Company registration number 02114114 (England and Wales)
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
56,160
40,777
Current assets
Debtors
5
1,229,420
1,204,724
Cash at bank and in hand
793,841
1,355,469
2,023,261
2,560,193
Creditors: amounts falling due within one year
6
(820,432)
(916,064)
Net current assets
1,202,829
1,644,129
Total assets less current liabilities
1,258,989
1,684,906
Creditors: amounts falling due after more than one year
7
(500,000)
(500,000)
Provisions for liabilities
(8,452)
(7,747)
Net assets
750,537
1,177,159
Capital and reserves
Called up share capital
8
3,584
3,584
Capital redemption reserve
100,236
100,236
Profit and loss reserves
646,717
1,073,339
Total equity
750,537
1,177,159
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr DJ Fulford
Mr N Igglesden
Director
Director
Company Registration No. 02114114
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Radcliffe & Co (Life & Pensions) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Meridians House, 7 Ocean Way, Southampton, Hampshire, United Kingdom, SO14 3TJ.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts chargeable in respect of the sale of services to customers.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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:
Leasehold improvements
10% equal annual installments
Fixtures and fittings
10% equal annual installments
Computer equipment
25% equal annual installments
Bicycles
12 months 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.
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.5
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.
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
41
42
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
197,210
Amortisation and impairment
At 1 May 2023 and 30 April 2024
197,210
Carrying amount
At 30 April 2024
At 30 April 2023
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computer equipment
Bicycles
Total
£
£
£
£
£
Cost
At 1 May 2023
53,923
52,864
218,193
18,795
343,775
Additions
27,998
27,998
At 30 April 2024
53,923
52,864
246,191
18,795
371,773
Depreciation and impairment
At 1 May 2023
42,650
49,775
192,618
17,955
302,998
Depreciation charged in the year
1,253
494
10,028
840
12,615
At 30 April 2024
43,903
50,269
202,646
18,795
315,613
Carrying amount
At 30 April 2024
10,020
2,595
43,545
56,160
At 30 April 2023
11,273
3,089
25,575
840
40,777
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,195,025
1,164,095
Other debtors
(396)
13,794
Prepayments and accrued income
34,791
26,835
1,229,420
1,204,724
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
1,174
Corporation tax
131,515
126,224
Other taxation and social security
163,116
155,025
Other creditors
2
670
Accruals and deferred income
525,799
632,971
820,432
916,064
A new banking facility was obtained in the year ended 30 April 2020 with respect to a bank overdraft facility. The facility is with Handelsbanken PLC. It is a fixed and floating charge over all the assets of the company. As the bank account was not overdrawn at year end, there is no overdraft balance included in the above note.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Preference share capital
500,000
500,000
The preference share capital shall entitle the holder thereof to a fixed preferential dividend at an interest rate of 4% per annum.
The preference share capital shall be redeemed at par in part or in whole at the option of the Company any time after 5 years from the date of issue.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
1,657
1,657
1,657
1,657
Ordinary B shares of £1 each
486
486
486
486
Ordinary C shares of £1 each
1,441
1,441
1,441
1,441
3,584
3,584
3,584
3,584
RADCLIFFE & CO (LIFE & PENSIONS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £201,000 (2023 - £210,000).