Company registration number 10365205 (England and Wales)
Lyon Griffiths (Financial Services) Limited
Unaudited financial statements
For the year ended 31 December 2024
Lyon Griffiths (Financial Services) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Lyon Griffiths (Financial Services) Limited
Statement of financial position
As at 31 December 2024
31 December 2024
- 1 -
31 December 2024
18 September 2023
Notes
£
£
£
£
Current assets
Debtors
3
2,579
94,678
Cash at bank and in hand
32,807
250
35,386
94,928
Creditors: amounts falling due within one year
4
(15,008)
(54,562)
Net current assets
20,378
40,366
Capital and reserves
Called up share capital
5
20,000
20,000
Profit and loss reserves
378
20,366
Total equity
20,378
40,366
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 2 June 2025 and are signed on its behalf by:
Mr P Darley
Director
Company registration number 10365205 (England and Wales)
Lyon Griffiths (Financial Services) Limited
Notes to the financial statements
For the year ended 31 December 2024
- 2 -
1
Accounting policies
Company information
Lyon Griffiths (Financial Services) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Cheshire, CW5 6PF, Nantwich.
1.1
Reporting period
The reporting period has been extended to 31 December 2024 to coincide with group year ends. These financial statements are for the thirteen months and 12 days to 31 December 2024 and the comparative figures are for the period ended 18 September 2023 (thirteen months and 18 days).
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents commissions and fee income in respect of the provision of providing financial advice to retail and corporate clients. The majority of turnover is provider facilitated and paid through the deduction from the investment or commission paid by the provider. All revenues are specific to both client and product and separately identifiable. The terms of the transactions price and any initial and on-going fees payable are set out in the signed client agreement.
Advice fees that relate to on-going client servicing contracts are typically a percentage of a client's assets under management (AUM). Revenue is recognised on receipt of cash from providers.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Lyon Griffiths (Financial Services) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Lyon Griffiths (Financial Services) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,000
90,519
Prepayments and accrued income
1,579
4,159
2,579
94,678
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,374
Taxation and social security
8,232
32,586
Other creditors
6,776
15,602
15,008
54,562
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000