Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
Investments | 5 |
|
|
|
37,978 | 36,845 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
596,228 | 555,552 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 311,622 | 344,008 | ||
Total assets less current liabilities | 349,600 | 380,853 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Provision for liabilities | 9 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 10 |
|
|
|
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Robert Gerrard & Co Limited (registered number:
S R Preston
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Robert Gerrard & Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 144 Station Road, Chingford, London, E4 6AN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover comprises of commissions received on insurance business written.
Commissions are recognised when premiums are paid.
Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Goodwill |
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Fixtures and fittings |
|
Computer equipment |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments held as fixed assets are shown at cost less provision for impairment.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
2023 | 2022 | ||
£ | £ | ||
Amounts recognised as distributions to equity holders in the financial year: | |||
Dividends paid on equity capital | 625,000 | 652,533 | |
Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2022 |
|
|
|
||
Additions |
|
|
|
||
At 31 March 2023 |
|
|
|
||
Accumulated depreciation | |||||
At 01 April 2022 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 March 2023 |
|
|
|
||
Net book value | |||||
At 31 March 2023 |
|
|
|
||
At 31 March 2022 |
|
|
|
Listed investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 April 2022 |
|
|
|
At 31 March 2023 |
|
|
|
Provisions for impairment | |||
At 01 April 2022 |
|
|
|
At 31 March 2023 |
|
|
|
Carrying value at 31 March 2023 |
|
|
|
Carrying value at 31 March 2022 |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Prepayments and accrued income |
|
|
|
Deferred tax asset |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Amounts owed to directors |
|
|
|
Accruals |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans |
|
|
2023 | 2022 | ||
£ | £ | ||
Other provisions |
|
|
Other | Total | ||
£ | £ | ||
At 01 April 2022 |
|
45,000 | |
Credited to the Statement of Income and Retained Earnings | (
|
( 3,835) | |
Utilisation of provision | (
|
( 1,165) | |
At 31 March 2023 |
|
40,000 | |
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250 | 1,250 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2023 | 2022 | ||
£ | £ | ||
- within one year |
|
|
|
- between one and five years |
|
|
|
|
|
Pensions
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also contributes to the private pensions of Directors.
The pension cost charge represents contributions payable by the company and amounted to £75,693 (2022 - £75,008).
2023 | 2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
|
|
Included within creditors due within one year is an amount owed to the director of £Nil (2022: £3,069). The amount outstanding at the previous year end was repaid during the year.
Amounts falling due within one year
2023 | 2022 | ||
£ | £ | ||
Bank loans < 1 yr | 9,911 | 9,669 |
Amounts falling due after more than 1 year
2023 | 2022 | ||
£ | £ | ||
Bank loans 1-2 yrs | 10,162 | 9,911 | |
Bank loans 2-5 yrs | 13,949 | 24,109 | |
24,111 | 34,020 |