| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| GERVIS PLC |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| GERVIS PLC |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 10 |
| Statement of Financial Position | 11 |
| Statement of Changes in Equity | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Statement of Cash Flows | 14 |
| Notes to the Financial Statements | 15 |
| GERVIS PLC |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Avebury House |
| St Peter Street |
| Winchester |
| Hampshire |
| SO23 8BN |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The directors present their strategic report for the year ended 30 June 2024. |
| The principal activity of the company in the year under review was that of management consultants. |
| Gervis Plc is a financial analysis and consultancy company which looks for opportunities to invest in under-performing and non-core companies. The company is engaged in the provision of help and assistance to companies experiencing financial difficulties and, where possible, offers a complete turnaround service to those companies experiencing financial distress. |
| The board has decades of experience in working with poorly performing companies as well as those on the brink of insolvency. The company currently operates across the south-west and south-east regions from its offices in Christchurch, Dorset. |
| REVIEW OF BUSINESS |
| The results for the year and financial position of the company are as shown in the annexed financial statements. |
| The company's key performance indicators are turnover and profit/loss before tax: |
| 2024 | 2023 |
| £ | £ |
| Turnover | 237,303 | 243,684 |
| Profit before tax | 75,632 | 83,629 |
| The directors are satisfied with the company's performance in the year. Turnover remains inline with expectations and the balance sheet shows that at the year-end the company had net assets of £196,222 (2023: £161,028). |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company uses financial instruments including cash and various items, such as trade debtors and creditors, that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. |
| The main risks arising from the company's financial instruments are cash flow, credit risk and liquidity risk. The directors review the policy for managing each of these risks and they are summarised below. The company is not exposed to currency risk. |
| The company's principal credit risk arises from its trade debtors. Debt ageing is reviewed on a regular basis by the directors. |
| The company seeks to manage cash flow and liquidity risk by ensuring sufficient liquidity is available to meet its foreseeable needs, and the directors provide financial support to the company as necessary. |
| These policies have remained unchanged from the previous year. |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| SECTION 172(1) STATEMENT |
| The directors have given regard to their duties to promote the success of the company and to the impact their decisions may have upon its members and stakeholders. When making decisions the directors are careful to consider the long term consequences of their choices and whether they are acting in the best interest of the company's employees. They also take into account the need to foster business relationships with suppliers, customers and other, the impact of the company's operations on the community and environment, the company's reputation for high standards of business conduct and the need to act fairly between members of the company. |
| ON BEHALF OF THE BOARD: |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 30 June 2024 will be £ |
| FUTURE DEVELOPMENTS |
| The directors are confident that the company will continue to trade and produce sufficient reserves to meet all of its operational liabilities. The Company has continued to develop its business and anticipates continued profitability in 2024/25. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The company has chosen to include information regarding the risk exposure of the company in relation to financial instruments in the Strategic Report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| AUDITORS |
| The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GERVIS PLC |
| Opinion |
| We have audited the financial statements of Gervis PLC (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GERVIS PLC |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Extent to which the audit was considered capable of detecting irregularities, including fraud |
| The objectives of our audit, in respect to fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. |
| However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
| In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following: |
| - | The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - | We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and those laws and regulations that had a direct effect on the financial statements. The key laws considered are FRS102 and the Companies Act 2006; and |
| - | We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GERVIS PLC |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - | Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - | Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| We identified the greatest risk of material impact on the financial statements from irregularities, including |
| fraud, to be within the recognition of income and the override of controls by management. To address the risk |
| of fraud in these areas, we: |
| - | selected a sample of transactions from material income streams and compared expected income to that recorded within the financial statements; |
| - | performed analytical procedures to identify any unusual or unexpected relationships; |
| - | tested journal entries to identify unusual transactions; |
| - | assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and |
| - | investigated the rationale behind significant or unusual transactions; |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures, which included, but were not limited to: |
| - | agreeing financial statement disclosures to underlying supporting documentation; |
| - | enquiring of management as to actual and potential litigation and claims; and |
| - | reviewing legal and professional expenditure incurred in the year. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GERVIS PLC |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditors |
| Avebury House |
| St Peter Street |
| Winchester |
| Hampshire |
| SO23 8BN |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income | 6 |
| 76,733 | 84,721 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| STATEMENT OF FINANCIAL POSITION |
| 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS | 22 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 July 2022 |
| Changes in equity |
| Profit for the year | - | 65,328 | 65,328 |
| Total comprehensive income | - |
| Balance at 30 June 2023 |
| Changes in equity |
| Profit for the year | - | 55,760 | 55,760 |
| Total comprehensive income | - |
| Dividends | - | ( |
) | ( |
) |
| Balance at 30 June 2024 |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Loan to related party | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 36,028 | - |
| Amount withdrawn by directors | (37,488 | ) | (1,116 | ) |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
137,737 |
| Cash and cash equivalents at end of year |
2 |
67,196 |
186,783 |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 1,101 | 1,092 |
| Finance income | (3,235 | ) | (547 | ) |
| 75,221 | 85,960 |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30 June 2024 |
| 30.6.24 | 1.7.23 |
| £ | £ |
| Cash and cash equivalents | 67,196 | 186,783 |
| Year ended 30 June 2023 |
| 30.6.23 | 1.7.22 |
| £ | £ |
| Cash and cash equivalents | 186,783 | 137,737 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.7.23 | Cash flow | At 30.6.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 186,783 | (119,587 | ) | 67,196 |
| 186,783 | ( |
) | 67,196 |
| Debt |
| Debts falling due within 1 year | (10,000 | ) | - | (10,000 | ) |
| Debts falling due after 1 year | (19,167 | ) | 10,000 | (9,167 | ) |
| (29,167 | ) | 10,000 | (19,167 | ) |
| Total | 157,616 | (109,587 | ) | 48,029 |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| Gervis PLC is a public company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in Sterling (£) which is the functional currency of the company, and are rounded to the nearest pound. |
| The financial statements have been prepared on a going concern basis. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
| Significant judgements and estimates |
| No significant judgements have had to be made by the directors in preparing these financial statements. |
| The most significant sources of estimate uncertainty are the estimation of the useful economic lives of tangible fixed assets and the valuation of provisions for bad and doubtful debts. |
| Turnover |
| Turnover represents the amount derived from the provision of services which fall within the company's ordinary activities, stated after trade discounts, other sales taxes and net of value added tax. |
| The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities described below. |
| Rendering of services - consultancy, wills and probate |
| The company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. |
| When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised. |
| Wills storage income is recognised in the period in which storage facilities are provided. |
| Other Income |
| Financial services commission is recognised when the company has fulfilled the necessary criteria for payment. |
| Interest income |
| Interest income is recognised using the effective interest method. |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tenant improvements | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. The carrying value of tangible fixed assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The company only enters into basic financial instrument transactions. |
| Recognition and measurement |
| Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
| 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 rate method. |
| Debtors |
| Short term debtors are measured at transactions price, less any impairment. |
| Cash at bank |
| Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the opening of the deposit or similar account. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| Turnover relates solely to the rendering of services. |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 1 | 1 |
| Employees | 1 | 1 |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| The company considers its directors to be its key management personnel. Total key management personnel remuneration for the year was £12,900 (2023: £12,619). |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Operating lease payments |
| 6. | INTEREST RECEIVABLE AND SIMILAR INCOME |
| 2024 | 2023 |
| £ | £ |
| Deposit account interest |
| Other interest receivable |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Interest payable |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Depreciation of assets not qualifying for tax relief | 127 | 104 |
| Change in rate of deferred tax | - | 206 |
| Marginal tax relief | (2,395 | ) | (587 | ) |
| Total tax charge | 19,872 | 18,301 |
| Change in rate of corporation tax |
| On 1 April 2023 the main rate of corporation tax in the UK increased from 19% to 25% for companies with profits over £250,000. The small profits rate for companies with annualised profits of less than £50,000 is 19%, and companies with profits between £50,000 and £250,000 pay tax on those profits at a marginal rate of 26.5%. |
| Factors that may affect future tax charges |
| The company has capital losses of £10,000 which are available indefinitely for offset against future taxable profits of the company. A deferred tax asset has not been recognised in respect of these losses. |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Interim |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Tenant | Plant and | and | Computer |
| improvements | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 July 2023 |
| and 30 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for year |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Emma Loan | 156,688 | - |
| Directors' loan accounts | 7,756 | 6,296 |
| Tax |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 15,018 | 15,568 |
| Net Wages | 337 | - |
| Pension contributions due | 140 | 35 |
| Accrued expenses |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 14) |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| The company has taken a bank loan under the Government backed Bounce Back Loan Scheme. As part of this scheme, the UK Government covered interest payments until 12 May 2021. From 12 May 2021 onwards the loan attracts interest at a rate of 2.5%pa and is repayable in 60 monthly installments. |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 458 | 761 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2023 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 30 June 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | £1 | 21,875 | 21,875 |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 17. | CALLED UP SHARE CAPITAL - continued |
| Ordinary share capital has full voting, equity and dividend rights and is non-redeemable. |
| Number of | Paid Up |
| Shares Issued | £ |
| Shares issued and fully paid | 12,500 | 12,500 |
| Shares issued and partly paid | 37,500 | 9,375 |
| Total Share Capital | 50,000 | 21,875 |
| 18. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 July 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 30 June 2024 |
| 19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| This loan is repayable on demand. When the loan is in credit no interest is paid to the director. When the loan is overdrawn interest is payable to the company at the HMRC official rate of interest if the balance exceeds £10,000. |
| GERVIS PLC (REGISTERED NUMBER: 06625809) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2024 |
| 20. | RELATED PARTY DISCLOSURES |
| Director |
| During the year rent of £19,000 (2023: £19,000) was paid to the director. Additionally, abortive property improvements costing £6,436 were carried out at a property owned by the director, which the company had intended to use as new office space before subsequently locating a more suitable premises. |
| Mrs E Hanks |
| Daughter of Director |
| During the year ended 30 June 2024, a loan of £155,881 was advanced to Mrs E Hanks by Gervis PLC. The loan is subject to interest at a rate of 2.25% per annum and is repayable on demand. During the year, interest of £807 was accrued on this loan. |
| 2024 | 2023 |
| £ | £ |
| Amount due from / (to) related party at the balance sheet date | 156,688 | - |
| During the year, the company entered into an agreement to rent office space from Mrs E Hanks over a period of 5 years. Rent of £1,167 (2023: £Nil) was paid for the period to 30 June 2024 and an advance of £21,633 was paid in relation to future periods and is included within prepayments as at 30 June 2024 (2023: £Nil). |
| 21. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr A G Barfield. |
| 22. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
| 2024 | 2023 |
| £ | £ |
| Profit for the financial year |
| Dividends | ( |
) |
| Net addition to shareholders' funds | 35,194 | 65,328 |
| Opening shareholders' funds | 161,028 | 95,700 |
| Closing shareholders' funds | 196,222 | 161,028 |