REGISTERED NUMBER:
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DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020 |
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REGISTERED NUMBER:
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DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020 |
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DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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STATEMENT OF FINANCIAL POSITION |
30 APRIL 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2020 |
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1. | STATUTORY INFORMATION |
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DTE Risk and Financial Management Limited is a private company, limited by shares, registered in England and Wales, registration number 01967512. The registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with certainty. However, the company has remained operational, albeit at a slightly reduced income level. Policies are in place to ensure all staff are working safely and in accordance with government guidelines. Should demand for the company's sevices fall, the company would introduce cost control measures but would be able to retain staff using cash reserves but if necessary would make use of available government funding. |
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At the statement of financial position date, the company had net assets of £309,996 and cash reserves of £579,127 and has continued to trade profitably post year end. The directors believe that the company is well placed to manage the risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
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The estimates are continuously evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
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Making judgements based on historical experience and knowledge of the customer as to the level of provision required for any provision for bad debts. Further information received after the statement of financial position date may impact on the level of provision required. |
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Making judgements in respect of levels of commission clawbacks which may be incurred by the company. More information regarding this can be found in the notes to the accounts. |
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Revenue |
Revenue represents the total commission and fees receivable by the company in the ordinary course of business which is recognised as the related services are provided. |
DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Property, plant and equipment |
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Plant and machinery etc | - |
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The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts are capitalised in the statement of financial position date. Those held under hire purchase contracts are depreciated over their estimated useful lives. |
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The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the income statement as incurred. |
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Pensions |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement. |
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Fixed asset investments |
Fixed asset investments are stated at cost, less any permanent diminution in value. |
DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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At the prior year end assets with a net book value of £8,493 were held under hire purchase contracts. |
DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST |
At 1 May 2019 |
and 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | - | 1,505 |
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The hire purchase contracts were secured on the respective fixed assets. |
DTE RISK AND FINANCIAL MANAGEMENT |
LIMITED (REGISTERED NUMBER: 01967512) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2020 |
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9. | CONTINGENT LIABILITIES |
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The company receives commission in advance of the period over which such commissions relate. If policies are cancelled for whatever reason over this period which typically is up to four years then the company may suffer a clawback of commission previously received and credited to the income statement. The directors do not consider any provision for such a clawback to be appropriate as historically the amounts involved are small and it is extremely difficult to quantify an appropriate amount. |
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10. | SUBSEQUENT EVENTS |
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Subsequent to the year end date, interim dividends totalling £300,000 have been voted and paid. |