Goodlord Protect Ltd
Financial Statements
For Filing with Registrar
For the year ended 31 August 2021
Company Registration No. 10435096 (England and Wales)
Goodlord Protect Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Goodlord Protect Ltd
Balance Sheet
As at 31 August 2021
Page 1
2021
2020
as restated
Notes
£
£
£
£
Current assets
Debtors
3
3,109,557
1,506,386
Cash at bank and in hand
4
2,015,588
374,469
5,125,145
1,880,855
Creditors: amounts falling due within one year
5
(1,333,829)
(874,229)
Net current assets
3,791,316
1,006,626
Creditors: amounts falling due after more than one year
6
(49,167)
(50,000)
Net assets
3,742,149
956,626
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
3,742,148
956,625
Total equity
3,742,149
956,626
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 20 December 2021 and are signed on its behalf by:
T Mundy
Director
Company Registration No. 10435096
Goodlord Protect Ltd
Notes to the Financial Statements
For the year ended 31 August 2021
Page 2
1
Accounting policies
Company information
Goodlord Protect Ltd is a
private
company
limited by shares
incorporated
and domiciled
in
England and Wales
.
The registered office is
Huguenot Place, Heneage Street, London, United Kingdom, E1 5LN.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 a
mounts
in these financial statements are
rounded to the nearest
pound
.
The prior year comparatives are unaudited.
The financial statements have been prepared under the historical cost convention.
1.2
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.
true
In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a global health pandemic, which has spread throughout the UK. Global markets and economies have experienced a significant amount of volatility as a result of the pandemic which is still ongoing as at the date of approval of the financial statements and consequently there remains some uncertainty around future cash flows and debtor recoverability. The ultimate financial impact of this matter cannot be reasonably estimated at this time, though the director does not believe it will have a material impact on the business. This is an area of continued, active management focus in respect of adjusted actions or investments that may become commercially prudent.
The company made profits of £2,785,523 for the year (2020: £733,463) and had net assets of £3,742,149 at the balance sheet date (2020: £956,626). For the reasons noted above the directors are confident that this will continue for at least twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial
instruments or basic financial instruments measured at fair value.
Goodlord Protect Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 August 2021
1
Accounting policies
(Continued)
Page 3
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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
Insurance debtors and creditors
The company acts 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 FRS 102 for insurance intermediaries by showing net balances resulting from debtors and creditors. The cash balances relating to insurance business are included as cash of the company itself, and shown as a corresponding liability. Insurance debtors are only recognised in respect of brokerage due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1
(2020 - 1).
Goodlord Protect Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 August 2021
Page 4
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
335,460
172,846
Amounts due from group undertakings
1,650,781
1,101,771
Other debtors
1,123,316
231,769
3,109,557
1,506,386
4
Cash at bank and in hand
Included within the year end balance is client monies of £25,296 (2020 - £74,493).
5
Creditors: amounts falling due within one year
2021
2020
As restated
£
£
Trade creditors
464,922
26,280
Amounts due to group undertakings
17,000
Other creditors
851,907
847,949
1,333,829
874,229
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
49,167
50,000
The loan is an unsecured debt.
During the first 12 months, the UK Government will pay interest
, at 2.50% per annum,
due under this
l
oan to the
lender
as
a
Business Interruption Payment.
On 27 September 2021
,
Oh Goodlord Ltd, the Company's parent, entered into a debenture agreement. A cross guarantee structure exists for this debenture between Oh Goodlord Ltd, Vouch Ltd and Goodlord Protect Ltd.
Goodlord Protect Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 August 2021
Page 5
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1 ordinary share of £1
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Ryan Day.
The auditor was Moore Kingston Smith LLP.
9
Related party transactions
The Company has taken advantage of the exemption granted within Section 33 of FRS 102, which does not require
d
isclosure of transactions between a subsidiary undertaking and other Group undertakings. There are no key
management personnel other than the directors.
The directors received no remuneration in the year (20
20
: £nil).
10
Parent company
Goodlord Protect Ltd is a subsidiary of Oh Goodlord
Ltd
, a company registered in England and Wales, and with the
registered address; Huguenot Place, Heneage Street, London, E1 5LN. Oh Goodlord Ltd is the ultimate controlling
party.
Goodlord Protect Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 August 2021
Page 6
11
Prior period adjustment
Changes to the balance sheet
At 31 August 2020
As previously reported
Adjustment
As restated
£
£
£
Prepayments
1,277,221
229,165
1,506,386
Accruals
(645,064)
(229,165)
(874,229)
Changes to the profit and loss account
Period ended 31 August 2020
As previously reported
Adjustment
As restated
£
£
£
Sales
2,133,876
1,230,199
3,364,075
Direct costs
(1,288,053)
(1,230,199)
(2,518,252)
Profit for the financial period
733,463
-
733,463
Prior year adjustments were required to be included in the accounts for the following reasons:
Goodlord Protect Ltd are acting as agents of the underlying insurers and therefore revenue recognised is the net commission earnt by Goodlord Protect Ltd.
The accrual for insurance provider charges has been presented separately from the prepayment recognised for these costs. For comparability the 2020 presentation of the balance sheet has been amended in line with this treatment.