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1
2023-01-01
2023-12-31
Company registration number:
06278129
Gladstone Brookes Limited
Unaudited filleted financial statements
31 December 2023
Gladstone Brookes Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Gladstone Brookes Limited
Directors and other information
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Directors |
Anthony Chorlton |
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Leon Moye |
(Resigned 13th June 2024) |
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Company number |
06278129 |
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Registered office |
Railex Business Centre |
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Crossens Way, Marine Drive |
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Southport |
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Merseyside |
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PR9 9LY |
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Business address |
47 Museum Street |
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Warrington |
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WA1 1LD |
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Accountants |
Forshaws Accountants |
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Crossens Way Business Park |
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Crossens Way |
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Southport |
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PR9 9LY |
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Gladstone Brookes Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Gladstone Brookes Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gladstone Brookes Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of Gladstone Brookes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gladstone Brookes Limited and state those matters that we have agreed to state to the board of directors of Gladstone Brookes Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gladstone Brookes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Gladstone Brookes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gladstone Brookes Limited. You consider that Gladstone Brookes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gladstone Brookes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way
Southport
PR9 9LY
Forshaws Accountants
13 September 2023
Gladstone Brookes Limited
Statement of financial position
31 December 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Debtors |
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5 |
619,205 |
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995,697 |
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Cash at bank and in hand |
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640,410 |
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355,650 |
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__________ |
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__________ |
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1,259,615 |
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1,351,347 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
590,554) |
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(
301,788) |
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__________ |
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__________ |
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Net current assets |
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669,061 |
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1,049,559 |
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__________ |
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__________ |
Total assets less current liabilities |
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669,061 |
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1,049,559 |
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__________ |
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Net assets |
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669,061 |
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1,049,559 |
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__________ |
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__________ |
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Capital and reserves |
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Called up share capital |
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2 |
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2 |
Profit and loss account |
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669,059 |
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1,049,557 |
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__________ |
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__________ |
Shareholders funds |
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669,061 |
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1,049,559 |
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__________ |
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__________ |
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
13 September 2023
, and are signed on behalf of the board by:
Anthony Chorlton
Director
Company registration number:
06278129
Gladstone Brookes Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, incorporated in England and Wales. The address of the registered office is Forshaws Chartered Accountants , Railex Business Centre, Crossens Way, Marine Drive, Southport, Merseyside, PR9 9LY. The principal activity of the company was that of claims management.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The company ceased trading on 24th June 2021 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable writing the company's assets down to net realisable value. However, no provision has been made for the future costs of terminating the business, unless such costs were committed at the reporting date.Having regard for the above, the directors believe it is appropriate to prepare the financial statements under a basis other than a going concern.
Turnover
Revenue from the rendering of services is recognised at the point at which formal confirmation is received from the relevant party that a claim on behalf of a client has been successful, as the company operates on a no win no fee basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Property improvements |
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straight line over the life of the lease |
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Fittings fixtures and equipment |
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15 % |
reducing balance |
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Computer equipment |
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33.33 % |
straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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
3
(2022:
11
).
5.
Debtors
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2023 |
2022 |
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£ |
£ |
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Trade debtors |
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73,036 |
436,506 |
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Other debtors |
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546,169 |
559,191 |
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__________ |
__________ |
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619,205 |
995,697 |
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__________ |
__________ |
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6.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Trade creditors |
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20,617 |
11,226 |
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Corporation tax |
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25,151 |
25,151 |
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Social security and other taxes |
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84,492 |
16,013 |
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Other creditors |
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460,294 |
249,398 |
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__________ |
__________ |
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590,554 |
301,788 |
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__________ |
__________ |
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7.
Controlling party
The company is controlled by Lisa O'Neill, by virtue of her owning 100% of the issued share capital.