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REGISTERED NUMBER: 06012736 (England and Wales)













































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: Mr S E Wade
Mr T Stevens





REGISTERED OFFICE: Windsor House Troon Way Business Centre
Humberstone Lane
Leicester
LE4 9HA





REGISTERED NUMBER: 06012736 (England and Wales)





ACCOUNTANTS: QACCOUNTING LTD
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 52,684 37,558
Tangible assets 5 12,131 13,679
64,815 51,237

CURRENT ASSETS
Debtors 6 1,652,974 1,652,492
Prepayments and accrued income 648,780 106,121
Cash at bank 7 769,848 431,371
3,071,602 2,189,984
CREDITORS
Amounts falling due within one year 8 2,789,293 1,900,230
NET CURRENT ASSETS 282,309 289,754
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,124

340,991

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Capital redemption reserve 50 50
Retained earnings 346,074 339,941
347,124 340,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

RHINO PROTECT LIMITED (REGISTERED NUMBER: 06012736)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2024 and were signed on its behalf by:





Mr S E Wade - Director


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 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 11 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 112,068
Additions 32,560
Reallocation 11,391
At 31 December 2023 156,019
AMORTISATION
At 1 January 2023 74,510
Amortisation for year 26,397
Reallocation Depreciation 2,428
At 31 December 2023 103,335
NET BOOK VALUE
At 31 December 2023 52,684
At 31 December 2022 37,558

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 20,541
Additions 10,611
Reallocation (11,391 )
At 31 December 2023 19,761
DEPRECIATION
At 1 January 2023 6,862
Charge for year 3,196
Reallocation Depreciation (2,428 )
At 31 December 2023 7,630
NET BOOK VALUE
At 31 December 2023 12,131
At 31 December 2022 13,679

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,391,430 1,550,775
Amounts owed by group undertakings 261,324 99,772
Other debtors 220 1,945
1,652,974 1,652,492

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 971,285 1,202,390
Amounts owed to group undertakings 347,619 211,584
Taxation and social security 54,467 17,664
Other creditors 1,415,922 468,592
2,789,293 1,900,230

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.