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Registration number: 03317732

Financial and Investment Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Financial and Investment Solutions Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Financial and Investment Solutions Ltd

Company Information

Director

J J McGee

Registered office

43 Grantham Avenue
Great Notley
Braintree
Essex
CM77 7FP

Accountants

KCMJ LLP
Suite 1B
18 Crendon Street
69-71 Clarendon Road
High Wycombe
Bucks
HP13 6LS

 

Financial and Investment Solutions Ltd

Director's Report for the Year Ended 31 August 2024

The director presents his report and the financial statements for the year ended 31 August 2024.

Director of the company

The director who held office during the year was as follows:

J J McGee

Principal activity

The principal activity of the company is Financial Services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 31 May 2025
 

.........................................
J J McGee
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Financial and Investment Solutions Ltd
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Financial and Investment Solutions Ltd for the year ended 31 August 2024 as set out on pages 4 to 13 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Financial and Investment Solutions Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Financial and Investment Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Financial and Investment Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Financial and Investment Solutions Ltd and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Financial and Investment Solutions Ltd. 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 accounts.

......................................

KCMJ LLP
Suite 1B
18 Crendon Street
69-71 Clarendon Road
High Wycombe
Bucks
HP13 6LS

31 May 2025

 

Financial and Investment Solutions Ltd

Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

 

33,674

30,871

Cost of sales

 

(444)

(2,769)

Gross profit

 

33,230

28,102

Administrative expenses

 

(14,120)

(17,369)

Operating profit

 

19,110

10,733

Interest payable and similar expenses

 

(300)

(156)

Profit before tax

4

18,810

10,577

Tax on profit

 

(3,574)

(2,052)

Profit for the financial year

 

15,236

8,525

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Financial and Investment Solutions Ltd

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

15,236

8,525

Total comprehensive income for the year

15,236

8,525

 

Financial and Investment Solutions Ltd

(Registration number: 03317732)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

492

171

Current assets

 

Stocks

6

100

100

Cash at bank and in hand

 

2,111

845

 

2,211

945

Creditors: Amounts falling due within one year

8

19,967

20,580

Net current assets

 

22,178

21,525

Total assets less current liabilities

 

22,670

21,696

Creditors: Amounts falling due after more than one year

8

(4,200)

(6,600)

Net assets

 

18,470

15,096

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

18,469

15,095

Shareholders' funds

 

18,470

15,096

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 31 May 2025
 

.........................................
J J McGee
Director

 

Financial and Investment Solutions Ltd

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Retained earnings
£

Total
£

At 1 September 2023

1

15,095

15,096

Prior period adjustment

-

(6,862)

(6,862)

At 1 September 2023 (As restated)

1

8,233

8,234

Profit for the year

-

15,236

15,236

Dividends

-

(5,000)

(5,000)

At 31 August 2024

1

18,469

18,470

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

1

3,237

3,238

Prior period adjustment

-

4,333

4,333

At 1 September 2022 (As restated)

1

7,570

7,571

Profit for the year

-

8,525

8,525

Dividends

-

(1,000)

(1,000)

At 31 August 2023

1

15,095

15,096

 

Financial and Investment Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in Engaland and Wales.

The address of its registered office is:
43 Grantham Avenue
Great Notley
Braintree
Essex
CM77 7FP
UK

These financial statements were authorised for issue by the director on 31 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Financial and Investment Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

The current income 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.

Tangible 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 includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Depreciation has not been charged this year

Asset class

Depreciation method and rate

Fixtures and Fittings

Straight Line on cost -33%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Financial and Investment Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

 

Financial and Investment Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

2024
£

2023
£

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

1,662

1,662

Additions

321

321

At 31 August 2024

1,983

1,983

Depreciation

At 1 September 2023

1,491

1,491

At 31 August 2024

1,491

1,491

Carrying amount

At 31 August 2024

492

492

At 31 August 2023

171

171

6

Stocks

2024
£

2023
£

Work in progress

100

100

7

Debtors

Current

2024
£

2023
£

 

-

-

8

Creditors

Creditors: amounts falling due within one year

 

Financial and Investment Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

9,167

-

Trade creditors

 

3,208

2,708

Taxation and social security

 

3,577

3,869

Other creditors

 

(35,919)

(27,157)

 

(19,967)

(20,580)

 

Financial and Investment Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

4,200

6,600

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,200

6,600

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,167

-

11

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of Nil per each

-

-

 

 

Interim dividends paid

2024
£

2023
£

Interim dividend of 5,000.00 (2023 - 1,000.00) per each Ordiinary shares

5,000

1,000