Limited Liability Partnership Registration No. OC307761 (England and Wales)
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
BH23 1EF
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
CONTENTS
Page
LLP Information
1
Members' responsibilities statement
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
- 1 -
Designated members
Mr. P Goodman
Mr. T Pretty
LLP registration number
OC307761
Registered office
Lynes House
Lynes Lane
Ringwood
Hampshire
United Kingdom
BH24 1BT
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
Business address
Buddle Mead
North Gorley
Buddle Hill
Fordingbridge
Hampshire
United Kingdom
SP6 2PF
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
31 March
30 April
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,395
24,042
Investments
5
158
158
18,553
24,200
Current assets
Debtors
6
100,154
87,671
Cash at bank and in hand
150,091
115,999
250,245
203,670
Creditors: amounts falling due within one year
7
(39,148)
(17,605)
Net current assets
211,097
186,065
Total assets less current liabilities
229,650
210,265
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
180,614
166,229
Members' other interests
Members' capital classified as equity
49,036
44,036
229,650
210,265
Total members' interests
Loans and other debts due to members
180,614
166,229
Members' other interests
49,036
44,036
229,650
210,265
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 17 September 2024 and are signed on their behalf by:
17 September 2024
Mr. P Goodman
Mr. T Pretty
Designated member
Designated Member
Limited Liability Partnership Registration No. OC307761
The notes on pages 4 to 8 form part of these financial statements
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Goodmans Commercial Insurance Brokers LLP is a limited liability partnership incorporated in England and Wales. The registered office is Lynes House, Lynes Lane, Ringwood, Hampshire, United Kingdom, BH24 1BT.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the commissions on insurance premiums received from customers and third parties in the period. VAT is not applicable.

1.3
Members Participation Rights

Remuneration is paid to all the members under the LLP agreement and is included as an expense in the profit and loss account after arriving at 'profit for the financial year before members' remuneration and profit shares'.

 

The profit and loss for the financial year is accounted for as an automatic allocation of profits to members in accordance with all the members agreement at the end of the financial year.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

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.

GOODMANS COMMERCIAL INSURANCE BROKERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

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% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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.

1.8
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.

1.9
Retirement benefits and post retirement payments to members

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

1.10
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 leased asset are consumed.

GOODMANS COMMERCIAL INSURANCE BROKERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.11
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.

2
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Total
14
14
3
Members' remuneration
31 March
30 April
2024
2023
Number
Number
The average number of members during the period was
2
2
31 March
30 April
2024
2023
£
£
Profit attributable to the member with the highest entitlement
163,958
166,384
31 March
30 April
2024
2023
£
£
Automatic division of profits
270,543
272,141
270,543
272,141
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023 and 31 March 2024
61,916
51,630
113,546
Depreciation and impairment
At 1 May 2023
59,065
30,439
89,504
Depreciation charged in the period
791
4,856
5,647
At 31 March 2024
59,856
35,295
95,151
Carrying amount
At 31 March 2024
2,060
16,335
18,395
At 30 April 2023
2,851
21,191
24,042
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
158
158
6
Debtors
31 March
30 April
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
100,154
87,671
7
Creditors: amounts falling due within one year
31 March
30 April
2024
2023
£
£
Trade creditors
8,295
3,629
Other taxation and social security
8,443
5,329
Accruals and deferred income
22,410
8,647
39,148
17,605
GOODMANS COMMERCIAL INSURANCE BROKERS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
8
Loans and other debts due to members
31 March
30 April
2024
2023
£
£
Amounts owed to members in respect of profits
180,614
166,229

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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