Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31truetruetruetrue2023-06-01falseNo description of principal activity00truefalse 12397715 2023-06-01 2024-05-31 12397715 2022-06-01 2023-05-31 12397715 2024-05-31 12397715 2023-05-31 12397715 1 2023-06-01 2024-05-31 12397715 d:Director2 2023-06-01 2024-05-31 12397715 c:CurrentFinancialInstruments 2024-05-31 12397715 c:CurrentFinancialInstruments 2023-05-31 12397715 c:Non-currentFinancialInstruments 2024-05-31 12397715 c:Non-currentFinancialInstruments 2023-05-31 12397715 c:CurrentFinancialInstruments c:WithinOneYear 2024-05-31 12397715 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 12397715 c:Non-currentFinancialInstruments c:AfterOneYear 2024-05-31 12397715 c:Non-currentFinancialInstruments c:AfterOneYear 2023-05-31 12397715 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-05-31 12397715 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-05-31 12397715 c:ShareCapital 2024-05-31 12397715 c:ShareCapital 2023-05-31 12397715 c:RetainedEarningsAccumulatedLosses 2024-05-31 12397715 c:RetainedEarningsAccumulatedLosses 2023-05-31 12397715 d:FRS102 2023-06-01 2024-05-31 12397715 d:Audited 2023-06-01 2024-05-31 12397715 d:FullAccounts 2023-06-01 2024-05-31 12397715 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12397715 d:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 12397715 6 2023-06-01 2024-05-31 12397715 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 12397715









BIDCO GPFM LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
BIDCO GPFM LIMITED
REGISTERED NUMBER: 12397715

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 4 
6,003,215
3,878,546

  
6,003,215
3,878,546

Current assets
  

Cash at bank and in hand
 5 
248
248

  
248
248

Creditors: amounts falling due within one year
 6 
(1,171,258)
(1,383,865)

Net current liabilities
  
 
 
(1,171,010)
 
 
(1,383,617)

Total assets less current liabilities
  
4,832,205
2,494,929

Creditors: amounts falling due after more than one year
 7 
(2,834,314)
(1,473,630)

  

Net assets
  
1,997,891
1,021,299


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,996,891
1,020,299

  
1,997,891
1,021,299


Page 1

 
BIDCO GPFM LIMITED
REGISTERED NUMBER: 12397715
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T Rybak
Director

Date: 17 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
BIDCO GPFM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Bidco GPFM Limited is a private company limited by shares. The company is incorporated in England and Wales and its registered office is 2 Queen Anne's Gate Buildings, 22 Dartmouth Street, London, England, SW1H 9BP.
The financial statements are prepared in Pound Sterling, rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Fusion Asset Management (Services) Limited as at 31 May 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial
statements.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
BIDCO GPFM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

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

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 4

 
BIDCO GPFM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 5

 
BIDCO GPFM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
3,878,546


Additions
2,124,669



At 31 May 2024
6,003,215





5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
248
248

248
248



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
483

Amounts owed to group undertakings
384,458
201,382

Other creditors
783,200
1,182,000

Accruals and deferred income
3,600
-

1,171,258
1,383,865


Page 6

 
BIDCO GPFM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
111,654
-

Amounts owed to group undertakings
1,988,260
1,473,630

Other creditors
734,400
-

2,834,314
1,473,630



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due 1-2 years

Other loans
111,654
-


111,654
-



111,654
-



9.


Related party transactions

The Company has taken advantage of exemptions available in Section 33 Related Party Disclosures of FRS 102 from disclosing transactions with wholly owned members of the group.


10.


Post balance sheet events

Following the year ended 31 May 2024, the Bidco GPFM Limited has  made further acquisitions:
1. 100% of the share capital of IF Wealth Limited on 16 August 2024. 
2. Assets of Enlighten Financial Services Limited on 4 September 2024.
3. 100% of the share capital of Powell Financial Planning Limited on 16 September 2024.
.
The subsidiary company 100% owned through Bidco GPFM Limited  Quay
Financial Planning Limited was dissolved on 8 October 2024.
On 29 October 2024, the Loyal North Plc acquired the remaining share capital of 24.8% in 
Bidco GPFM Limited, resulting in the subsidiary company being wholly owned by Loyal North Plc.

Page 7

 
BIDCO GPFM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Controlling party

The immediate parent company is Loyal North Plc, a company incorporated in England and Wales. 
The smallest and largest group in which the results of the company are included are the consolidated
financial statements of Fusion Asset Management (Services) Limited whose registered office is 2 Queen
Anne's Gate Buildings, 22 Dartmouth Street, London, England, SW1H 9BP and these can be obtained
from Companies House.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 17 February 2025 by Christopher Taylor FCA (Senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 8