 core:OfficeEquipment 2022-12-31 08738804 core:OfficeEquipment 2023-12-31 08738804 core:AfterOneYear 2023-01-01 2023-12-31 08738804 core:EntitiesControlledByKeyManagementPersonnel 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 08738804
Buckingham Gate Financial Services Limited
Filleted Unaudited Financial Statements
31 December 2023
Buckingham Gate Financial Services Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
153,544
Tangible assets
6
( 1)
25,772
----
---------
( 1)
179,316
Current assets
Stocks
246,703
407,833
Debtors
7
451,450
670,375
Cash at bank and in hand
11,138
135,317
---------
------------
709,291
1,213,525
Creditors: amounts falling due within one year
8
109,567
387,987
---------
------------
Net current assets
599,724
825,538
---------
------------
Total assets less current liabilities
599,723
1,004,854
Creditors: amounts falling due after more than one year
9
168,735
239,968
---------
------------
Net assets
430,988
764,886
---------
------------
Capital and reserves
Called up share capital
15
15
Share premium account
401,508
401,508
Profit and loss account
29,465
363,363
---------
---------
Shareholders funds
430,988
764,886
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Buckingham Gate Financial Services Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr M J Smith
Director
Company registration number: 08738804
Buckingham Gate Financial Services Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, 60 Gracechurch Street, London, EC3V 0HR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The management has not made any critical judgements (apart from those involving estimations) in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Tangible fixed assets are depreciated over their useful economic lives taking into account, where appropriate, residual values. Assessment of useful lives, residual values and impairment are performed annually. - Goodwill is amortised over useful economic life, and assessment of useful lives, residual values and impairment performed annually - Recoverability of trade debtors is assessed annually, based on assumptions about historical recovery rates and future market conditions
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
25% straight line
Fixtures & fittings
-
33% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share based payments
Shares issued to employees under the Deferred Share Plan are measured at fair value at the date of grant, with a corresponding entry to deferred consideration.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023
251,104
Additions
Disposals
( 251,104)
---------
At 31 December 2023
---------
Amortisation
At 1 January 2023
97,560
Charge for the year
25,189
Disposals
( 122,749)
---------
At 31 December 2023
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
153,544
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
12,702
14,768
38,942
66,412
Disposals
( 14,768)
( 38,943)
( 53,711)
--------
--------
--------
--------
At 31 December 2023
12,702
( 1)
12,701
--------
--------
--------
--------
Depreciation
At 1 January 2023
10,853
11,614
18,173
40,640
Charge for the year
1,849
5,243
7,092
Disposals
( 11,614)
( 23,416)
( 35,030)
--------
--------
--------
--------
At 31 December 2023
12,702
12,702
--------
--------
--------
--------
Carrying amount
At 31 December 2023
( 1)
( 1)
--------
--------
--------
--------
At 31 December 2022
1,849
3,154
20,769
25,772
--------
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
34,303
257,117
Amounts owed by related parties
122
Other debtors
417,025
413,258
---------
---------
451,450
670,375
---------
---------
Include within Other debtors is £35,480 in respect of deferred share consideration that the directors do not expect to be received before 31 December 2023. Also included within Other debtors is £73,957 of asset sale proceeds not payable until December 2024.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
55,250
121,923
Trade creditors
12,496
79,650
Amounts owed to related parties
4,769
44,000
Corporation tax
24,342
Social security and other taxes
102
47,666
Other creditors
36,950
70,406
---------
---------
109,567
387,987
---------
---------
Included within other creditors due within 1 year is £16,567 in respect of a short term loan totalling £23,668 advanced October 2023 and repayable in 10 monthly instalments. Also £12,688 in respect of another short term loan totalling £63,616, advanced in May 2023, also repayable in 10 monthly instalments
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
168,735
232,254
Amounts owed to related parties
7,714
---------
---------
168,735
239,968
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £16,907 (2022: £21,856) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors due after more than 1 year is £14,159 (and £10,008 due within 1 year) in respect of a Bounce back loan advanced in May 2020. This 6 year loan is repayable in monthly instalments that commenced June 2021 at interest rate 2.5%. Included within creditors due after more than one year is £154,575 (and £45,241 due within 1 year) in respect of a further loan, advanced in May 2022, for £246,750 repayable in monthly instalments over 6 years at interest rate 11.8%.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
160,000
160,000
Later than 1 year and not later than 5 years
440,000
600,000
---------
---------
600,000
760,000
---------
---------
11. Directors' advances, credits and guarantees
During the year, the director Mr M Smith purchased assets from the company totalling £209,016 and as at 31 December 2023 £165,330 was owed in respect of this purchase. Since the year end Mr Smith made payments to the company to offset this loan, and payments to clear the debt were received by 26th April 2024. Interest totalling £997 was charged to Mr Smith in respect of the loan, and paid before 5th April 2024
12. Related party transactions
During the year interest of £1,055 was paid to Dianomi Ltd, a company under common control, in respect of the subordinated loan from that company, on which interest is charged at 4%. As at 31 December 2023, £4,769 (2022 £44,000) was outstanding which will be repaid before 31 December 2024 and £nil (2022 £7,714) payable in more than 12 months. Also during the year, purchases were made from this company, totalling £69,281 and as at 31 December 2023 £nil (2022 £4,093) is included within trade creditors.
13. Share based payments
During the year shares were issued to employees under the Deferred Share Plan. The subscription price represents the market value at subscription with no discount, and therefore there is no impact on the profit and loss account. The deferred consideration of £35,480 is included within other debtors, being an interest free loan to employees. The directors do not consider there to be a material difference between the present value of the deferred consideration and the actual expected consideration.