Registration number:
Hayes Parsons Limited
for the Year Ended 31 December 2023
Pages for filing with Registrar
Hayes Parsons Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Hayes Parsons Limited
Company Information
Directors |
B R K Leah J W Woollam |
Registered office |
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Registered number |
00816448 |
Auditors |
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Hayes Parsons Limited
(Registration number: 00816448)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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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
.........................................
J W Woollam
Director
Hayes Parsons Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Hayes Parsons Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Taxation |
Deferred tax
Deferred tax assets and liabilities
2023 |
Liability |
Fixed asset timing differences |
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Other timing differences |
( |
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2022 |
Liability |
Fixed asset timing differences |
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Other timing differences |
( |
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Hayes Parsons Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible fixed assets |
Office equipment |
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Cost |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Hayes Parsons Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Debtors: amounts falling due within one year |
2023 |
2022 |
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Owed by group undertakings |
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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 |
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Cash and cash equivalents |
2023 |
2022 |
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Cash on hand |
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Office bank accounts |
861,677 |
1,444,005 |
Insurance broking accounts |
1,513,326 |
1,889,120 |
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Hayes Parsons Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
2023 |
2022 |
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Hire purchase liability |
- |
435 |
Trade creditors |
41,517 |
52,801 |
Corporation tax |
166,646 |
128,749 |
Social security and other taxes |
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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 |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Obligations under operating leases |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Total |
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Hayes Parsons Limited
Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)
Related party transactions |
Transactions with directors |
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
Directors |
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- |
( |
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2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
Directors |
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- |
- |
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These balances are interest free and unsecured.
Parent and ultimate parent undertaking |
The company's immediate parent company is
The ultimate parent company is
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
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• The senior statutory auditor was
• The auditor was