| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Contents of the Financial Statements |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED |
| Company Information |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 6-8 Bath Street |
| Bristol |
| BS1 6HL |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Balance Sheet |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Balance Sheet - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | COMPANY INFORMATION |
| Integrated Financial Solutions Limited is a |
| The company's principal activities and nature of its operations are that of independent financial advisors. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
| 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 on the historical cost convention. The principal accounting policies adopted are set out below. |
| Going concern |
| The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Integrated Financial Solutions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. |
| Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are recieved from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
| Goodwill |
| Goodwill represents the amount paid in connection with the acquisition of businesses in 2009 and 2014 and in the opinion of the directors relates entirely to the customer lists acquired upon each of the purchases, which are being amortised evenly over their estimated useful life of twenty years. |
| Tangible fixed assets |
| Fixtures, fittings & equipment | - |
| IT and website | - |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents 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. |
| 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 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. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Basic Financial liabilities |
| Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The company pays contributions to an employee's private personal pension plan. Contributions paid by the company to the pension scheme are charged to the profit and loss account in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures, |
| fittings | IT and |
| & equipment | website | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: The Hayloft, 1-2 Pickwick Park, Park Lane, Corsham, SN13 0HN |
| Nature of business: |
| % |
| Class of shares: | holding |
| The investment in IFS Investments Limited is measured at cost less impairment. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Directors' current accounts | 93,331 | 9,970 |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-5 years |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 316 | A Ordinary | 20p | 63 | 63 |
| 105 | B Ordinary | 20p | 21 | 21 |
| 60 | C Ordinary | 20p | 12 | 12 |
| 19 | D Ordinary | 20p | 4 | 4 |
| 375 | E Ordinary | 20p | 75 | 75 |
| 125 | F Ordinary | 20p | 25 | 25 |
| 375 | G Ordinary | 20p | 75 | 75 |
| 125 | H Ordinary | 20p | 25 | 25 |
| 59 | I Ordinary | 20p | 12 | 12 |
| 20 | J Ordinary | 20p | 4 | 4 |
| 316 | 316 |
| 11. | FINANCIAL COMMITMENTS |
| Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £235,377 (2023: £54,707). |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| INTEGRATED FINANCIAL SOLUTIONS LIMITED (REGISTERED NUMBER: 06747582) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The outstanding loan is repayable on demand and interest is charged at HMRC's advisory rate. |