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Company No: 04812616 (England and Wales)

GILBERT STEPHENS FINANCIAL SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

GILBERT STEPHENS FINANCIAL SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

GILBERT STEPHENS FINANCIAL SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
GILBERT STEPHENS FINANCIAL SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS J I Cave
R A Heron
W Loakes
C L Rosewell
V Thompson
R S Walford
REGISTERED OFFICE 17 Southernhay East
Exeter
EX1 1QE
United Kingdom
COMPANY NUMBER 04812616 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
GILBERT STEPHENS FINANCIAL SERVICES LIMITED

BALANCE SHEET

As at 30 June 2024
GILBERT STEPHENS FINANCIAL SERVICES LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 3,839 0
3,839 0
Current assets
Debtors 5 355,317 228,387
Cash at bank and in hand 86,592 244,557
441,909 472,944
Creditors: amounts falling due within one year 6 ( 9,634) ( 25,155)
Net current assets 432,275 447,789
Total assets less current liabilities 436,114 447,789
Provision for liabilities ( 1,000) 0
Net assets 435,114 447,789
Capital and reserves
Called-up share capital 7 10,000 10,000
Profit and loss account 425,114 437,789
Total shareholder's funds 435,114 447,789

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gilbert Stephens Financial Services Limited (registered number: 04812616) were approved and authorised for issue by the Board of Directors on 19 February 2025. They were signed on its behalf by:

R S Walford
Director
GILBERT STEPHENS FINANCIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
GILBERT STEPHENS FINANCIAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Gilbert Stephens Financial Services 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 17 Southernhay East, Exeter, EX1 1QE, 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 £.

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.

Turnover

Turnover represents the right to consideration earned for the provision of financial services excluding VAT. All turnover derives from activities in the UK.
Services provided to clients during the period which, at the balance sheet date, have not been invoiced to clients have been recognised in turnover as accrued income.
Turnover is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue is not recognised on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included within debtors.

Taxation

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 corporation 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.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 5 years straight line
Tangible fixed 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 include directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the costs of assets, other than land and properties under construction over their estimated useful lives, as follows:

Office equipment 4 years straight line
Financial instruments

The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

The company holds the following financial instruments:

- Short term trade and other debtors and creditors
- Cash and bank balances

All financial instruments are classified as basic.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 150,000 150,000
At 30 June 2024 150,000 150,000
Accumulated amortisation
At 01 July 2023 150,000 150,000
At 30 June 2024 150,000 150,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 July 2023 2,891 2,891
Additions 4,653 4,653
At 30 June 2024 7,544 7,544
Accumulated depreciation
At 01 July 2023 2,891 2,891
Charge for the financial year 814 814
At 30 June 2024 3,705 3,705
Net book value
At 30 June 2024 3,839 3,839
At 30 June 2023 0 0

5. Debtors

2024 2023
£ £
Trade debtors 10,606 31,670
Amounts owed by related parties 333,481 164,571
Prepayments and accrued income 8,340 32,146
Corporation tax 2,890 0
355,317 228,387

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 648 0
Accruals 4,408 8,390
Taxation and social security 4,578 16,765
9,634 25,155

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Gilbert Stephens LLP 334,481 164,571

At the year end, the amount due by Gilbert Stephens LLP, included within debtors, totalled £333,481 (2023: £164,571). This balance bears no interest and is repayable on demand.