Company No:
Contents
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 |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
3,839 | 0 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
441,909 | 472,944 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 432,275 | 447,789 | ||
Total assets less current liabilities | 436,114 | 447,789 | ||
Provision for liabilities | (
|
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 7 |
|
|
|
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
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:
R S Walford
Director |
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.
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.
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.
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.
Goodwill |
|
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 |
|
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
|
|
|
At 30 June 2024 |
|
|
|
Accumulated amortisation | |||
At 01 July 2023 |
|
|
|
At 30 June 2024 |
|
|
|
Net book value | |||
At 30 June 2024 |
|
|
|
At 30 June 2023 |
|
|
Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
|
|
|
Additions |
|
|
|
At 30 June 2024 |
|
|
|
Accumulated depreciation | |||
At 01 July 2023 |
|
|
|
Charge for the financial year |
|
|
|
At 30 June 2024 |
|
|
|
Net book value | |||
At 30 June 2024 |
|
|
|
At 30 June 2023 |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments and accrued income |
|
|
|
Corporation tax |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals |
|
|
|
Taxation and social security |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
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.