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COMPANY REGISTRATION NUMBER: 03874789
Residentsline Limited
Filleted Financial Statements
31 December 2022
Residentsline Limited
Financial Statements
Year ended 31 December 2022
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 6
Residentsline Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
81,689
80,825
Current assets
Debtors
6
1,671,434
1,292,070
Cash at bank and in hand
1,834,705
1,489,418
------------
------------
3,506,139
2,781,488
Creditors: amounts falling due within one year
7
2,151,713
1,455,388
------------
------------
Net current assets
1,354,426
1,326,100
------------
------------
Total assets less current liabilities
1,436,115
1,406,925
Provisions
Taxation including deferred tax
4,981
7,511
------------
------------
Net assets
1,431,134
1,399,414
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,431,034
1,399,314
------------
------------
Shareholder funds
1,431,134
1,399,414
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Mrs B J Bagnall
Director
Company registration number: 03874789
Residentsline Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents commission for the year, a separate accounting policy for commission is disclosed above. Commissions are not transferred from the Insurance Broking Account until the premiums have been paid. Credit is taken within the financial statements for commission as the requirements for entering a policy are satisfied.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
CRM System
-
10% straight line
Computer equipment
-
33% straight line
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2021: 28 ).
5. Tangible assets
CRM System
Computer equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022
80,610
202,120
44,639
327,369
Additions
12,000
3,362
58,948
74,310
Disposals
( 58,948)
( 58,948)
---------
---------
---------
---------
---------
At 31 December 2022
92,610
202,120
48,001
342,731
---------
---------
---------
---------
---------
Depreciation
At 1 January 2022
20,845
197,600
28,099
246,544
Charge for the year
8,061
3,605
2,832
7,368
21,866
Disposals
( 7,368)
( 7,368)
---------
---------
---------
---------
---------
At 31 December 2022
28,906
201,205
30,931
261,042
---------
---------
---------
---------
---------
Carrying amount
At 31 December 2022
63,704
915
17,070
81,689
---------
---------
---------
---------
---------
At 31 December 2021
59,765
4,520
16,540
80,825
---------
---------
---------
---------
---------
6. Debtors
2022
2021
£
£
Trade debtors
512,673
142,671
Amounts owed by group undertakings
1,135,490
1,090,512
Other debtors
23,271
58,887
------------
------------
1,671,434
1,292,070
------------
------------
The amount due by group undertakings is repayable on demand.
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,863,165
1,280,584
Corporation tax
73,552
75,754
Social security and other taxes
17,047
28,965
Pension creditor
2,681
Other creditors
195,268
70,085
------------
------------
2,151,713
1,455,388
------------
------------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
28,125
28,125
Later than 1 year and not later than 5 years
84,375
112,500
---------
---------
112,500
140,625
---------
---------
9. Summary audit opinion
The auditor's report dated 7 November 2023 was unqualified .
The senior statutory auditor was Richard Haydon FCA , for and on behalf of BK Plus Audit Limited .
10. Director's advances, credits and guarantees
During the year £39,678 (2021: £Nil) was repaid to the company by the director. At the year end £Nil (2021: £39,678) was owed by the director. Interest is chargeable on the balance biennially. During the year interest of £Nil (2021: £2,278) was charged on the balance. The balance is repayable on demand and is unsecured.
11. Related party transactions
The company was under the control of the director throughout the current and previous year. The company has taken advantage of the related party disclosure exemption in respect of transactions entered into between members of the group.
12. Controlling party
The company is a 100% owned subsidiary of BJM Holding Company Limited , a company incorporated in England. The ultimate controlling party is Mrs B J Bagnall , director and shareholder of BJM Holding Company Limited.