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REGISTERED NUMBER: SC087379 (Scotland)













Financial Statements

for the Year Ended 30 April 2024

for

Finesco Financial Services Limited

Finesco Financial Services Limited (Registered number: SC087379)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Finesco Financial Services Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: J S Dowds
J W Hamilton





SECRETARY: J S Dowds





REGISTERED OFFICE: 6 Woodside Crescent
Glasgow
G3 7UL





REGISTERED NUMBER: SC087379 (Scotland)





AUDITORS: Gerber Landa & Gee
Statutory Auditor
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
GLASGOW
G3 8AU

Finesco Financial Services Limited (Registered number: SC087379)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 545 1,961
Investments 6 7,091 6,981
7,636 8,942

CURRENT ASSETS
Debtors 7 402,020 265,387
Cash at bank and in hand 1,320,369 1,379,074
1,722,389 1,644,461
CREDITORS
Amounts falling due within one year 8 53,524 130,255
NET CURRENT ASSETS 1,668,865 1,514,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,676,501

1,523,148

PROVISIONS FOR LIABILITIES 5,000 5,000
NET ASSETS 1,671,501 1,518,148

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Retained earnings 1,667,501 1,514,148
SHAREHOLDERS' FUNDS 1,671,501 1,518,148

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





J S Dowds - Director


Finesco Financial Services Limited (Registered number: SC087379)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Finesco Financial Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The material items in the financial statements where these judgments and estimates have been made include the estimation of the indemnity provision as well as in relation to an accrual for client complaints.

Turnover
Turnover represents fees and other income derived from services rendered and commissions received, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 15% on cost

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short term liquid investments with maturities of three months or less.


Finesco Financial Services Limited (Registered number: SC087379)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Indemnity commissions
Insurance commissions received on indemnity terms are credited to the profit & loss account when received and are stated net of any commission repaid in the year.

Provision is made by the directors for the potential liability for repayment of this commission.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Fixed asset investments
Fixed asset investments are held at market value. Income from investments is recognised when it is received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

Finesco Financial Services Limited (Registered number: SC087379)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 64,715
AMORTISATION
At 1 May 2023
and 30 April 2024 64,715
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 78,655
Additions 817
At 30 April 2024 79,472
DEPRECIATION
At 1 May 2023 76,694
Charge for year 2,233
At 30 April 2024 78,927
NET BOOK VALUE
At 30 April 2024 545
At 30 April 2023 1,961

Finesco Financial Services Limited (Registered number: SC087379)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 5,882
DEPRECIATION
At 1 May 2023 3,921
Charge for year 1,961
At 30 April 2024 5,882
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 1,961

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2023
and 30 April 2024 21,924
PROVISIONS
At 1 May 2023 14,943
Provision for year (110 )
At 30 April 2024 14,833
NET BOOK VALUE
At 30 April 2024 7,091
At 30 April 2023 6,981

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 26,111 14,633
Other debtor 315,134 202,463
Corporation tax debtor - 4,598
Prepayments 60,775 43,693
402,020 265,387

Finesco Financial Services Limited (Registered number: SC087379)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Finance leases - 1,961
Social security and other taxes 14,697 24,225
VAT 2,693 4,541
Directors' current accounts 67 67
Accrued expenses 36,067 99,461
53,524 130,255

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian McGougan (Senior Statutory Auditor)
for and on behalf of Gerber Landa & Gee

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 April 2024 Jim Dowds was owed £67 (2023: £67) by the company. No interest was charged to the company on this loan.

An amount of £33,344 (2023: £33,344) is included within Other debtors which relates to a loan due from Heather Dowds , the spouse of Jim Dowds. For taxation purposes the loan was treated as if it was made directly to Jim Dowds.

11. RELATED PARTY DISCLOSURES

The company paid £27,500 (2023: £27,500) in rental costs to Finesco Pension Scheme in the year. No amounts were due in respect of this rent at the year end date. (2023: NIL)

Finesco Pension Scheme is related to the company by virtue of J S Dowds who is a Trustee and Member of the Scheme.

The controlling party is J S Dowds.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.