REGISTERED NUMBER: SC087379 (Scotland)

Financial Statements

for the Year Ended 30 April 2025

for

Finesco Financial Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J S Dowds

J W Hamilton

SECRETARY:

J S Dowds

REGISTERED OFFICE:

6 Woodside Crescent

Glasgow

G3 7UL

REGISTERED NUMBER:

SC087379 (Scotland)

AUDITORS:

Gerber Landa & Gee

Statutory Auditor

Chartered Accountants

Pavilion 1

Finnieston Business Park

Minerva Way

GLASGOW

G3 8AU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

272

545

Investments

6

9,769

7,091

10,041

7,636

CURRENT ASSETS

Debtors

7

261,758

402,020

Cash at bank and in hand

1,393,297

1,320,369

1,655,055

1,722,389

CREDITORS

Amounts falling due within one year

8

61,650

53,524

NET CURRENT ASSETS

1,593,405

1,668,865

TOTAL ASSETS LESS CURRENT LIABILITIES

1,603,446

1,676,501

PROVISIONS FOR LIABILITIES

5,000

5,000

NET ASSETS

1,598,446

1,671,501

CAPITAL AND RESERVES

Called up share capital

4,000

4,000

Retained earnings

1,594,446

1,667,501

SHAREHOLDERS' FUNDS

1,598,446

1,671,501

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

J S Dowds - Director

1.	STATUTORY INFORMATION

Finesco Financial Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The material items in the financial statements where these judgments and estimates have been made include the estimation of the indemnity provision as well as in relation to an accrual for client complaints.

Turnover

Turnover represents fees and other income derived from services rendered and commissions received, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost and 15% on cost

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short term liquid investments with maturities of three months or less.

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Indemnity commissions

Insurance commissions received on indemnity terms are credited to the profit & loss account when received and are stated net of any commission repaid in the year.

Provision is made by the directors for the potential liability for repayment of this commission.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Fixed asset investments

Fixed asset investments are held at market value. Income from investments is recognised when it is received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2024 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2024

and 30 April 2025

64,715

AMORTISATION

At 1 May 2024

and 30 April 2025

64,715

NET BOOK VALUE

At 30 April 2025

-

At 30 April 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2024

and 30 April 2025

79,472

DEPRECIATION

At 1 May 2024

78,927

Charge for year

273

At 30 April 2025

79,200

NET BOOK VALUE

At 30 April 2025

272

At 30 April 2024

545

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 May 2024

and 30 April 2025

5,882

DEPRECIATION

At 1 May 2024

and 30 April 2025

5,882

NET BOOK VALUE

At 30 April 2025

-

At 30 April 2024

-

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2024

and 30 April 2025

21,924

PROVISIONS

At 1 May 2024

14,833

Provision for year

(2,678

)

At 30 April 2025

12,155

NET BOOK VALUE

At 30 April 2025

9,769

At 30 April 2024

7,091

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade debtors

14,238

26,111

Other debtor

201,674

315,134

Prepayments

45,846

60,775

261,758

402,020

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Social security and other taxes

17,219

14,697

VAT

5,000

2,693

Directors' current accounts

67

67

Accrued expenses

39,364

36,067

61,650

53,524

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Smith (Senior Statutory Auditor)

for and on behalf of Gerber Landa & Gee

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 30 April 2025 Jim Dowds was owed £67 (2024: £67) by the company. No interest was charged to the company on this loan.

An amount of £33,344 (2024: £33,344) is included within Other debtors which relates to a loan due from Heather Dowds , the spouse of Jim Dowds. For taxation purposes the loan was treated as if it was made directly to Jim Dowds.

11.	RELATED PARTY DISCLOSURES

The company paid £27,500 (2024: £27,500) in rental costs to Finesco Pension Scheme in the year. No amounts were due in respect of this rent at the year end date. (2024: NIL)

Finesco Pension Scheme is related to the company by virtue of J S Dowds who is a Trustee and Member of the Scheme.

The controlling party is J S Dowds.

12.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.