Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31Client list The value of customer acquisitions from other financial advisers are shown under the heading of client list and are recognised as an intangible asset when: it is probable that future economic benefits will flow to the entity; and the cost or value of the asset can be measured reliably. The client list is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years. Trademark The trademark is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years, at which point it is required to be renewed.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2024-01-01falseFinancial planning & advice54falsetrue 11241588 2024-01-01 2024-12-31 11241588 2023-01-01 2023-12-31 11241588 2024-12-31 11241588 2023-12-31 11241588 c:Director1 2024-01-01 2024-12-31 11241588 c:Director2 2024-01-01 2024-12-31 11241588 c:RegisteredOffice 2024-01-01 2024-12-31 11241588 d:FurnitureFittings 2024-01-01 2024-12-31 11241588 d:FurnitureFittings 2024-12-31 11241588 d:FurnitureFittings 2023-12-31 11241588 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11241588 d:OfficeEquipment 2024-01-01 2024-12-31 11241588 d:OfficeEquipment 2024-12-31 11241588 d:OfficeEquipment 2023-12-31 11241588 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11241588 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11241588 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 11241588 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 11241588 d:Goodwill 2024-01-01 2024-12-31 11241588 d:Goodwill 2024-12-31 11241588 d:Goodwill 2023-12-31 11241588 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-12-31 11241588 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 11241588 d:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 11241588 d:CurrentFinancialInstruments 2024-12-31 11241588 d:CurrentFinancialInstruments 2023-12-31 11241588 d:Non-currentFinancialInstruments 2024-12-31 11241588 d:Non-currentFinancialInstruments 2023-12-31 11241588 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11241588 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11241588 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 11241588 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11241588 d:ShareCapital 2024-12-31 11241588 d:ShareCapital 2023-12-31 11241588 d:RetainedEarningsAccumulatedLosses 2024-12-31 11241588 d:RetainedEarningsAccumulatedLosses 2023-12-31 11241588 c:OrdinaryShareClass1 2024-01-01 2024-12-31 11241588 c:OrdinaryShareClass1 2024-12-31 11241588 c:OrdinaryShareClass2 2024-01-01 2024-12-31 11241588 c:OrdinaryShareClass2 2024-12-31 11241588 c:FRS102 2024-01-01 2024-12-31 11241588 c:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 11241588 c:FullAccounts 2024-01-01 2024-12-31 11241588 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11241588 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-01-01 2024-12-31 11241588 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-12-31 11241588 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 11241588 2 2024-01-01 2024-12-31 11241588 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-12-31 11241588 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-12-31 11241588 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2024-01-01 2024-12-31 11241588 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11241588










GEORGE SHIPPAM FINANCIAL PLANNING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
COMPANY INFORMATION


Directors
C B G Shippam 
Mrs S A Shippam 




Registered number
11241588



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 11


 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of George Shippam Financial Planning Limited for the year ended 31 December 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of George Shippam Financial Planning Limited, as a body, in accordance with the terms of our engagement letter dated 24 May 2022Our work has been undertaken solely to prepare for your approval the financial statements of George Shippam Financial Planning Limited and state those matters that we have agreed to state to the Board of Directors of George Shippam Financial Planning Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Shippam Financial Planning Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that George Shippam Financial Planning Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of George Shippam Financial Planning Limited. You consider that George Shippam Financial Planning Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of George Shippam Financial Planning Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
 
4 April 2025
Page 1

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
REGISTERED NUMBER: 11241588

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Intangible assets
 7 
578,724
714,014

Tangible assets
 8 
7,558
7,552

  
586,282
721,566

Current assets
  

Debtors: amounts falling due within one year
 9 
94,488
48,273

Cash at bank and in hand
  
167,129
117,862

  
261,617
166,135

Creditors: amounts falling due within one year
 10 
(434,359)
(221,495)

Net current liabilities
  
 
 
(172,742)
 
 
(55,360)

Total assets less current liabilities
  
413,540
666,206

Creditors: amounts falling due after more than one year
 11 
(210,736)
(498,873)

Provisions for liabilities
  

Deferred tax
  
(1,770)
(1,744)

Net assets
  
201,034
165,589


Capital and reserves
  

Called up share capital 
 6 
20
20

Profit and loss account
  
201,014
165,569

  
201,034
165,589


Page 2

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
REGISTERED NUMBER: 11241588
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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 on 4 April 2025.




C B G Shippam
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

George Shippam Financial Planning Limited is a private company, limited by shares, incorporated and domiciled in England and Wales.  The registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is that of financial planning and advice.  The principal places of business are East Anglia and London.

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

Revenue

Turnover comprises revenue recognised by the Company in respect of services supplied in relation to commissions and fees received for providing financial advice.  The Company is not registered for Value Added Tax.
Revenue from the provision of services is recognised on an accruals basis in accordance with the period in which the services are provided and when the amount of revenue can be reliably measured.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Borrowing costs

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

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
 
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition.
Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years.
 
Client list
The value of customer acquisitions from other financial advisers are shown under the heading of client list and are recognised as an intangible asset when:
it is probable that future economic benefits will flow to the entity; and
the cost or value of the asset can be measured reliably.

The client list is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years.
Trademark
The trademark is amortised on a straight line basis to the Profit and Loss Account over its useful economic life of ten years, at which point it is required to be renewed.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 6

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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.

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.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities, which include trade and other creditors, 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 payments 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.

Page 7

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 4).

Page 8

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Related party transactions

At the balance sheet date the Company owed £291,848 (2023 - £51,548) to the directors.  These balances are interest free and repayable on demand and are included in other creditors due within one year in note 10 to the financial statements.


5.Directors' personal guarantees

One of the directors has provided an unlimited personal guarantee in support of the other loans.


6.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10 A ordinary shares of £1.00 each
10
10
10 B ordinary shares of £1.00 each
10
10

20

20



7.


Intangible assets




Client list
Goodwill
Trademark
Total

£
£
£
£



Cost


At 1 January 2024
1,029,086
323,636
170
1,352,892



At 31 December 2024

1,029,086
323,636
170
1,352,892



Amortisation


At 1 January 2024
450,032
188,788
58
638,878


Charge for the year on owned assets
102,909
32,364
17
135,290



At 31 December 2024

552,941
221,152
75
774,168



Net book value



At 31 December 2024
476,145
102,484
95
578,724



At 31 December 2023
579,054
134,848
112
714,014


Page 9

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
           7.Intangible assets (continued)



8.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 January 2024
8,267
9,986
18,253


Additions
-
2,712
2,712



At 31 December 2024

8,267
12,698
20,965



Depreciation


At 1 January 2024
2,006
8,695
10,701


Charge for the year on owned assets
827
1,879
2,706



At 31 December 2024

2,833
10,574
13,407



Net book value



At 31 December 2024
5,434
2,124
7,558



At 31 December 2023
6,261
1,291
7,552


9.


Debtors

2024
2023
£
£


Trade debtors
92,661
46,914

Other debtors
199
201

Prepayments and accrued income
1,628
1,158

94,488
48,273


Page 10

 
GEORGE SHIPPAM FINANCIAL PLANNING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
45,600
96,084

Corporation tax
92,701
69,540

Other creditors
291,808
51,553

Accruals and deferred income
4,250
4,318

434,359
221,495


The bank loans are secured by way of fixed and floating charges over the Company and its assets.
The other loans are secured by way of a personal guarantee from one of the directors (see note 5).


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
210,736
498,873

210,736
498,873


The bank loans are secured by way of fixed and floating charges over the Company and its assets.
The other loans are secured by way of a personal guarantee from one of the directors (see note 5).

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
28,336
171,854

28,336
171,854



 
Page 11