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COMPANY REGISTRATION NUMBER: 03688419
Randell Dorling Limited
Filleted Financial Statements
31 March 2023
Randell Dorling Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Randell Dorling Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
5
56,990
60,181
Cash at bank and in hand
54,234
56,297
---------
---------
111,224
116,478
Creditors: amounts falling due within one year
7
95,232
87,032
---------
---------
Net current assets
15,992
29,446
--------
--------
Total assets less current liabilities
15,992
29,446
Provisions
Taxation including deferred tax
( 311)
( 380)
--------
--------
Net assets
16,303
29,826
--------
--------
Capital and reserves
Called up share capital
8
2,000
2,000
Profit and loss account
14,303
27,826
--------
--------
Shareholders funds
16,303
29,826
--------
--------
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 his 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 4 March 2024 , and are signed on behalf of the board by:
Mr P D Blackmore
Director
Company registration number: 03688419
Randell Dorling Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Boundary House, 7-17 Jewry Street, London, EC3N 2HP.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Insurance assets and liabilities
The company acts as agent in placing insurance risks for its clients. Notwithstanding its legal relationship with clients and underwriters, debtors, creditors and bank balances arising from insurance transactions are shown as assets and liabilities of the company itself. This recognises that the insurance intermediary is entitled to retain the investment income on any cash flows arising from these transactions.
Revenue recognition
Turnover comprises commissions receivable. Commission is derived from insurance contracts and is recognised on inception date of individual policies, or if later, when the placement is completed. Profit commission is recognised in the period in which it is ascertained. Most policies carry an obligation to provide post placement services, principally policy administration and amendment, claims handling and advice. Accordingly, an element of income is deferred to take account of future servicing obligations.
Income tax
Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Average number of employees
During the year the average number of employees was 1 (2022: 1) which consisted of the director only.
5. Debtors
2023
2022
£
£
Trade debtors
13,330
3,644
Prepayments and accrued income
42,675
56,537
Corporation tax repayable
985
--------
--------
56,990
60,181
--------
--------
Included within trade debtors are gross written insurance premiums due from clients of £13,330 (2022: £3,644).
6. Cash and cash equivalents
Bank balances include £31,254 (2022: £17,239) of insurance monies held on a risk transfer basis in insurer trust bank accounts.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
46,309
19,335
Accruals and deferred income
19,851
17,639
Corporation tax
986
Amounts owed to related undertakings
29,072
49,072
--------
--------
95,232
87,032
--------
--------
Included within trade creditors are net written insurance premiums payable to underwriters of £39,875 (2022: £14,811).
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2,000
2,000
2,000
2,000
-------
-------
-------
-------
9. Events after the end of the reporting period
After the year end, the company was sold to Stubben Edge Group Limited.
10. Summary audit opinion
The auditor's report dated 4 March 2024 was unqualified .
The senior statutory auditor was S D Drain , for and on behalf of Edmund Carr LLP .
11. Related party transactions
During the year the company paid management charges of £155,000 (2022: £225,000) to a related company. At the year end the amount due to related parties was £29,072 (2022: £49,072).