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Company No: 03631973 (England and Wales)

BLACKSTONE MOREGATE LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 30 April 2024

BLACKSTONE MOREGATE LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

BLACKSTONE MOREGATE LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2024
BLACKSTONE MOREGATE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2024
DIRECTORS Mr R A Hopkins
Mr V C Thakkar
REGISTERED OFFICE 9th Floor
30 Crown Place
EC2A 4EB
United Kingdom
COMPANY NUMBER 03631973 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
BLACKSTONE MOREGATE LIMITED

DIRECTORS' REPORT

For the financial year ended 30 April 2024
BLACKSTONE MOREGATE LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 30 April 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 April 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company is that of an Independent Financial Advisor authorised and regulated by the
Financial Conduct Authority.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mr R A Hopkins
Mr V C Thakkar

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mr R A Hopkins
Director

21 October 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLACKSTONE MOREGATE LIMITED

For the financial year ended 30 April 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLACKSTONE MOREGATE LIMITED (continued)

For the financial year ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blackstone Moregate Limited for the financial year ended 30 April 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Blackstone Moregate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Blackstone Moregate Limited. You consider that Blackstone Moregate Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Blackstone Moregate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of Blackstone Moregate Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Blackstone Moregate Limited and state those matters that we have agreed to state to the Board of Directors of Blackstone Moregate Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blackstone Moregate Limited and its Board of Directors as a body for our work or for this report.

GRAVITA III LLP
Chartered Accountants

Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom

22 October 2024

BLACKSTONE MOREGATE LIMITED

PROFIT AND LOSS ACCOUNT

For the financial year ended 30 April 2024
BLACKSTONE MOREGATE LIMITED

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 30 April 2024
2024 2023
£ £
Turnover 1,964,907 1,899,536
Cost of sales ( 653,762) ( 563,826)
Gross profit 1,311,145 1,335,710
Administrative expenses ( 1,114,296) ( 1,206,038)
Operating profit and profit before taxation 196,849 129,672
Tax on profit ( 48,841) ( 25,686)
Profit for the financial year 148,008 103,986
BLACKSTONE MOREGATE LIMITED

BALANCE SHEET

As at 30 April 2024
BLACKSTONE MOREGATE LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 17,505 17,573
Investments 5 101,767 101,767
119,272 119,340
Current assets
Debtors 6 382,134 364,234
Cash at bank and in hand 310,954 278,487
693,088 642,721
Creditors: amounts falling due within one year 7 ( 91,955) ( 89,665)
Net current assets 601,133 553,056
Total assets less current liabilities 720,405 672,396
Creditors: amounts falling due after more than one year 8 ( 127,472) ( 127,472)
Provision for liabilities ( 3,516) ( 3,516)
Net assets 589,417 541,408
Capital and reserves
Called-up share capital 3,000 3,000
Profit and loss account 586,417 538,408
Total shareholder's funds 589,417 541,408

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Blackstone Moregate Limited (registered number: 03631973) were approved and authorised for issue by the Board of Directors on 21 October 2024. They were signed on its behalf by:

Mr R A Hopkins
Director
BLACKSTONE MOREGATE LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 30 April 2024
BLACKSTONE MOREGATE LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 30 April 2024
Called-up share capital Profit and loss account Total
£ £ £
At 01 May 2022 3,000 534,422 537,422
Profit for the financial year 0 103,986 103,986
Total comprehensive income 0 103,986 103,986
Dividends paid on equity shares 0 ( 100,000) ( 100,000)
At 30 April 2023 3,000 538,408 541,408
At 01 May 2023 3,000 538,408 541,408
Profit for the financial year 0 148,008 148,008
Total comprehensive income 0 148,008 148,008
Dividends paid on equity shares 0 ( 100,000) ( 100,000)
At 30 April 2024 3,000 586,417 589,417
BLACKSTONE MOREGATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
BLACKSTONE MOREGATE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Blackstone Moregate Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9th Floor, 30 Crown Place, EC2A 4EB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

The turnover represents amount receivable for provision of financial services.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 8 years straight line
Goodwill

Goodwill was fully amortised over five years from 2012

The directors have hived up the business of Financial Planning for Women Limited on 1 May 2012 and Winsec Financial Services Limited on 21 September 2012 into the company. The goodwill has been fully amortised under the policy above.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 714,059 714,059
At 30 April 2024 714,059 714,059
Accumulated amortisation
At 01 May 2023 714,059 714,059
At 30 April 2024 714,059 714,059
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 58,967 58,967
Additions 2,897 2,897
At 30 April 2024 61,864 61,864
Accumulated depreciation
At 01 May 2023 41,394 41,394
Charge for the financial year 2,963 2,963
At 30 April 2024 44,359 44,359
Net book value
At 30 April 2024 17,505 17,505
At 30 April 2023 17,573 17,573

5. Fixed asset investments

Investments in subsidiaries

2024
£
Carrying value at 30 April 2024 101,767
Carrying value at 30 April 2023 101,767

6. Debtors

2024 2023
£ £
Trade debtors 323,504 361,335
Other debtors 58,630 2,899
382,134 364,234

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 8,434 28,364
Amounts owed to own subsidiaries 2 2
Taxation and social security 62,837 41,987
Other creditors 20,682 19,312
91,955 89,665

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 127,472 127,472

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts due from related party : Key management personnel 864 864
Amounts due to related party : Winsec Financial Services Ltd 127,472 127,472
BLACKSTONE MOREGATE LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

For the financial year ended 30 April 2024
BLACKSTONE MOREGATE LIMITED

DETAILED PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 30 April 2024
2024 2023
£ £
Turnover
Commission revenue 1,964,907 1,899,536
Cost of sales
Direct costs ( 28,756) ( 25,978)
Commission, carriage and import ( 625,006) ( 537,848)
(653,762) (563,826)
Gross profit 1,311,145 1,335,710
Administrative expenses
Wages and salaries ( 245,453) ( 322,091)
Employers NI ( 27,867) ( 35,890)
Pensions ( 31,631) ( 32,380)
Directors' salaries ( 352,081) ( 271,362)
Directors' employers NI ( 25,508) ( 29,190)
Staff training and welfare ( 20,581) ( 5,273)
Travel and subsistence ( 10,269) ( 10,601)
General office ( 120,700) ( 116,600)
Rent ( 3,597) ( 20,569)
Computer expenses ( 48,050) ( 61,979)
Internet, telephone and fax ( 4,776) ( 4,210)
Printing, postage and stationery ( 6,268) ( 3,152)
Bank charges ( 205) ( 203)
Subscriptions ( 9,641) ( 10,828)
Insurance ( 100,362) ( 145,289)
Depreciation ( 2,964) ( 2,987)
Motor expenses ( 11,086) ( 9,430)
Equipment hire ( 1,576) ( 1,129)
Repairs and maintenance 0 ( 342)
Donations ( 60) ( 1,500)
Accountancy fees ( 25,302) ( 25,094)
Legal and professional fees ( 60,509) ( 88,199)
Consultancy 0 ( 320)
Advertising and PR ( 1,375) ( 1,083)
Staff entertainment ( 1,541) ( 3,051)
Sundry expenses ( 2,894) ( 3,286)
(1,114,296) (1,206,038)
Operating profit and profit before taxation 196,849 129,672