G.I.F. (Consultants) Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2025
Company Registration No. 02203884 (England and Wales)
G.I.F. (Consultants) Limited
Company Information
Director
J Abouchalache
Secretary
J Abouchalache
Company number
02203884
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
G.I.F. (Consultants) Limited
Contents
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 9
G.I.F. (Consultants) Limited
Director's Report
For the year ended 31 March 2025
Page 1
The director presents his annual report and financial statements for the year ended 31 March 2025.
Principal activities
The principal activity of the company throughout the year was that of insurance broking. The company is authorised and regulated by the Financial Conduct Authority.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
J Abouchalache
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK 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 director is 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. He is 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.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J Abouchalache
Director
25 July 2025
G.I.F. (Consultants) Limited
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of G.I.F. (Consultants) Limited for the year ended 31 March 2025
Page 2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.I.F. (Consultants) Limited for the year ended 31 March 2025 which comprise the profit and loss account, the balance sheet and the related notes 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 https://www.icaew.com/regulation
This report is made solely to the Board of Directors of G.I.F. (Consultants) Limited, as a body, in accordance with the terms of our engagement letter dated 28 May 2024. Our work has been undertaken solely to prepare for your approval the financial statements of G.I.F. (Consultants) Limited and state those matters that we have agreed to state to the Board of Directors of G.I.F. (Consultants) Limited, 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 G.I.F. (Consultants) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that G.I.F. (Consultants) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G.I.F. (Consultants) Limited. You consider that G.I.F. (Consultants) Limited 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 financial statements of G.I.F. (Consultants) Limited. 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 financial statements.
Moore Kingston Smith LLP
28 July 2025
Chartered Accountants
6th Floor
9 Appold Street
London
EC2A 2AP
G.I.F. (Consultants) Limited
Profit and Loss Account
For the year ended 31 March 2025
Page 3
2025
2024
£
£
Turnover
193,109
177,578
Administrative expenses
(178,738)
(170,999)
Operating profit
14,371
6,579
Interest receivable and similar income
2,091
1,969
Profit before taxation
16,462
8,548
Taxation
(3,543)
(1,844)
Profit for the financial year
9
12,919
6,704
Total comprehensive income for the year
12,919
6,704
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
G.I.F. (Consultants) Limited
Balance Sheet
As at 31 March 2025
Page 4
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,075
2,441
Current assets
Debtors
6
66,755
89,913
Cash at bank and in hand
7
191,243
185,248
257,998
275,161
Creditors: amounts falling due within one year
8
(87,579)
(82,343)
Net current assets
170,419
192,818
Total assets less current liabilities
172,494
195,259
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
9
162,494
185,259
Total equity
172,494
195,259
For the financial year ended 31 March 2025 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.
These financial statements have been prepared 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 25 July 2025
J Abouchalache
Director
Company Registration No. 02203884
G.I.F. (Consultants) Limited
Notes to the Financial Statements
For the year ended 31 March 2025
Page 5
1
Accounting policies
Company information
G.I.F. (Consultants) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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.
1.2
Turnover
Commission is credited to the profit and loss account in accordance with the amounts receivable in respect of insurance policies. Turnover is recognised when an insurance policy is put on risk with the product provider. Net commissions receivable at the balance sheet date are included as trade debtors.
1.3
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 & equipment
10% reducing balance
Computer equipment
20% 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 credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks, including funds held on trust for clients in designated client bank accounts.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 6
1.7
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 company’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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
1.9
Leases
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 leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 7
1.11
Insurance Debtors and Creditors
Insurance brokers usually act as an agent in broking the insurable risks of clients and, generally speaking, is not liable as a principal for premiums due to underwriters or for claims payable to clients. As a result of the legal relationship with clients and underwriters, the company has followed FRS102 and shown net balances resulting from premium debtors and creditors. The cash balances relating to the insurance business are included as cash of the company, and shown as a corresponding liability. Insurance debtors are only recognised in respect of commissions due and not in respect of net premiums and claims amounts due to clients and underwriters.
In the ordinary course of insurance broking business, settlement is required to be made within certain market settlement bureaux, insurance intermediaries or insurance companies on the basis of net balance due to or from them rather than the amount due to or from the individual third parties which they represent.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The director has not applied any judgements or estimates which have a material impact on the preparation of the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
4
Director's remuneration and dividends
2025
2024
£
£
Remuneration paid to directors
6,000
21,409
Dividends paid to directors
35,684
13,000
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 8
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 and 31 March 2025
18,005
Depreciation and impairment
At 1 April 2024
15,564
Depreciation charged in the year
366
At 31 March 2025
15,930
Carrying amount
At 31 March 2025
2,075
At 31 March 2024
2,441
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
66,256
56,298
Other debtors
499
33,615
66,755
89,913
7
Cash at bank and in hand
2025
2024
£
£
Cash at bank and in hand
191,243
185,248
Included within this figure is amounts held in designated client money bank accounts of £62,831 (2024: £37,025).
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 9
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
54,040
53,846
Corporation tax
4,238
2,546
Other taxation and social security
2,967
2,526
Other creditors
2,195
486
Accruals and deferred income
24,139
22,939
87,579
82,343
9
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
185,259
191,555
Profit for the year
12,919
6,704
Dividends declared and paid in the year
(35,684)
(13,000)
At the end of the year
162,494
185,259
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Within one year
48,664
66,031
Between two and five years
48,664
48,664
114,695
11
Control
J Abouchalache controls the company by virtue of his 100% holding of the ordinary shares.