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Registration number: 03024043

Gilmour Quinn Financial Planning Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Gilmour Quinn Financial Planning Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Gilmour Quinn Financial Planning Ltd

Company Information

Directors

K Shephard

P Shephard

Registered office

Suite 6, Chequers Barn
Chequers Hill
Bough Beech
Kent
TN8 7PD

 

Gilmour Quinn Financial Planning Ltd

(Registration number: 03024043)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

46,542

60,807

Current assets

 

Debtors

5

246,342

175,061

Cash at bank and in hand

 

239,401

418,221

 

485,743

593,282

Creditors: Amounts falling due within one year

6

(70,502)

(97,648)

Net current assets

 

415,241

495,634

Total assets less current liabilities

 

461,783

556,441

Creditors: Amounts falling due after more than one year

6

-

(27,442)

Provisions for liabilities

(11,636)

(15,202)

Net assets

 

450,147

513,797

Capital and reserves

 

Called up share capital

920

920

Retained earnings

449,227

512,877

Shareholders' funds

 

450,147

513,797

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gilmour Quinn Financial Planning Ltd

(Registration number: 03024043)
Balance Sheet as at 29 February 2024 (continued)

Approved and authorised by the Board on 6 November 2024 and signed on its behalf by:
 

K Shephard
Director

P Shephard
Director

 
     
 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 6, Chequers Barn
Chequers Hill
Bough Beech
Kent
TN8 7PD

The principal place of business is:
Ground floor office
Staines One
Station Approach
Staines-Upon-Thames
Surrey
TW18 4LY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on written down value

Motor vehicles

25% on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

22,555

71,918

94,473

Additions

3,562

-

3,562

Disposals

(6,924)

-

(6,924)

At 29 February 2024

19,193

71,918

91,111

Depreciation

At 1 March 2023

15,686

17,980

33,666

Charge for the year

2,028

13,484

15,512

Eliminated on disposal

(4,609)

-

(4,609)

At 29 February 2024

13,105

31,464

44,569

Carrying amount

At 29 February 2024

6,088

40,454

46,542

At 28 February 2023

6,869

53,938

60,807

5

Debtors

2024
£

2023
£

Trade debtors

65,000

16,735

Other debtors

179,145

156,300

Prepayments

2,197

2,026

246,342

175,061

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

9,829

Trade creditors

 

2,125

2,477

Social security and other taxes

 

63,991

74,844

Other payables

 

322

5,528

Accruals

 

4,064

4,970

 

70,502

97,648

Creditors: amounts falling due after more than one year

Due after one year

 

Loans and borrowings

-

27,442

The loans and borrowings for the previous financial year represented a Bounce Back Loan which was not subject to any security by the company but covered by the UK Government's Bounce Back Loan Scheme guarantee. The loan was fully repaid in the year.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £91,774 (2023 - £126,787).

8

Related party transactions

 

Gilmour Quinn Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

8

Related party transactions (continued)

Loans to related parties

2024

Key management
£

Total
£

Advanced

40,000

40,000

Repaid

(7,680)

(7,680)

At end of period

32,320

32,320

Terms of loans to related parties

The loan is repayable on demand and bears interest at the rate of 2.25%.