G.I.F. (Consultants) Limited
Unaudited Financial Statements
For the year ended 31 March 2022
For Filing with Registrar
Company Registration No. 02203884 (England and Wales)
G.I.F. (Consultants) Limited
Company Information
Director
J Abouchalache
Secretary
J Abouchalache
Company number
02203884
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
G.I.F. (Consultants) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
G.I.F. (Consultants) Limited
Balance Sheet
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,414
4,059
Current assets
Debtors
6
57,944
60,244
Cash at bank and in hand
5
220,868
210,958
278,812
271,202
Creditors: amounts falling due within one year
8
(71,658)
(71,850)
Net current assets
207,154
199,352
Total assets less current liabilities
210,568
203,411
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
9
200,568
193,411
Total equity
210,568
203,411
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 and signed by the director and authorised for issue on 12 September 2022
J Abouchalache
Director
Company Registration No. 02203884
G.I.F. (Consultants) Limited
Notes to the Financial Statements
For the year ended 31 March 2022
Page 2
1
Accounting policies
Company information
G.I.F. (Consultants) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Commission is credited to the profit and loss account in accordance with the amounts receivable in respect of insurance policies. Turnover is recognised when an insurance policy is put on risk with the product provider. Net commissions receivable at the balance sheet date are included as trade debtors.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
10% reducing balance
Computer equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks, including funds held on trust for clients in designated client bank accounts.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 3
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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 4
1.11
Insurance Debtors and Creditors
Insurance brokers usually act 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 FRS102 and shown net balances resulting from premium debtors and creditors. The cash balances relating to the insurance business are included as cash of the company, and shown as a corresponding liability. Insurance debtors are only recognised in respect of commissions due and not in respect of net premiums and claims amounts due to clients and underwriters.
In the ordinary course of insurance broking business, settlement is required to be made within certain market settlement bureaux, insurance intermediaries or insurance companies on the basis of net balance due to or from them rather than the amount due to or from the individual third parties which they represent.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2021 - 1).
2022
2021
Number
Number
Total
1
1
4
Director's remuneration and dividends
2022
2021
£
£
Remuneration paid to directors
19,789
15,727
Dividends paid to directors
15,000
65,000
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 5
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
45,005
Depreciation and impairment
At 1 April 2021
40,946
Depreciation charged in the year
645
At 31 March 2022
41,591
Carrying amount
At 31 March 2022
3,414
At 31 March 2021
4,059
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
41,984
44,164
Other debtors
15,960
16,080
57,944
60,244
7
Cash at bank and in hand
2022
2021
£
£
Cash at bank and in hand
220,868
210,958
Included within this figure is amounts held in designated client money bank accounts of £55,540 (2021: £41,191).
G.I.F. (Consultants) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 6
8
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
49,088
51,276
Corporation tax
5,692
1,834
Other taxation and social security
1,873
1,323
Other creditors
15,005
17,417
71,658
71,850
9
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
193,411
252,615
Profit for the year
22,157
5,796
Dividends declared and paid in the year
(15,000)
(65,000)
At the end of the year
200,568
193,411
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
48,239
65,699
Between two and five years
48,239
48,239
113,938
11
Control
J Abouchalache controls the company by virtue of his 100% holding of the ordinary shares.