Company registration number 04538689 (England and Wales)
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
CONTENTS
Page
Group balance sheet
1 - 2
Company balance sheet
3 - 4
Notes to the financial statements
5 - 14
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,061,226
1,182,509
Tangible assets
5
32,654
57,660
1,093,880
1,240,169
Current assets
Debtors
8
63,937
73,169
Cash at bank and in hand
214,326
298,785
278,263
371,954
Creditors: amounts falling due within one year
9
(521,865)
(606,600)
Net current liabilities
(243,602)
(234,646)
Total assets less current liabilities
850,278
1,005,523
Creditors: amounts falling due after more than one year
10
(539,640)
(632,637)
Provisions for liabilities
(7,938)
(13,965)
Net assets
302,700
358,921
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
302,600
358,821
Total equity
302,700
358,921
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -

The director of the group have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 September 2024 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Director's responsibilities under the Companies Act 2006:

 

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 30 May 2025
30 May 2025
I Goward
Director
Company registration number 04538689 (England and Wales)
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
32,654
57,660
Investments
6
100
100
32,754
57,760
Current assets
Debtors
8
360,731
205,701
Cash at bank and in hand
206,200
291,581
566,931
497,282
Creditors: amounts falling due within one year
9
(132,466)
(138,201)
Net current assets
434,465
359,081
Total assets less current liabilities
467,219
416,841
Provisions for liabilities
(7,938)
(13,965)
Net assets
459,281
402,876
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
459,181
402,776
Total equity
459,281
402,876

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £201,405 (2023 - £188,229 profit).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

GEORGE SQUARE FINANCIAL MANAGEMENT LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 4 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 30 May 2025
30 May 2025
I Goward
Director
Company registration number 04538689 (England and Wales)
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
1
Accounting policies
Company information

George Square Financial Management Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is George Square, 8b George Street, Nottingham, NG1 3BE.

 

The group consists of George Square Financial Management Ltd and all of its subsidiaries.

1.1
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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company George Square Financial Management Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown gross of VAT and other sales related taxes.

 

Revenue in respect of commissions is recognised at such point as the related insurance contract goes live. Revenue in respect of fees is recognised when the invoice is raised.

 

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
20% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.9
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.

1.10
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 8 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price including transaction costs. 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.

1.11
Equity instruments

Share capital issued by the group is recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 9 -
1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
13
12
12
11
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
84,700
58,000
Adjustments in respect of prior periods
(371)
(78)
Total current tax
84,329
57,922
Deferred tax
Origination and reversal of timing differences
(6,027)
(3,530)
Total tax charge
78,302
54,392
4
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,504,168
Amortisation and impairment
At 1 October 2023
321,659
Amortisation charged for the year
121,283
At 30 September 2024
442,942
Carrying amount
At 30 September 2024
1,061,226
At 30 September 2023
1,182,509
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Intangible fixed assets
(Continued)
- 11 -
Company
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
291,338
Amortisation and impairment
At 1 October 2023 and 30 September 2024
291,338
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
5
Tangible fixed assets
Group
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
84,564
53,990
138,554
Additions
2,680
-
0
2,680
Disposals
-
0
(53,990)
(53,990)
At 30 September 2024
87,244
-
0
87,244
Depreciation and impairment
At 1 October 2023
46,873
34,021
80,894
Depreciation charged in the year
7,717
2,912
10,629
Eliminated in respect of disposals
-
0
(36,933)
(36,933)
At 30 September 2024
54,590
-
0
54,590
Carrying amount
At 30 September 2024
32,654
-
0
32,654
At 30 September 2023
37,691
19,969
57,660
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Tangible fixed assets
(Continued)
- 12 -
Company
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2023
84,564
53,990
138,554
Additions
2,680
-
0
2,680
Disposals
-
0
(53,990)
(53,990)
At 30 September 2024
87,244
-
0
87,244
Depreciation and impairment
At 1 October 2023
46,873
34,021
80,894
Depreciation charged in the year
7,717
2,912
10,629
Eliminated in respect of disposals
-
0
(36,933)
(36,933)
At 30 September 2024
54,590
-
0
54,590
Carrying amount
At 30 September 2024
32,654
-
0
32,654
At 30 September 2023
37,691
19,969
57,660
6
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Shares in group undertakings and participating interests
-
-
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
100
Carrying amount
At 30 September 2024
100
At 30 September 2023
100
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
7
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
George Square Acquisitions Ltd
George Square, 8b George Street, Nottingham, NG1 3BE
Ordinary
100.00
Taylor McGill Financial Services Limited
George Square, 8b George Street, Nottingham, NG1 3BE
Ordinary
100.00
8
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
-
0
19,261
-
0
-
0
Amounts owed by group
-
0
-
0
296,794
151,793
Other debtors
63,937
53,908
63,937
53,908
63,937
73,169
360,731
205,701
9
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
143,817
84,486
-
0
-
0
Corporation tax payable
84,700
68,669
82,000
58,000
Other taxation and social security
6,580
7,574
6,580
7,574
Other creditors
286,768
445,871
43,886
72,627
521,865
606,600
132,466
138,201
10
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
539,640
395,528
-
0
-
0
Other creditors
-
0
237,109
-
0
-
0
539,640
632,637
-
0
-
0
GEORGE SQUARE FINANCIAL MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
11
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
683,457
480,014
-
0
-
0
Payable within one year
143,817
84,486
-
-
Payable after one year
539,640
395,528
-
0
-
0

The bank loans are secured by fixed charges over the assets of George Square Financial Management Ltd.

12
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
160,000
3,491
160,000
3,491
13
Off balance sheet arrangements

George Square Acquisitions Ltd, a 100% subsidiary company of George Square Financial Management Ltd, has a funding agreement in place to receive a further £200,000 within the next 12 months.

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