REGISTERED NUMBER: 09415512 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Russell Financial Solutions Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G E Russell

Mrs N Russell

REGISTERED OFFICE:

Oakview House

20 Picton Close

Rayleigh

Essex

SS6 7LD

REGISTERED NUMBER:

09415512 (England and Wales)

FIXED ASSETS

Tangible assets

5

3,216

1,293

CURRENT ASSETS

Debtors

6

96,218

90,749

Cash at bank

99,333

130,904

195,551

221,653

CREDITORS

Amounts falling due within one year

7

(27,047

)

(32,740

)

NET CURRENT ASSETS

168,504

188,913

TOTAL ASSETS LESS CURRENT LIABILITIES

171,720

190,206

CREDITORS

Amounts falling due after more than one year

8

(358

)

(11,667

)

PROVISIONS FOR LIABILITIES

10

(120,943

)

(117,563

)

NET ASSETS

50,419

60,976

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

50,318

60,875

SHAREHOLDERS' FUNDS

50,419

60,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2025 and were signed on its behalf by:

Mr G E Russell - Director

1.	STATUTORY INFORMATION

Russell Financial Solutions Ltd ('The Company') is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and the registered office is Oakview House, 20 Picton Close, Rayleigh, Essex SS6 7LD. The registered number can be found on the Company Information page.

The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation

The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The directors therefore consider it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Revenue (described as turnover) is measured at the fair value of consideration received or receivable in the year.

Initial fees and indemnity commissions from advised sales are recognised at the point of sale. Ongoing fees and non- indemnity commissions are recognised on an accruals basis.

Life cover commissions received are shown after deducting a provision for potential clawback.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to office

-

33.33% on cost

Fixtures and fittings

-

33.33% on cost

Office equipment

-

33.33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 profit or loss in the period to which they relate.

Clawback provision

A commission clawback provision is included to cover the directors best estimate of commissions that will need to be repaid.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Improvements

and

Office

to office

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2024

20,498

7,204

4,062

31,764

Additions

-

-

2,976

2,976

At 31 March 2025

20,498

7,204

7,038

34,740

DEPRECIATION

At 1 April 2024

20,400

6,804

3,267

30,471

Charge for year

98

282

673

1,053

At 31 March 2025

20,498

7,086

3,940

31,524

NET BOOK VALUE

At 31 March 2025

-

118

3,098

3,216

At 31 March 2024

98

400

795

1,293

6.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

5,248

4,147

Amounts owed by group undertakings

-

86,602

Other debtors

38

-

5,286

90,749

2025

2024

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

90,932

-

Aggregate amounts

96,218

90,749

Interest has been charged on amounts due from group undertaking at a rate of 5% per annum.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 9)

4,660

10,000

Taxation and social security

19,318

19,949

Other creditors

3,069

2,791

27,047

32,740

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans (see note 9)

358

11,667

9.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

4,660

10,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

358

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

1,667

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

790

285

Clawback provision

120,153

117,278

120,943

117,563

Deferred

Clawback

tax

Provision

£

£

Balance at 1 April 2024

285

117,278

Charge/(credit) for the year

505

61,483

Released during the year

-

(58,608

)

Balance at 31 March 2025

790

120,153

The clawback provision of £120,153 is made in accordance with the company's accounting policies disclosed in note 3.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

Mr G E Russell and Mrs N Russell

Balance outstanding at start of year

-

-

Amounts advanced

6,230

-

Amounts repaid

(6,192

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

38

-

The directors have confirmed that the loan account will be repaid to the company within nine months of the year end.