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COMPANY REGISTRATION NUMBER: 13348589
BESTFORD INSURANCE BROKERS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
BESTFORD INSURANCE BROKERS LTD
FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
BESTFORD INSURANCE BROKERS LTD
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
50,064
56,897
Tangible assets
6
80,739
1,067
----------
---------
130,803
57,964
CURRENT ASSETS
Debtors
7
60,618
63,435
Cash at bank and in hand
432
400
---------
---------
61,050
63,835
CREDITORS: amounts falling due within one year
8
66,681
43,984
---------
---------
NET CURRENT (LIABILITIES)/ASSETS
( 5,631)
19,851
----------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
125,172
77,815
CREDITORS: amounts falling due after more than one year
9
51,199
20,738
PROVISIONS
Taxation including deferred tax
20,185
267
----------
---------
NET ASSETS
53,788
56,810
----------
---------
CAPITAL AND RESERVES
Called up share capital
11
1
1
Profit and loss account
53,787
56,809
---------
---------
SHAREHOLDERS FUNDS
53,788
56,810
---------
---------
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.
BESTFORD INSURANCE BROKERS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
For the year ending 30th April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act 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 29 July 2024 , and are signed on behalf of the board by:
S. J. Bestford
Director
Company registration number: 13348589
BESTFORD INSURANCE BROKERS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th APRIL 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cobalt Park Way, Wallsend, Tyne and Wear, NE28 9NZ, England.
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. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for commissions earned.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Computer equipment
-
33% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Hire purchase contracts
Assets held under hire purchase 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 hire purchase payments, which is determined at the inception of the hire purchase term. Any initial direct costs of the hire purchase are added to the amount recognised as an asset. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding hire purchase 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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st May 2023 and 30th April 2024
68,330
---------
Amortisation
At 1st May 2023
11,433
Charge for the year
6,833
---------
At 30th April 2024
18,266
---------
Carrying amount
At 30th April 2024
50,064
---------
At 30th April 2023
56,897
---------
6. TANGIBLE ASSETS
Computer equipment
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1st May 2023
983
851
1,834
Additions
98,918
98,918
Disposals
( 148)
( 670)
( 818)
----
---------
----
---------
At 30th April 2024
835
98,918
181
99,934
----
---------
----
---------
Depreciation
At 1st May 2023
459
308
767
Charge for the year
192
18,548
139
18,879
Disposals
( 98)
( 353)
( 451)
----
---------
----
---------
At 30th April 2024
553
18,548
94
19,195
----
---------
----
---------
Carrying amount
At 30th April 2024
282
80,370
87
80,739
----
---------
----
---------
At 30th April 2023
524
543
1,067
----
---------
----
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th April 2024
80,370
---------
At 30th April 2023
---------
7. DEBTORS
2024
2023
£
£
Prepayments and accrued income
1,824
900
Corporation tax repayable
27
Bestford and Company LLP
9,500
Other debtors
58,767
53,035
---------
---------
60,618
63,435
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
3,766
10,095
Trade creditors
4,050
3,591
Accruals and deferred income
4,898
4,209
Corporation tax
23,675
Social security and other taxes
2,895
2,167
Obligations under finance leases and hire purchase contracts
15,840
Director loan accounts
33,019
247
Other creditors
2,213
---------
---------
66,681
43,984
---------
---------
The hire purchase contract, included within creditors: amounts falling due within one year, is secured against the asset that is funded in this way.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
20,738
Obligations under finance leases and hire purchase contracts
51,199
---------
---------
51,199
20,738
---------
---------
The hire purchase contract, included within creditors: amounts falling due after more than one year, is secured against the asset that is funded in this way.
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
20,185
267
---------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
20,185
267
---------
----
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.