Company registration number 14274608 (England and Wales)
Gauntlet Premium Finance Ltd
Unaudited
financial statements
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Gauntlet Premium Finance Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
Gauntlet Premium Finance Ltd
Statement of financial position
as at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
839,464
67,046
Cash at bank and in hand
148,568
4,034
988,032
71,080
Creditors: amounts falling due within one year
4
(945,263)
(70,181)
Net current assets
42,769
899
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
42,669
799
Total equity
42,769
899
The directors of the company have 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
L O Gaunt
Director
Company registration number 14274608 (England and Wales)
Gauntlet Premium Finance Ltd
Notes to the Financial Statements
for the year ended 31 March 2024
- 2 -
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.
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts. Turnover is recognised when the when the insurance policy is written and upon supply of contracted services.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
Gauntlet Premium Finance Ltd
Notes to the Financial Statements (continued)
for the year ended 31 March 2024
- 3 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
839,464
67,046
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
223,107
17,540
Amounts owed to connected company
709,611
52,454
Corporation tax
12,545
187
945,263
70,181
5
Company information
Gauntlet Premium Finance Ltd 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.