BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the Firm is the structuring, promotion, management and distribution of Investment Funds. 25 April 2024 10452796 2023-12-31 10452796 2023-03-31 10452796 2022-03-31 10452796 2023-04-01 2023-12-31 10452796 2022-04-01 2023-03-31 10452796 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2023-12-31 10452796 uk-curr:PoundSterling 2023-04-01 2023-12-31 10452796 uk-bus:FullAccounts 2023-04-01 2023-12-31 10452796 uk-bus:Director1 2023-04-01 2023-12-31 10452796 uk-bus:Director2 2023-04-01 2023-12-31 10452796 uk-bus:CompanySecretary1 2023-04-01 2023-12-31 10452796 uk-bus:RegisteredOffice 2023-04-01 2023-12-31 10452796 uk-bus:Agent1 2023-04-01 2023-12-31 10452796 uk-bus:Audited 2023-04-01 2023-12-31 10452796 uk-core:ShareCapital 2023-12-31 10452796 uk-core:ShareCapital 2023-03-31 10452796 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 10452796 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 10452796 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 10452796 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 10452796 uk-bus:FRS102 2023-04-01 2023-12-31 10452796 uk-core:CurrentFinancialInstruments 2023-12-31 10452796 uk-core:CurrentFinancialInstruments 2023-03-31 10452796 uk-core:WithinOneYear 2023-12-31 10452796 uk-core:WithinOneYear 2023-03-31 10452796 uk-bus:OrdinaryShareClass1 2023-04-01 2023-12-31 10452796 uk-bus:OrdinaryShareClass1 2023-12-31 10452796 uk-core:ParentEntities 2023-04-01 2023-12-31 10452796 2023-04-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
GRS Capital Partners Limited
 
Reports and Financial Statements
 
for the financial period ended 31 December 2023



GRS Capital Partners Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Paul Phelan
Richard David Straker-Smith
 
 
Company Secretary Dane Fouche
 
 
Company Registration Number 10452796
 
 
Registered Office Suite 2A1, Northside House
Mount Pleasant, Cockfosters
Barnet, EN4 9EB
United Kingdom
 
 
Business Address 19-21 Catherine Place
London
SW1E 6DX
 
 
Independent Auditors MFOR Audit Services Limited t/a Brophy Gillespie
Chartered Accountants & Statutory Audit Firm
St Gall’s House
Milltown
Dublin, D14 Y882
 
 
Bankers Barclays
  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 Firm‘s 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 Firm’s 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 Firm‘s 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 Firm‘s 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 Firm‘s reputation. To this end, they also insist upon the highest standards of business conduct as a rule in all the Firm‘s 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 Firm’s 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
       
       
Paul Phelan      
Director      
       
25 April 2024      



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
The principal activity of the Firm is the structuring, promotion, management and distribution of Investment Funds.
     
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
   
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
     
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
The Firm did not make any disclosable political donations in the current financial period.
     
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
             
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

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:
-select suitable accounting policies and apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable UK Accounting Standards comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
                 
Disclosure of Information to Auditor
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.
     
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 Gall’s 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
     
     
Paul Phelan
Director
     
25 April 2024



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of GRS Capital Partners Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of GRS Capital Partners Limited ('the company') for the financial period ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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:
-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.
 
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 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
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.
 
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
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
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
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 they 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 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 entity’s 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 entity’s 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.
 
 
 
Aidan Brophy (Senior Statutory Auditor)
for and on behalf of
MFOR AUDIT SERVICES LIMITED T/A BROPHY GILLESPIE
Chartered Accountants & Statutory Audit Firm
St Gall’s House
Milltown
Dublin, D14 Y882
 
25 April 2024



GRS Capital Partners Limited
INCOME STATEMENT
for the financial period ended 31 December 2023
Dec 23 Mar 23
Notes £ £

Turnover 5 506,410 720,798
 
Cost of sales (282,931) (419,398)
───────── ─────────
Gross profit 223,479 301,400
 
Administrative expenses (179,865) (250,418)
───────── ─────────
Profit before taxation 43,614 50,982
 
Tax on profit 8 (8,287) (9,687)
───────── ─────────
Profit for the financial period 35,327 41,295
───────── ─────────
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: 10452796
STATEMENT OF FINANCIAL POSITION
as at 31 December 2023

Dec 23 Mar 23
Notes £ £
 
Current Assets
Debtors 9 185,095 212,224
Cash and cash equivalents 10 273,155 209,933
───────── ─────────
458,250 422,157
───────── ─────────
Creditors: amounts falling due within one year 11 (302,993) (302,227)
───────── ─────────
Net Current Assets 155,257 119,930
───────── ─────────
Total Assets less Current Liabilities 155,257 119,930
═════════ ═════════
 
Capital and Reserves
Called up share capital 13 56,000 56,000
Retained earnings 99,257 63,930
───────── ─────────
Shareholders' Funds 155,257 119,930
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 25 April 2024 and signed on its behalf by
           
           
Paul Phelan          
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 35,327 41,295
Adjustments for:
Tax on profit on ordinary activities 8,287 9,687
───────── ─────────
43,614 50,982
Movements in working capital:
Movement in debtors 27,129 (14,824)
Movement in creditors (38,719) 26,554
───────── ─────────
Cash generated from operations 32,024 62,712
Tax paid (7,903) (18,507)
───────── ─────────
Net cash generated from operating activities 24,121 44,205
───────── ─────────
Cash flows from financing activities
Advances to connected parties   - 2,114
Advances from subsidiaries/group companies   39,101 (163,488)
    ───────── ─────────
Net cash generated from/(used in) financing activities   39,101 (161,374)
    ───────── ─────────
       
Net increase/(decrease) in cash and cash equivalents   63,222 (117,169)
Cash and cash equivalents at beginning of financial period   209,933 327,102
    ───────── ─────────
Cash and cash equivalents at end of financial period 10 273,155 209,933
    ═════════ ═════════



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
The financial statements of the Firm for the financial period ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow directly to the Firm and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and other sales taxes. The following criteria must also be met before revenue is recognised:

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.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. Any increase in the provision due to the passage of time is recognised as an interest expense.
 
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
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Statement of Financial Position bank overdrafts are shown within Creditors.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

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 Firm‘s 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.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the Firm is presented as equity.
   
3. Significant accounting judgements and key sources of estimation uncertainty
 
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management‘s best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
   
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 company‘s 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 (1,908) 737
Auditor's remuneration
- audit services 6,714 8,804
  ═════════ ═════════
       
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 3 1
Directors 2 2
  ───────── ─────────
  5 3
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: Dec 23 Mar 23
  £ £
 
Wages and salaries 89,222 92,740
Social security costs 8,731 11,000
  ───────── ─────────
  97,953 103,740
  ═════════ ═════════
       
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%) 8,287 9,687
  ═════════ ═════════
       
9. Debtors Dec 23 Mar 23
  £ £
 
Trade debtors 168,284 196,154
Prepayments and accrued income 16,811 16,070
  ───────── ─────────
  185,095 212,224
  ═════════ ═════════
       
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 219,734 180,633
Taxation  (Note 12) 23,851 31,388
Other creditors - 194
Accruals 59,408 90,012
  ───────── ─────────
  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
Ordinary shares 56,000 £1.00 each 56,000 56,000
 
      ═════════ ═════════
       
14. Capital commitments
 
The Firm had no material capital commitments at the financial period-ended 31 December 2023.
       
15. Directors' remuneration Dec 23 Mar 23
  £ £
 
Remuneration 34,167 40,000
  ═════════ ═════════
           
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
 
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 Gall’s 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.
 
   
18. Events After the End of the Reporting Period
 
There have been no significant events affecting the Firm since the financial period-end.