REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
RHINO PROTECT LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
RHINO PROTECT LIMITED |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RHINO PROTECT LIMITED |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Windsor House, |
Troon Way Business Centre, |
Thurmaston, Leicestershire |
LE4 9HA |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
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. |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
RHINO PROTECT LIMITED is a |
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. |
The presentation currency of the financial statements is the Pound Sterling (£). |
Group relief |
It is the group's policy in certain situations to charge for tax losses surrendered by the way of group relief at the rate prevailing at the end of the financial period in respect of which relief is given. |
Insurance broking debtors, creditors and cash balances |
The company acts as an agent in broking the insurable risks of its clients and, generally, is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the company's legal relationship with clients and underwriters and since in practice premium and claim monies are usually accounted for by insurance intermediaries, it has followed generally accepted accounting practices by showing cash, debtors and creditors relating to insurance business as assets and liabilities of the company itself. |
Included in cash and cash equivalents is client money held by the company in IBA bank accounts which are under risk transfer agreements with the ultimate underwriters. |
Such funds are disclosed as fiduciary assets and liabilities in the notes of the financial statements. |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
The company acts as an agent. Turnover represents commission receivable for services, net of VAT and IPT. Turnover is principally derived from two distinct income streams; being the sale of insurance policies, where the commission is credited to turnover on the inception of the policy, and consultancy fees, where income is credited to turnover as the fees are incurred. |
The turnover figure represents the net income after associated underwriter and brokerage costs have been |
deducted. Sales including gross value of insurance premiums written for the year was £ 6,130,472 (2022 - £4,933,774). |
Intangible assets |
Software development costs are recognised as an intangible asset when all of the following criteria are |
demonstrated: |
- The technical feasibility of completing the software so that it will be available for use or sale. |
- The intention to complete the software and use or sell it. |
- The ability to use software or sell it. |
- How the software will generate probable future economic benefits. |
- The availability of adequate technical, financial and other resources to complete the development and to |
use or sell the software. |
- The ability to measure reliably the expenditure attributable to the software during its development. |
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated |
useful lives, using the straight-line method. |
Amortisation is provided on the following bases: |
Software 20%, 25% and 30% on cost |
Tangible fixed assets |
Tangible fixed assets under the model are stated at historical cost less accumulated depreciation and any |
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the |
asset to the location and condition necessary for it to be capable of operating in the manner intended by |
management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. |
Depreciation is provided on the following basis: |
Computer equipment - 25% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in the Profit and Loss account. |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
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. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognized immediately in profit or loss. |
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. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Going concern |
The company has continued to receive financial support from companies related by virtue of common control |
through the use of current accounts. |
With this information, and based on a review of forecast trading 12 months from the signing of the financial |
statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2023 |
Additions |
Reallocation |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
Reallocation Depreciation |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
IT |
Equipment |
£ |
COST |
At 1 January 2023 |
Additions |
Reallocation | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Reallocation Depreciation | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included within trade debtors are fiduciary assets of £1,320,366 (2022 - £1,545,114). |
7. | CASH AT BANK |
2023 2022 |
£ £ |
Cash at bank 769,848 431,371 |
Included within cash and cash equivalents are fiduciary assets of £754,555 (2022 - £428,083). |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included within other creditors is fiduciary liabilities of £894,724 (2022 - £1,149,330). |
RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
The bank facilities with Lloyds Bank Plc are secured by an Omnibus Guarantee and set-off agreement between this company, Quest Business Services Limited, Vantage Legal Services Limited, Vantage Legal Protect Limited, Rhino Protect Holdings Ltd, Contractor Weekly Limited, Rhino Resource Services Holdings Ltd, Rhino Resource Services Limited, Vantage Tax Fee Protection Limited, IR35 Buddy Limited and Vantage Tax Fee Protection (Global) Limited. |