for the financial period ended |
GRS Capital Partners Limited |
DIRECTORS AND OTHER INFORMATION |
Directors | |
Company Secretary | |
Company Registration Number | |
Registered Office | |
United Kingdom | |
Business Address | 19-21 Catherine Place |
London | |
SW1E 6DX | |
Independent Auditors | |
Chartered Accountants & Statutory Audit Firm | |
St Galls House | |
Milltown | |
Dublin, D14 Y882 | |
Bankers | |
Leicestershire | |
LE87 2BB | |
Allied Irish Bank | |
Baggot Street | |
Dublin 2 |
GRS Capital Partners Limited |
STRATEGIC REPORT |
for the financial period ended 31 December 2023 |
The directors present their strategic report on the company for the financial period ended 31 December 2023. |
Review of the Firms Business |
GRS Capital Partners Limited is regulated by the Financial Conduct Authority as an investment manager and is categorised as a Small and Non-Interconnected (SNI) MIFIDPRU investment firm. This designation is the result of the implementation of the Investment Firm Prudential Regime (IFPR). The Firm recently adjusted its financial year-end to 31 December 2023, reporting a 9-month period from the previous year-end of 31 March 2023. Going forward, the Firms year-end will consistently fall on 31 December. Income for the 9 month period ended 31 December 2023 amounted to £506,410 (Comparative 12 month period ended 31 March 2023: £720,798), and trading profit before taxation were £43,614 (31 March 2023: profit £50,982). The net shareholders funds at the year ended 31 December 2023 were £163,544 (31 March 2023: £119,930). The board believes the Firm is well positioned financially to increase its profitability. It will continue in its endeavours to grow the Firm further. |
Financial Key Performance Indicators |
The Board of Directors uses financial and non financial performance indicators to ensure the Firms ability to underpin profit and growth. The Financial indicators used are turnover, operating profit and cash flow. |
Directors statement of compliance with duty to promote the success of the Firm |
This statement describes how the directors have had regard to the matters set out in subsection (1) (a) to (f) of section 172 ("Duty to promote the success of the company") of the Companies Act 2006, during the period to 31 December 2023. The directors meet regularly to make operational and strategic decisions - such as those around trading and fund distribution, product governance and outsourcing - and to review their likely long-term consequences. The directors also pay due consideration to the interests of the Firms stakeholders, including taking due steps to maintain a workforce that is diverse, motivated, fit and proper. More broadly, the directors are committed to ensuring that the Firm has a positive impact on the community and the environment. In implementing the above measures, the directors are acutely conscious of their responsibilities as stewards of the Firms reputation. To this end, they also insist upon the highest standards of business conduct as a rule in all the Firms dealings. The directors approach in all the matters described in this statement is driven by applicable FCA requirements and guidance and (where more stringent) industry best practice. The Firms current policy with respect to the engagement with suppliers, customers and others is to ensure the timely payment of suppliers, treating customers fairly and fostering its business relationships. |
On behalf of the board |
Director | |||||
GRS Capital Partners Limited |
DIRECTORS' REPORT |
for the financial period ended 31 December 2023 |
The directors present their report and the audited financial statements for the financial period ended 31 December 2023. |
Principal Activity |
Results and Dividends |
The profit for the financial period after providing for taxation amounted to £35,327 (Mar 23 - £41,295). |
The directors do not recommend payment of a dividend. |
Directors |
The directors who served during the financial period are as follows: |
Paul Phelan |
Richard David Straker-Smith |
Future Developments |
The Firm plans to grow its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business. |
Events After the End of the Reporting Period |
There have been no significant events affecting the Firm since the financial period-end. |
Political Contributions |
Employee Engagement |
Employees are kept as fully informed as practicable about developments within the business. It is the policy of the Firm to offer opportunities to all employees having regard to their aptitudes and abilities in relation to jobs available. |
Statement of Directors' Responsibilities |
Company law requires the directors to prepare financial statements for each financial period. 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) including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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. |
Each persons who are directors at the date of approval of this report confirms that: In so far as the directors are aware: -there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and -the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
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Auditors |
The auditors, MFOR Audit Services Limited t/a Brophy Gillespie, (Chartered Accountants & Statutory Audit Firm) have indicated their willingness to continue in office in accordance with the provisions of Section 487 of the Companies Act 2006. |
Parent Company |
The share capital of the Firm is wholly owned by GRS Capital Partners Limited (GRS Ireland). GRS Ireland is incorporated in the Republic of Ireland. Its registered address is situated at St Galls House, Milltown, Dublin D14 Y882 (CRO ref 379414). The principal activity of GRS Ireland is the provision of advisory and information services to the financial services sector. Paul Phelan serves as an officer of both the Irish and UK entities and is a 50% beneficial owner of the Irish entity. Philip McEnroe who resigned as a director of the UK entity on 11 August 2022 is also a 50% beneficial owner of the Irish entity. |
Greenhouse gas emissions, energy consumption and energy efficiency action |
The Firm has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower. |
On behalf of the board |
Director |
INDEPENDENT AUDITOR'S REPORT |
to the Shareholders of GRS Capital Partners Limited |
Report on the audit of the financial statements |
Opinion |
In our opinion the financial statements: -give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the financial period then ended; -have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for 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 the date 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 |
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. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept; or | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | the financial statements are not in agreement with the accounting records and returns; or | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | certain disclosures of directors' remuneration specified by law are not made; or | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | we have not received all the information and explanations we require for our audit. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Responsibilities of directors for the financial statements |
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 has 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, including 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: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: The nature of the industry and sector, control environment, business performance including the design of the policies and performance targets. Results of our enquiries of management. Any matters we identified having obtained and reviewed the entitys documentation of their policies and procedures relating to; Identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance . Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud . The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and The matters discussed among the audit engagement team where fraud might occur in the financial statements and any potential indicators of fraud. It is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the entity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entitys ability to operate. 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 the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
Further information regarding the scope of our responsibilities as auditor |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
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. |
for and on behalf of |
St Galls House |
Milltown |
Dublin, D14 Y882 |
GRS Capital Partners Limited |
INCOME STATEMENT |
for the financial period ended 31 December 2023 |
Dec 23 | Mar 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turnover | 5 | |||
Cost of sales | ( |
( |
||
───────── | ───────── | |||
Gross profit | ||||
Administrative expenses | ( |
( |
||
───────── | ───────── | |||
Profit before taxation | ||||
Tax on profit | 8 | ( |
( |
|
───────── | ───────── | |||
Profit for the financial period | ||||
───────── | ───────── | |||
Total comprehensive income | 35,327 | 41,295 | ||
Retained profit brought forward | 63,930 | 22,635 | ||
───────── | ───────── | |||
Retained profit carried forward | 99,257 | 63,930 | ||
═════════ | ═════════ |
GRS Capital Partners Limited |
Company Registration Number: |
STATEMENT OF FINANCIAL POSITION |
as at |
Dec 23 | Mar 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | £ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Assets |
Debtors | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Creditors: amounts falling due within one year | 11 | (302,993) | (302,227) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Current Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets less Current Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital and Reserves |
Called up share capital | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Funds | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Approved by the Board and authorised for issue on |
Director | |||||||
GRS Capital Partners Limited |
STATEMENT OF CASH FLOWS |
for the financial period ended 31 December 2023 |
Dec 23 | Mar 23 | ||
Notes | £ | £ | |
Cash flows from operating activities |
Profit for the financial period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for: |
Tax on profit on ordinary activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
43,614 | 50,982 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movements in working capital: |
Movement in debtors | ( |
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Movement in creditors | ( |
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───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash generated from operations | 32,024 | 62,712 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax paid | ( |
( |
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───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash generated from operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities |
Advances to connected parties | - | ||
Advances from subsidiaries/group companies | ( |
||
───────── | ───────── | ||
Net cash generated from/(used in) financing activities | ( |
||
───────── | ───────── | ||
Net increase/(decrease) in cash and cash equivalents | ( |
||
Cash and cash equivalents at beginning of financial period | |||
───────── | ───────── | ||
Cash and cash equivalents at end of financial period | 10 | ||
═════════ | ═════════ |
GRS Capital Partners Limited |
NOTES TO THE FINANCIAL STATEMENTS |
for the financial period ended 31 December 2023 |
1. | General Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Firm is a private company, limited by shares, incorporated in England and Wales with company number 10452796 and registered office situated at Suite 2A1, Northside House, Mount Pleasant, Cockfosters, Herts, EN4 9EB and principal trading address at 19 Catherine Place, London SW1E 6DX. |
2. | Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of compliance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Firm will directly receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. |
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Provisions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other debtors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other creditors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxation and deferred taxation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the Firms taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Foreign currencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ordinary share capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The ordinary share capital of the Firm is presented as equity. |
3. | Significant accounting judgements and key sources of estimation uncertainty | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4. | Period of financial statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The financial statements are for the 9 month period ended 31 December 2023. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The comparative figures relate to the 12 month period ended 31 March 2023. |
5. | Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The whole of the companys turnover is derived from the principal activity of structuring, promotion, management and distribution of Investments Funds. |
6. | Operating profit | Dec 23 | Mar 23 |
£ | £ | ||
Operating profit is stated after charging/(crediting): | |||
(Profit)/loss on foreign currencies | ( |
||
Auditor's remuneration | |||
- audit services | |||
═════════ | ═════════ |
7. | Employees and remuneration | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of employees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The average number of persons employed (including executive directors) during the financial period was as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec 23 | Mar 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number | Number | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administration | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The staff costs (inclusive of directors' salaries) comprise: | Dec 23 | Mar 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
£ | £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wages and salaries | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Social security costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
───────── | ───────── | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
═════════ | ═════════ |
8. | Tax on profit | ||
Dec 23 | Mar 23 | ||
£ | £ | ||
Analysis of charge in the financial period | |||
Current tax: | |||
Corporation tax at 19.00% (Mar 23 - 19.00%) | |||
═════════ | ═════════ |
9. | Debtors | Dec 23 | Mar 23 |
£ | £ | ||
Trade debtors | |||
Prepayments and accrued income | |||
───────── | ───────── | ||
═════════ | ═════════ |
10. | Cash and cash equivalents | Dec 23 | Mar 23 |
£ | £ | ||
Cash and bank balances | 273,155 | 209,933 | |
═════════ | ═════════ |
11. | Creditors | Dec 23 | Mar 23 |
Amounts falling due within one year | £ | £ | |
Amounts owed to group undertakings | |||
Taxation (Note 12) | |||
Other creditors | - | ||
Accruals | |||
───────── | ───────── | ||
302,993 | 302,227 | ||
═════════ | ═════════ |
12. | Taxation | Dec 23 | Mar 23 |
£ | £ | ||
Creditors: | |||
Corporation tax | 16,923 | 16,539 | |
PAYE / NI | 6,928 | 14,849 | |
───────── | ───────── | ||
23,851 | 31,388 | ||
═════════ | ═════════ |
13. | Share capital | Dec 23 | Mar 23 | ||
£ | £ | ||||
Description | Number of shares | Value of units | |||
Allotted, called up and fully paid | |||||
£ |
56,000 | 56,000 | |||
═════════ | ═════════ |
14. | Capital commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15. | Directors' remuneration | Dec 23 | Mar 23 |
£ | £ | ||
Remuneration | |||
═════════ | ═════════ |
16. | Related party transactions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Directors are considered to be the Key Management Personnel of the Firm. Key Management Personnel remuneration in the 9 month period ended 31 Dec 2023 amounted to £34,167, (Comparative 12 months to 31 Mar 2023: £40,000). Advisory and information services relating to special investment funds in the period of £271,325 (2023 : £363,472) were payable to GRS Capital Partners Limited, being the parent company registered in Ireland. Paul Phelan is a director of both GRS Ireland and the Firm. Fees of £219,734 (2023 : £180,633) were outstanding at the year end. The amounts owing from GRS UK to GRS Dublin are unsecured, interest-free, and repayable on demand. |
17. | Parent company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paul Phelan serves as an officer of both the Irish and UK entities and is a 50% beneficial owner of the Irish entity. Philip McEnroe who resigned as a director of the UK entity on 11 August 2022 is also a 50% beneficial owner of the Irish entity. |
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18. | Events After the End of the Reporting Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There have been no significant events affecting the Firm since the financial period-end. |