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Eppione Private Clients Limited
 
Annual Report and Financial Statements
 
for the financial year ended 31 December 2023
Eppione Private Clients Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Neil Fallon
David Kindlon
Dermot John O‘Connor
 
 
Company Secretary David Kindlon
 
 
Company Registration Number 12226398
 
 
Registered Office and Business Address 29 Throgmorton Street
Warnford Court
London
EC2N 2AT
United Kingdom
 
 
Independent Auditors Searing Point Chartered Accountants
Chartered Accountants and Statutory Auditors
Frankfort Building
Dundrum Road
Dublin 14
D14 RX27
 
 
Bankers Barclays Bank
  PO Box 299
  Birmingham
  B1 3PF
  United Kingdom



Eppione Private Clients Limited
DIRECTORS' REPORT
for the financial year ended 31 December 2023

 
The directors present their report and the audited financial statements for the financial year ended 31 December 2023.
 
Principal Activity
The principal activity of the company is providing other activities auxiliary to insurance and pension funding. The Company procured authority from the Financial Conduct Authority in April 2021.
     
Directors
The directors who served during the financial year are as follows:
     
Neil Fallon
David Kindlon
Dermot John O‘Connor
   
The Company is owned 70% by Eppione Holdings Limited (70 shares) and Dermot O‘Connor holds 30% (30 Shares).  Eppione Holdings Limited  has issued 124,000 €1.00 Ordinary Shares and 55,753 €1.00 Series A Preferred Shares. Of the 124,000 Ordinary Shares, the Directors have the following indirect interests in shares via their respective personal holding companies:-

1) Gold Carrot Holdings Limited is a company owned 100% by David Kindlon. This entity holds 37,200 €1.00 Ordinary Shares in the Company

2) Green Carrot Holdings Limited is a company owned 50% by Ernest Legrand. This entity holds 37,200 €1.00 Ordinary Shares in the Company

3) White Carrot Holdings Limited is a company owned 100% by Neil Fallon. This entity holds 18,600 €1.00 Ordinary Shares in the Company

Each of the above personal holding companies are incorporated in the Republic of Ireland.

In addition, David Kindlon holds 1,240 Ordinary €1.00 shares directly in Eppione Holdings Limited.
     
In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the 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 year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) 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;
-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
Searing Point Chartered Accountants, (Chartered Accountants), were appointed auditors by the directors to fill the casual vacancy and they have expressed their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
Neil Fallon David Kindlon
Director Director
     
     
Dermot John O‘Connor
Director
     
10 September 2024 10 September 2024



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Eppione Private Clients Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Eppione Private Clients Limited ('the company') for the financial year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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 loss for the financial year 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 the Provisions Available for Audits of Small Entities, in the circumstances set out in Note 3 to the financial statements, 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.
 
Material uncertainty related to going concern
We draw attention to Note 14, which adequately discloses the material uncertainty around the company’s ability to continue as a going concern should managements fundraising efforts prove unsuccessful. Our opinion is not modified in respect of this matter.
 
 
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors' Report has 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.
 
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:
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
 
Patrick Thorpe (Senior Statutory Auditor)
for and on behalf of
SEARING POINT CHARTERED ACCOUNTANTS
Chartered Accountants and Statutory Auditors
Frankfort Building
Dundrum Road
Dublin 14
D14 RX27
 
10 September 2024



Eppione Private Clients Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

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.



Eppione Private Clients Limited
PROFIT AND LOSS ACCOUNT
for the financial year ended 31 December 2023
2023 2022
Notes £ £

 
Administrative expenses (1,280) (2,202)
───────── ─────────
Loss before taxation (1,280) (2,202)
 
Tax on loss 5 - -
───────── ─────────
Loss for the financial year (1,280) (2,202)
───────── ─────────
Total comprehensive income (1,280) (2,202)
    ═════════   ═════════



Eppione Private Clients Limited
Company Registration Number: 12226398
BALANCE SHEET
as at 31 December 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 6 121,630 143,702
───────── ─────────
 
Current Assets
Debtors 7 4,400 -
Cash and cash equivalents - 7,498
───────── ─────────
4,400 7,498
───────── ─────────
Creditors: amounts falling due within one year 8 (131,999) (155,889)
───────── ─────────
Net Current Liabilities (127,599) (148,391)
───────── ─────────
Total Assets less Current Liabilities (5,969) (4,689)
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings (6,069) (4,789)
───────── ─────────
Equity attributable to owners of the company (5,969) (4,689)
═════════ ═════════
 
These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
           
Approved by the Board and authorised for issue on 10 September 2024 and signed on its behalf by
           
           
Neil Fallon     David Kindlon
Director     Director
           
           
Dermot John O‘Connor          
Director          
           



Eppione Private Clients Limited
STATEMENT OF CHANGES IN EQUITY
as at 31 December 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 January 2022 100 (2,587) (2,487)
───────── ───────── ─────────
Loss for the financial year - (2,202) (2,202)
───────── ───────── ─────────
At 31 December 2022 100 (4,789) (4,689)
  ───────── ───────── ─────────
Loss for the financial year - (1,280) (1,280)
  ───────── ───────── ─────────
At 31 December 2023 100 (6,069) (5,969)
  ═════════ ═════════ ═════════



Eppione Private Clients Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Eppione Private Clients Limited is a company limited by shares incorporated and registered in the England. The registered number of the company is 12226398. The registered office of the company is 29 Throgmorton Street, Warnford Court, London, EC2N 2AT, United Kingdom which is also the principal place of business of the company. The principal activity of the company is providing other activities auxiliary to insurance and pension funding. The Company procured authority from the Financial Conduct Authority in April 2021. The financial statements have been presented in Pound (£) which is also the functional currency of the company. Subsequent to the year end, the Company received  authorisation from the Financial Conduct Authority for the carrying on of a life and pensions brokerage.
         
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 company for the financial year 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.
 
Cash flow statement
The company has availed of the exemption in FRS 102 from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised on the Balance Sheet. The Company carries out impairment reviews of intangible assets each year, and any impairment arising is recorded to the profit and loss account that year.
 
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.
 
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.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet 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 company'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 Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet 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 Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to Her Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
4. Employees
 
The average monthly number of employees, including directors, during the financial year was 3, (2022 - 3).
 
  2023 2022
  Number Number
 
Directors 3 3
  ═════════ ═════════
       
5. Tax on loss
  2023 2022
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 19.00% (2022 - 19.00%) (Note 5 (b)) - -
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 19.00% (2022 - 19.00%). The differences are explained below:
  2023 2022
  £ £
 
Loss taxable at 19.00% (1,280) (2,202)
  ═════════ ═════════
Loss before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 19.00% (2022 - 19.00%) (243) (418)
Effects of:
Tax losses carried forward to future years 243 418
  ───────── ─────────
Total tax charge for the financial year (Note 5 (a)) - -
  ═════════ ═════════
 
 
No charge to tax arises due to tax losses incurred.
       
6. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 January 2023 143,702 143,702
Disposals (22,072) (22,072)
  ───────── ─────────
At 31 December 2023 121,630 121,630
  ───────── ─────────
Net book value
At 31 December 2023 121,630 121,630
  ═════════ ═════════
At 31 December 2022 143,702 143,702
  ═════════ ═════════
       
7. Debtors 2023 2022
  £ £
 
Amounts owed by group undertakings 4,400 -
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Amounts owed to group undertakings 128,721 109,317
Directors' current accounts - 44,472
Accruals 3,278 2,100
  ───────── ─────────
  131,999 155,889
  ═════════ ═════════
       
9. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2023.
           
10. Related party transactions
 
Eppione Private Clients Limited owes Eppione Holdings Limited £109,317 and owes Eppione Limited £19,404.
   
11. Parent company
 
The company regards Eppione Holdings as its parent company.
 
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.
       
13. Income
 
The income received in the Company is being ceded to Eppione Limited.
       
14. Going Concern
 
We have prepared the financial statements on the going concern basis. This basis may not be appropriate if the company does not successfully execute its current fundraising efforts. Whilst the Board are confident that such efforts will lead to a successful outcome and thus ensure that the business has sufficient liquidity and reserves to meet ongoing obligations as they fall due, this is not certain – and accordingly we bring the readers attention to the possibility that adoption of going concern may not be appropriate.



Eppione Private Clients Limited

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS
TRADING STATEMENT
for the financial year ended 31 December 2023
 
 
 
2023 2022
Schedule £ £
 
Overhead expenses 1 (1,280) (2,202)
───────── ─────────
Net loss (1,280) (2,202)
═════════ ═════════



Eppione Private Clients Limited

SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS
SCHEDULE 1 : OVERHEAD EXPENSES
for the financial year ended 31 December 2023
 
 
 
2023 2022
£ £
       
Administration Expenses
Accountancy Fees 1,178 2,100
Bank charges 102 101
General expenses - 1
  ─────────   ─────────
  1,280   2,202
  ═════════   ═════════