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Registration number: 00816448

Hayes Parsons Limited

Filleted Financial Statements

for the Year Ended 31 December 2023


Pages for filing with Registrar

 

Hayes Parsons Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Hayes Parsons Limited

Company Information

Directors

B R K Leah

J W Woollam

Registered office

Beacon Tower
Colston Street
Bristol
BS1 4XE

Registered number

00816448

Auditors

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Hayes Parsons Limited

(Registration number: 00816448)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

58,488

96,962

Current assets

 

Debtors

6

3,820,785

1,753,075

Cash at bank and in hand

7

2,375,023

3,333,145

 

6,195,808

5,086,220

Creditors: Amounts falling due within one year

8

(3,592,332)

(3,330,147)

Net current assets

 

2,603,476

1,756,073

Total assets less current liabilities

 

2,661,964

1,853,035

Provisions for liabilities

(19,318)

(19,318)

Net assets

 

2,642,646

1,833,717

Capital and reserves

 

Called up share capital

9

1,000

1,000

Capital redemption reserve

81,000

81,000

Profit and loss account

2,560,646

1,751,717

Total equity

 

2,642,646

1,833,717

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 13 August 2024 and signed on its behalf by:
 

.........................................

J W Woollam

Director

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Beacon Tower
Colston Street
Bristol
BS1 4XE

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. Given the company's profitability and financial resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Revenue recognition

Turnover represents the insurance broking commission and fees receivable for insurances arranged in the year.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Foreign exchange gains and losses are recognised within administrative expenses.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Office equipment

20% to 33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Insurance debtors

Insurance debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of insurance debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price, and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases or hire purchase agreements are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease or hire purchase obligation.

Finance lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividends distributed to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employees' services are received.

Share based payments

Share based payments include arrangements where employees are granted options over the ultimate parent company’s unissued shares, in return for services provided to the company. The cost in respect of equity-settled share-based payment transactions with employees is measured by reference to the fair value of the equity instruments issued at the date of grant. The cost is recognised on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. No cost has been recognised for the year under review because the cost and the arrangements are immaterial to an understanding of the company’s financial performance and position.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 41 (2022 - 39).

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

22,210

Other timing differences

(2,892)

19,318

2022

Liability
£

Fixed asset timing differences

22,210

Other timing differences

(2,892)

19,318

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible fixed assets

Office equipment
 £

Cost

At 1 January 2023

293,494

Additions

10,503

At 31 December 2023

303,997

Depreciation

At 1 January 2023

196,532

Charge for the year

48,977

At 31 December 2023

245,509

Carrying amount

At 31 December 2023

58,488

At 31 December 2022

96,962

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Debtors: amounts falling due within one year

2023
£

2022
£

Owed by group undertakings

1,555,011

169,246

Amounts relating to insurance contracts

1,555,096

1,260,592

Corporation tax recoverable

4,179

4,179

Other debtors

171,983

29,787

Prepayments and accrued income

524,516

274,271

Directors' current accounts

10,000

15,000

3,820,785

1,753,075

7

Cash and cash equivalents

2023
 £

2022
 £

Cash on hand

20

20

Office bank accounts

861,677

1,444,005

Insurance broking accounts

1,513,326

1,889,120

2,375,023

3,333,145

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

2023
£

2022
£

Hire purchase liability

-

435

Trade creditors

41,517

52,801

Corporation tax

166,646

128,749

Social security and other taxes

52,018

48,035

Amounts relating to insurance contracts

2,548,448

2,388,860

Other creditors

25,686

44,748

Accruals and deferred income

758,017

666,519

3,592,332

3,330,147

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

10

Obligations under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Total

25,740

107,250

 

Hayes Parsons Limited

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

15,000

-

(5,000)

10,000

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors

15,000

-

-

15,000

         
       

 

These balances are interest free and unsecured.

12

Parent and ultimate parent undertaking

The ultimate controlling party is Mr J W Woollam by virtue of his majority shareholding in Wingardium Holdings Limited.

 The company's immediate parent company is Hayes Parsons Holdings Limited, incorporated in England and Wales.

 The ultimate parent company is Wingardium Holdings Limited, incorporated in England and Wales.

13

Audit report

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

• The audit report was signed on 13 August 2024.
The audit report was unqualified.
• The senior statutory auditor was Stuart Crisp BSc FCA.
• The auditor was Corrigan Accountants Limited.