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REGISTERED NUMBER: 00880423 (England and Wales)
























Financial Statements

for the Year Ended 31 July 2024

for

Gothic Insurance Brokers Limited

Gothic Insurance Brokers Limited (Registered number: 00880423)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gothic Insurance Brokers Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: R A Norris
Mrs F O Norris
D A Norris
A May
G Smith





REGISTERED OFFICE: 81a High Street
Harlow
Essex
CM17 ODP





REGISTERED NUMBER: 00880423 (England and Wales)





ACCOUNTANTS: Baverstocks Group Limited
140 Rayne Road
Braintree
Essex
CM7 2QR

Gothic Insurance Brokers Limited (Registered number: 00880423)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,002 36,508

CURRENT ASSETS
Debtors 5 454,317 434,727
Cash at bank 307,740 150,073
762,057 584,800
CREDITORS
Amounts falling due within one year 6 606,571 486,419
NET CURRENT ASSETS 155,486 98,381
TOTAL ASSETS LESS CURRENT
LIABILITIES

196,488

134,889

CREDITORS
Amounts falling due after more than one
year

7

(30,252

)

(26,448

)

PROVISIONS FOR LIABILITIES (3,249 ) (6,946 )
NET ASSETS 162,987 101,495

CAPITAL AND RESERVES
Called up share capital 60,150 60,150
Retained earnings 102,837 41,345
SHAREHOLDERS' FUNDS 162,987 101,495

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gothic Insurance Brokers Limited (Registered number: 00880423)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:




R A Norris - Director



Mrs F O Norris - Director


Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Gothic Insurance Brokers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents insurance commissions receivable and fees charged.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Furniture & equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Furniture and Computer
& equipment fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023 95,862 23,417 106,585 225,864
Additions 32,145 - 1,298 33,443
Disposals (27,940 ) - - (27,940 )
At 31 July 2024 100,067 23,417 107,883 231,367
DEPRECIATION
At 1 August 2023 66,283 22,665 100,408 189,356
Charge for year 7,550 188 1,869 9,607
Eliminated on disposal (8,598 ) - - (8,598 )
At 31 July 2024 65,235 22,853 102,277 190,365
NET BOOK VALUE
At 31 July 2024 34,832 564 5,606 41,002
At 31 July 2023 29,579 752 6,177 36,508

Fixed assets, included in the above, which are held under finance leases are as follows:
Furniture
& equipment
£   
COST
At 1 August 2023 27,940
Additions 30,895
Disposals (27,940 )
At 31 July 2024 30,895
DEPRECIATION
At 1 August 2023 7,523
Charge for year 4,947
Eliminated on disposal (8,598 )
At 31 July 2024 3,872
NET BOOK VALUE
At 31 July 2024 27,023
At 31 July 2023 20,417

Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 126,197 93,662
Other debtors 32,841 34,494
Broking debtors (net) 248,244 244,831
Directors' current accounts 23,509 36,792
Prepayments 23,526 24,948
454,317 434,727

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Finance leases 5,379 8,597
Trade creditors 9,078 13,544
Tax 97,941 55,303
Social security and other taxes 2,777 4,299
Other creditors 13,853 10,968
Other loan 8,874 -
Broking creditors (net) 458,669 383,708
606,571 486,419

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years - 10,000
Finance leases 20,252 6,448
30,252 26,448

8. OPERATING LEASE COMMITMENTS

As at 31 July 2023 the company had annual commitments under non-cancellable operating leases:

Land & buildings Equipment

- within 1 year - -
- within 2-5 years £34,000 £1,706

Gothic Insurance Brokers Limited (Registered number: 00880423)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Mrs F O Norris and R A Norris
Balance outstanding at start of year 9,739 11,151
Amounts repaid (9,306 ) (1,412 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 433 9,739

D A Norris
Balance outstanding at start of year 18,523 10,951
Amounts advanced - 7,572
Amounts repaid (1,839 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,684 18,523

A May
Balance outstanding at start of year 8,434 6,854
Amounts advanced - 1,580
Amounts repaid (2,234 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,200 8,434

G Smith
Balance outstanding at start of year 96 96
Amounts advanced 96 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 192 96

No interest is charged by the company on the director's overdrawn loan account.

10. ULTIMATE CONTROLLING PARTY

The controlling party is D A Norris.