Company registration number 03726095 (England and Wales)
Gauntlet Risk Management Limited
Unaudited
financial statements
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Gauntlet Risk Management Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Gauntlet Risk Management Limited
Statement of financial position
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
45,569
57,509
Tangible assets
4
620,980
634,856
666,549
692,365
Current assets
Debtors
5
1,259,295
360,171
Investments
6
576,240
Cash at bank and in hand
502,168
539,548
1,761,463
1,475,959
Creditors: amounts falling due within one year
7
(592,159)
(526,990)
Net current assets
1,169,304
948,969
Total assets less current liabilities
1,835,853
1,641,334
Provisions for liabilities
(4,762)
(5,063)
Net assets
1,831,091
1,636,271
Capital and reserves
Called up share capital
1,500
1,500
Profit and loss reserves
1,829,591
1,634,771
Total equity
1,831,091
1,636,271
Gauntlet Risk Management Limited
Statement of financial position (continued)
as at 31 March 2024
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
R Gaunt
Director
Company Registration No. 03726095
Gauntlet Risk Management Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax. Turnover is recognised when the insurance policy is written and upon supply of contracted services.
Alterations in brokerage arising from lapsed policies, additional premiums and other adjustments are taken in account as and when these occur.
An element of turnover has been deferred in respect of post placement contractual obligations in accordance with FRS5 Application Note G 'Revenue Recognition'.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
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.
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:
Land and buildings Freehold
No depreciation
Computer equipment
33.33% per annum on cost
Fixtures, fittings & equipment
15% per annum on a reducing balance basis
Motor vehicles
25% per annum on a reducing balance basis
The freehold property is included in the Statement of financial position at its open market value and is not depreciated annually but is subject to periodic impairment review.
Fixed asset investments are stated at cost less provision for permanent diminution in value.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Gauntlet Risk Management Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred taxation is recognised on a full provision basis on all timing differences which have originated but not reversed at the balance sheet date. Timing differences represent accumulated differences between the company's taxable profit and its financial profit and arise primarily from the difference between accelerated capital allowances and depreciation.
Client money bank accounts
The company is regulated by The Financial Conduct Authority, to pay all client money received into Non Statutory trust Client Money Bank accounts. Payments from these accounts relate to the settlement of insurance creditors, refund of premiums to clients and withdrawals of earned commission and third party professional fees. These balances are not included in the financial statements.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
30
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
119,399
Amortisation and impairment
At 1 April 2023
61,890
Amortisation charged for the year
11,940
At 31 March 2024
73,830
Carrying amount
At 31 March 2024
45,569
At 31 March 2023
57,509
Gauntlet Risk Management Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
545,222
172,972
157,095
89,142
964,431
Additions
10,016
10,016
At 31 March 2024
545,222
182,988
157,095
89,142
974,447
Depreciation and impairment
At 1 April 2023
168,039
120,919
40,617
329,575
Depreciation charged in the year
6,333
5,427
12,132
23,892
At 31 March 2024
174,372
126,346
52,749
353,467
Carrying amount
At 31 March 2024
545,222
8,616
30,749
36,393
620,980
At 31 March 2023
545,222
4,933
36,176
48,525
634,856
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
407,865
248,198
Amounts due from connected companies
791,732
52,454
Prepayments and accrued income
59,698
59,519
1,259,295
360,171
6
Current asset investments
2024
2023
£
£
Other investments
576,240
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
26,755
46,063
Corporation tax
186,472
191,325
Other taxation and social security
44
Accruals and deferred income
378,888
289,602
592,159
526,990
Gauntlet Risk Management Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 6 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
4,762
5,063
9
Ultimate parent undertaking and controlling interest
The company's ultimate parent company is Bus and Coach Limited, a company registered in England and Wales.
The company was controlled throughout the year by the director, R Gaunt, who owns 100% (Including family members) of the issued share capital of the parent company, Bus and Coach Limited.
10
Insurance debtors and creditors
The company acts as an insurance broker placing the insurable risks of its clients and is not liable as principal for premiums due to underwriters or for claims payable to clients. In recognition of this relationship the company does not include debtors, creditors and cash arising from insurance transactions in its own balance sheet, except for brokerage earned by the company and not taken to its own fund are included in debtors due within one year.
11
Company information
Gauntlet Risk Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15, Acorn Business Park, Killingbeck Drive, Leeds, LS14 6UF.