2 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08738804 2024-01-01 2024-12-31 08738804 2024-12-31 08738804 2023-12-31 08738804 2023-01-01 2023-12-31 08738804 2023-12-31 08738804 2022-12-31 08738804 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 08738804 core:FurnitureFittings 2024-01-01 2024-12-31 08738804 bus:Director1 2024-01-01 2024-12-31 08738804 core:LandBuildings 2024-12-31 08738804 core:WithinOneYear 2024-12-31 08738804 core:WithinOneYear 2023-12-31 08738804 core:AfterOneYear 2024-12-31 08738804 core:AfterOneYear 2023-12-31 08738804 core:ShareCapital 2024-12-31 08738804 core:ShareCapital 2023-12-31 08738804 core:SharePremium 2024-12-31 08738804 core:SharePremium 2023-12-31 08738804 core:RetainedEarningsAccumulatedLosses 2024-12-31 08738804 core:RetainedEarningsAccumulatedLosses 2023-12-31 08738804 core:BetweenOneFiveYears 2024-12-31 08738804 core:BetweenOneFiveYears 2023-12-31 08738804 bus:SmallEntities 2024-01-01 2024-12-31 08738804 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 08738804 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08738804 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08738804 bus:FullAccounts 2024-01-01 2024-12-31 08738804 core:OfficeEquipment 2024-01-01 2024-12-31 08738804 core:OfficeEquipment 2024-12-31 08738804 core:OfficeEquipment 2023-12-31 08738804 core:AfterOneYear 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 08738804
Buckingham Gate Financial Services Limited
Filleted Unaudited Financial Statements
31 December 2024
Buckingham Gate Financial Services Limited
Balance Sheet
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
( 1)
( 1)
Current assets
Stocks
134,149
246,703
Debtors
6
222,762
451,450
Cash at bank and in hand
76,229
11,138
---------
---------
433,140
709,291
Creditors: amounts falling due within one year
7
101,736
109,567
---------
---------
Net current assets
331,404
599,724
---------
---------
Total assets less current liabilities
331,403
599,723
Creditors: amounts falling due after more than one year
8
371,859
168,735
---------
---------
Net (liabilities)/assets
( 40,456)
430,988
---------
---------
Capital and reserves
Called up share capital
15
15
Share premium account
401,508
401,508
Profit and loss account
( 441,979)
29,465
---------
---------
Shareholders (deficit)/funds
( 40,456)
430,988
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including profit and loss account) has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Buckingham Gate Financial Services Limited
Balance Sheet (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 29 July 2025 , and are signed on behalf of the board by:
Mr M J Smith
Director
Company registration number: 08738804
Buckingham Gate Financial Services Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, 60 Gracechurch Street, London, EC3V 0HR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The management has not made any critical judgements (apart from those involving estimations) in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Tangible fixed assets are depreciated over their useful economic lives taking into account, where appropriate, residual values. Assessment of useful lives, residual values and impairment are performed annually. - Goodwill is amortised over useful economic life, and assessment of useful lives, residual values and impairment performed annually - Recoverability of trade debtors is assessed annually, based on assumptions about historical recovery rates and future market conditions
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
25% straight line
Fixtures & fittings
-
33% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share based payments
Shares issued to employees under the Deferred Share Plan are measured at fair value at the date of grant, with a corresponding entry to deferred consideration.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 8 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
12,702
( 1)
12,701
--------
----
--------
Depreciation
At 1 January 2024 and 31 December 2024
12,702
12,702
--------
----
--------
Carrying amount
At 31 December 2024
( 1)
( 1)
--------
----
--------
At 31 December 2023
( 1)
( 1)
--------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
68
34,303
Amounts owed by related parties
4,938
122
Other debtors
217,756
417,025
---------
---------
222,762
451,450
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
55,250
55,250
Trade creditors
26,923
12,496
Amounts owed to related parties
4,769
Social security and other taxes
102
Other creditors
19,563
36,950
---------
---------
101,736
109,567
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
113,493
168,735
Other creditors
258,366
---------
---------
371,859
168,735
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £16,907) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors due after more than 1 year is £4,159 (and £10,008 due within 1 year) in respect of a Bounce back loan advanced in May 2020. This 6 year loan is repayable in monthly instalments that commenced June 2021 at interest rate 2.5%. Included within creditors due after more than one year is £109,334 (and £45,241 due within 1 year) in respect of a further loan, advanced in May 2022, for £246,750 repayable in monthly instalments over 6 years at interest rate 11.8%.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
160,000
160,000
Later than 1 year and not later than 5 years
280,000
440,000
---------
---------
440,000
600,000
---------
---------
10. Directors' advances, credits and guarantees