Company registration number 03950911 (England and Wales)
LUCY A RAYMOND & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
LUCY A RAYMOND & SONS LIMITED
COMPANY INFORMATION
Directors
Lucy A Williams
Dennis McLafferty
Mario Aldonza
(Appointed 8 June 2023)
Company number
03950911
Registered office
Valiant House
4-10 Heneage Lane
London
EC3A 5DQ
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
LUCY A RAYMOND & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
LUCY A RAYMOND & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Review of Business

The key financial results are as follows:

 

2023

2022

 

£

£

Turnover

1,015,151

1,251,241

Increase / (decrease) in turnover

(18.9)%

2.8%

Profit / (loss) before taxation

99,120

(172,513)

 

 

 

 

The directors are disappointed with the decrease in turnover following the small increase from FY21 to FY22, however, they are pleased to see the return to profitability. The directors are confident that the turnover will stabilise in the coming year.

Principal Risks and Uncertainties

The principal risks that impact the operations of the business and the actions taken in response to these risks are identified below.

 

1. Maintaining healthy working relationships with both clients and reinsurers.

 

2. Wider macro-economic factors and the state of the economies in which the company operates.

 

3. Risk of non-compliance with laws and regulations pertaining to the company both in the United Kingdom and the overseas jurisdictions in which the company operates.

 

The company addresses these issues by remaining agile, giving it the ability to respond as quickly as possible to changing circumstances.

Key Performance Indicators

The company uses a variety of criteria/indicators to track its financial and non-financial performances over a specified period of time i.e. on a monthly and yearly basis.

 

The main external comparison is in the form of competitive benchmarking with reinsurance brokers of similar size that operate in the same market segment with a similar customer base.

 

The key performance indicators that the directors consider of great importance and relevance to the nature of the business operations are as follows:

 

Operating Profit Margin - this stood at 9.3% (2022: -14.2%),

 

Current Ratio - this increased to 1.58x in 2023 from 1.25x in 2022.

Future developments

The company continues to seek further prudent growth opportunities, particularly through their contacts throughout South and Central America. The company is hopeful of improved trading performance over the forthcoming year.

LUCY A RAYMOND & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Promoting the success of the company

Under the Companies Act 2006 (CA 2006), directors have seven general duties to the company. One of these duties, commonly referred to as the ‘s172 duty’, is ‘to promote the success of the company’. Part 1 of that duty requires directors to do so ‘for the benefit of its members as a whole’, and in doing so, to have regard to the following six factors:

 

 

Further details of how the directors have fulfilled their duties are set out below.

 

Risk management

 

The directors have deployed several initiatives across the group to manage risks posed to the business effectively. There is considerable focus on analysing client satisfaction, particularly as manifested by repeat business.

Business relationships

The company's mission is to add value to businesses through providing innovative products and exceptional levels of service to meet our clients’ requirements. The company understands the value of maintaining and developing relationships with its clients and underwriters, as it is these relationships that underpin its current and future growth. Through these actions, the company’s relationships go from strength to strength as demonstrated by the company’s involvement with the same clients and underwriters for many years.

Community and environment

Environmentally, the company is assessing its practices, supply chain, services, and carbon emissions. The company is partnered with innovative companies who are minimising their impact to the environment whilst also increasing its range of recycled products and recycling across the business.

Shareholders

The group has a small but effective management team, and its shareholders are also involved in an executive capacity in the group's day-to-day operations. Therefore the interests of management and shareholders are naturally aligned.

On behalf of the board

Lucy A Williams
Director
28 March 2024
LUCY A RAYMOND & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company was that of insurance broking.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Lucy A Williams
Dennis McLafferty
Mario Aldonza
(Appointed 8 June 2023)
Alvaro Navas
(Resigned 1 June 2023)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

LUCY A RAYMOND & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
On behalf of the board
Lucy A Williams
Director
28 March 2024
LUCY A RAYMOND & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUCY A RAYMOND & SONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Lucy A Raymond & Sons Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LUCY A RAYMOND & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUCY A RAYMOND & SONS LIMITED
- 6 -
Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

LUCY A RAYMOND & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUCY A RAYMOND & SONS LIMITED
- 7 -
Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

We comment in the emphasis of matter section of our report on matters relevant to compliance with law and regulation. The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Thacker
Senior Statutory Auditor
For and on behalf of Beavis Morgan Audit Limited
28 March 2024
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
LUCY A RAYMOND & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
1,015,151
1,251,241
Administrative expenses
(1,422,392)
(1,872,621)
Other operating income
204,000
444,000
Exceptional item
4
297,190
-
0
Operating profit/(loss)
5
93,949
(177,380)
Interest receivable and similar income
6
9,185
9,180
Interest payable and similar expenses
7
(4,014)
(4,313)
Profit/(loss) before taxation
99,120
(172,513)
Tax on profit/(loss)
10
(61,305)
-
0
Profit/(loss) for the financial year
37,815
(172,513)

The income statement has been prepared on the basis that all operations are continuing operations.

LUCY A RAYMOND & SONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
9,384
12,867
Current assets
Debtors
12
1,023,963
1,599,228
Cash at bank and in hand
339,761
771,523
1,363,724
2,370,751
Creditors: amounts falling due within one year
13
(864,210)
(1,912,535)
Net current assets
499,514
458,216
Net assets
508,898
471,083
Capital and reserves
Called up share capital
15
49,900
49,900
Profit and loss reserves
458,998
421,183
Total equity
508,898
471,083
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Lucy A Williams
Director
Company registration number 03950911 (England and Wales)
LUCY A RAYMOND & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 March 2022:
Balance at 1 April 2021
49,900
515,269
565,169
Effect of prior period adjustment
-
78,427
78,427
As restated
49,900
593,696
643,596
Year ended 31 March 2022:
Loss and total comprehensive income
-
(172,513)
(172,513)
Balance at 31 March 2022
49,900
421,183
471,083
Year ended 31 March 2023:
Profit and total comprehensive income
-
37,815
37,815
Balance at 31 March 2023
49,900
458,998
508,898
LUCY A RAYMOND & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
19
(436,265)
(1,122,135)
Interest paid
(4,014)
(4,313)
Income taxes (paid)/refunded
(161,416)
68,310
Net cash outflow from operating activities
(601,695)
(1,058,138)
Investing activities
Purchase of tangible fixed assets
(1,399)
(5,522)
Receipt/(repayment) of loans
162,147
(390,034)
Interest received
9,185
9,180
Net cash generated from/(used in) investing activities
169,933
(386,376)
Net decrease in cash and cash equivalents
(431,762)
(1,444,514)
Cash and cash equivalents at beginning of year
771,523
2,216,037
Cash and cash equivalents at end of year
339,761
771,523
LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
1
Accounting policies
Company information

Lucy A Raymond & Sons Limited is a private company limited by shares and was incorporated in England and Wales. The principal place of business and registered office is Valiant House, 4-10 Heneage Lane, London, EC3A 5DQ. The registered number is 3950911.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for the rendering of insurance broker services in the normal course of business, and is shown net of discounts. The commission on general insurance is recognised on inception of the relevant policy at the time of invoicing the gross premium to the client.

1.4
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 and fittings
25% straight line
Office equipment
25% straight line

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. The cash balance at the year end includes £265,324 (2022: £696,136) of insurance cash held in client bank accounts.

LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
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.

1.8
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 income statement 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 income statement, 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.

LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

1.12
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.

1.13

Insurance broking debtors and creditors

The Company acts 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 return premiums and claims payable to clients. In recognition of this relationship, the insurance debtors and creditors ("fiduciary assets") relating to insurance business are not included as assets and liabilities of the Company itself. In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureau, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third party which it represents. “Client monies” are presented within Bank balances as insurance intermediaries have sufficient interest in the risks and rewards associated with the monies held; the corresponding obligation to underwriters, or clients, net of brokerage earned by the Company and not taken to its own funds is included in balance sheet creditors as an amount falling due within one year.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Brokerage
1,015,151
1,251,241
2023
2022
£
£
Turnover analysed by geographical market
Latin America
1,013,874
1,251,241
Europe
1,277
-
1,015,151
1,251,241
2023
2022
£
£
Other revenue
Interest income
9,185
9,180
4
Exceptional item
2023
2022
£
£
Expenditure
Insurance balances write back
(297,190)
-

This exceptional item relates to the write back of historic insurance balances that have been assessed as being no longer owed by the company.

5
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(90,077)
44,471
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
24,000
Depreciation of owned tangible fixed assets
4,882
2,655
Operating lease charges
185,262
184,851
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
9,185
9,180
LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,014
1,964
Other finance costs:
Other interest
-
0
2,349
4,014
4,313
8
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
13
10

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
499,122
481,629
Social security costs
56,820
54,247
Pension costs
6,614
7,348
562,556
543,224
9
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
54,815
128,248
Company pension contributions to defined contribution schemes
535
770
55,350
129,018
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
26,680
-
0
Adjustments in respect of prior periods
34,625
-
0
Total current tax
61,305
-
0
LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
10
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
99,120
(172,513)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
18,833
(32,777)
Adjustments in respect of prior years
34,625
-
0
Other permanent differences
7,847
32,777
Taxation charge for the year
61,305
-
11
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 April 2022
244,586
181,024
425,610
Additions
-
0
1,399
1,399
At 31 March 2023
244,586
182,423
427,009
Depreciation and impairment
At 1 April 2022
244,586
168,157
412,743
Depreciation charged in the year
-
0
4,882
4,882
At 31 March 2023
244,586
173,039
417,625
Carrying amount
At 31 March 2023
-
0
9,384
9,384
At 31 March 2022
-
0
12,867
12,867
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
902,382
1,468,668
Prepayments and accrued income
121,581
122,682
1,023,963
1,591,350
LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Debtors
(Continued)
- 19 -
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
7,878
Total debtors
1,023,963
1,599,228
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
95,594
331,005
Corporation tax
220,401
320,512
Other taxation and social security
-
0
15,930
Other creditors
472,040
1,142,345
Accruals and deferred income
76,175
102,743
864,210
1,912,535
14
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,614
7,348

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Voting of £1 each
100
100
100
100
B Non Voting of £1 each
49,800
49,800
49,800
49,800
49,900
49,900
49,900
49,900

The company has two classes of ordinary shares. A shares carry voting rights and on a division of assets are entitled to receive £1 per A share in priority to the B shareholders.

 

B shares carry dividend rights and on a division of assets are entitled to the remainder of the assets after A shareholders have received £1 per A share.

LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
16
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
159,853
75,043
Between two and five years
120,437
-
0
280,290
75,043
17
Related party transactions

During the year, repayments of £162,147 (2022: £390,034 advances) were made by a director of the company to the company. At the year end £681,508 (2022: £843,655) was owed by the director to the company.

 

During the year, the company made management charges to Worldwide Technical Solutions Limited ('WTS') and paid for expenses on behalf of WTS totalling £204,000 (2022: £444,000). As at 31 March 2023, £169,749 was due to WTS (2022: £333,141 due from). WTS is a related party by virtue of being under common control.

18
Ultimate controlling party

Lucy Williams is considered to be the ultimate controlling party of the company.

19
Cash absorbed by operations
2023
2022
£
£
Profit/(loss) for the year after tax
37,815
(172,513)
Adjustments for:
Taxation charged
61,305
-
0
Finance costs
4,014
4,313
Investment income
(9,185)
(9,180)
Depreciation and impairment of tangible fixed assets
4,882
2,655
Movements in working capital:
Decrease in debtors
413,118
435,403
Decrease in creditors
(948,214)
(1,382,813)
Cash absorbed by operations
(436,265)
(1,122,135)
20
Analysis of changes in net funds
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
771,523
(431,762)
339,761
LUCY A RAYMOND & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
21
Prior period adjustment
Changes to the statement of financial position
As previously reported
Adjustment at 1 Apr 2021
Adjustment at 31 Mar 2022
As restated at 31 Mar 2022
£
£
£
£
Creditors due within one year
Taxation
(318,045)
(18,397)
-
(336,442)
Other creditors
(1,672,917)
96,824
-
(1,576,093)
Net assets
392,656
78,427
-
471,083
Capital and reserves
Profit and loss reserves
342,756
78,427
-
421,183
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Correction of historic errors on insurer balances
96,824
96,824
Tax charge on adjusted historic errors
(18,397)
(18,397)
Total adjustments
78,427
78,427
Equity as previously reported
565,169
392,656
Equity as adjusted
643,596
471,083
Analysis of the effect upon equity
Profit and loss reserves
78,427
78,427
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