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REGISTERED NUMBER: 00880423 (England and Wales)
























Financial Statements

for the Year Ended 31 July 2023

for

Gothic Insurance Brokers Limited

Gothic Insurance Brokers Limited (Registered number: 00880423)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gothic Insurance Brokers Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: R A Norris
Mrs F O Norris
D A Norris
A May
G Smith





REGISTERED OFFICE: 81a High Street
Harlow
Essex
CM17 ODP





REGISTERED NUMBER: 00880423 (England and Wales)





ACCOUNTANTS: Baverstocks Group Limited
140 Rayne Road
Braintree
Essex
CM7 2QR

Gothic Insurance Brokers Limited (Registered number: 00880423)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 36,508 44,581

CURRENT ASSETS
Debtors 5 434,727 380,300
Cash at bank 150,073 118,646
584,800 498,946
CREDITORS
Amounts falling due within one year 6 486,419 392,178
NET CURRENT ASSETS 98,381 106,768
TOTAL ASSETS LESS CURRENT
LIABILITIES

134,889

151,349

CREDITORS
Amounts falling due after more than one
year

7

(26,448

)

(47,194

)

PROVISIONS FOR LIABILITIES (6,946 ) (3,087 )
NET ASSETS 101,495 101,068

CAPITAL AND RESERVES
Called up share capital 60,150 60,150
Retained earnings 41,345 40,918
SHAREHOLDERS' FUNDS 101,495 101,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Gothic Insurance Brokers Limited (Registered number: 00880423)

Balance Sheet - continued
31 July 2023


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 1 November 2023 and were signed on its behalf by:




R A Norris - Director



Mrs F O Norris - Director


Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Gothic Insurance Brokers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents insurance commissions receivable and fees charged.

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.
Furniture & equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Furniture and Computer
& equipment fittings equipment Totals
£    £    £    £   
COST
At 1 August 2022 92,715 23,417 105,992 222,124
Additions 3,147 - 593 3,740
At 31 July 2023 95,862 23,417 106,585 225,864
DEPRECIATION
At 1 August 2022 56,781 22,414 98,348 177,543
Charge for year 9,502 251 2,060 11,813
At 31 July 2023 66,283 22,665 100,408 189,356
NET BOOK VALUE
At 31 July 2023 29,579 752 6,177 36,508
At 31 July 2022 35,934 1,003 7,644 44,581

Fixed assets, included in the above, which are held under finance leases are as follows:
Furniture
& equipment
£   
COST
At 1 August 2022
and 31 July 2023 27,940
DEPRECIATION
At 1 August 2022 1,075
Charge for year 6,448
At 31 July 2023 7,523
NET BOOK VALUE
At 31 July 2023 20,417
At 31 July 2022 26,865

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 93,662 129,674
Other debtors 34,494 26,374
Broking debtors (net) 244,831 167,109
Directors' current accounts 36,792 29,052
Prepayments 24,948 28,091
434,727 380,300

Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Finance leases 8,597 8,597
Trade creditors 13,544 9,403
Tax 55,303 39,707
Social security and other taxes 4,299 4,652
Other creditors 10,968 11,120
Broking creditors (net) 383,708 308,699
486,419 392,178

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 10,000 20,000
Finance leases 6,448 17,194
26,448 47,194

8. OPERATING LEASE COMMITMENTS

As at 31 July 2023 the company had annual commitments under non-cancellable operating leases:

Land & buildings Equipment

- within 1 year - -
- within 2-5 years £36,000 £3,028

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Mrs F O Norris and R A Norris
Balance outstanding at start of year 11,151 16,850
Amounts repaid (1,412 ) (5,699 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,739 11,151

D A Norris
Balance outstanding at start of year 10,951 9,396
Amounts advanced 7,572 1,555
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,523 10,951

Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

A May
Balance outstanding at start of year 6,854 10,673
Amounts advanced 1,580 -
Amounts repaid - (3,819 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,434 6,854

G Smith
Balance outstanding at start of year 96 -
Amounts advanced - 96
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 96 96

No interest is charged by the company on the director's overdrawn loan account.

10. ULTIMATE CONTROLLING PARTY

The controlling party is D A Norris.