REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
ST&R LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
ST&R LIMITED |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Balance Sheet | 10 |
Notes to the Financial Statements | 11 |
ST&R LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Unit 1, Guest House Farm |
Runshaw Lane |
Euxton |
Chorley |
Lancashire |
PR7 6HD |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
STRATEGIC REPORT |
for the Year Ended 30 April 2024 |
The directors present their strategic report for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The directors are pleased with the performance of the business. The transformation of the business over the past few years has been excellent. Good organic growth, along side the remuneration flip from indemnity to non-indemnity has positioned the business in a great place to continue to provide the excellent fully advised offering it delivers for it's customers. |
KEY PERFORMANCE INDICATORS |
The directors monitor the business's strategic performance by reference to the following KPI's:- |
% | % |
KPI | 2024 | 2023 |
Sales (Decline)/Growth |
51.7 |
(0.2) |
Gross Profit | 36.9 | 31 |
The Board recognises the importance of accurate provisioning for clawback/cancellations and has requested that the FD/Finance Team monitor this closely on a month by month basis. The Board has also agreed to review the data annually at year end. |
ON BEHALF OF THE BOARD: |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of insurance brokers. |
DIVIDENDS |
Dividends have been reported in the period of £1,439,862 (2023 - £590,000) |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 April 2024 |
AUDITORS |
The auditors, RFM Audit Services LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ST&R LIMITED |
Opinion |
We have audited the financial statements of ST&R Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ST&R LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ST&R LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, is detailed below. |
- the engagement partner ensured that the engagement team collectively had the appropriate |
competence, capabilities and skills to identify or recognise non-compliance with applicable laws and |
regulations; |
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the insurance brokerage services sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect |
on the financial statements or the operations of the company, including the Companies Act 2006, Financial Conduct Authority legislation, taxation legislation and data protection, employment, environmental and health and |
safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making |
enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team |
remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their |
knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and |
regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were |
indicative of potential bias and investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ST&R LIMITED |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Unit 1, Guest House Farm |
Runshaw Lane |
Euxton |
Chorley |
Lancashire |
PR7 6HD |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
INCOME STATEMENT |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
BALANCE SHEET |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
ST&R Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
RELATED PARTY EXEMPTION |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Significant judgements and estimates made by management in preparing these financial statements include: |
- Depreciation of tangible assets |
- Amortisation of intangible assets |
- Calculation of Accrued Income |
- Clawbacks of insurance policies |
TURNOVER |
Turnover represents commissions receivable after deducting the expected future clawbacks, when the company obtains the right to consideration. |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
TANGIBLE FIXED ASSETS |
Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows. |
Fixtures and Fittings - 20% on cost |
Motor Vehicles - 20% on cost |
Computer Equipment - 33% on cost |
Tangible fixed assets are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
PROVISIONS |
The company recognises provisions within the financial statements relating to the following: |
Long Service Award |
The Directors wish to acknowledge members of staff with a minimum 5 years service, and as such, a provision has been created to be paid at the discretion of the Directors to reward these employees. |
Provision for clawback |
This is a provision that has been calculated within the financial statements using historic cancellation rates to estimate the total cost of policies that will be cancelled and commissions due back to customers. The calculation looks at the age of policies when cancelled and divides the monetary value by the total sales of that age. This data model is continuously updated as more data becomes available. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on finance leases |
Branding costs amortisation |
Auditors Remuneration |
5. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | - | 20,839 |
Exceptional items in the previous period relate to the write off of an intercompany balance. |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest payable |
Loan interest |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax: |
Origination and reversal of |
timing differences | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19-25% (2023 19-25%) |
8. | INTANGIBLE FIXED ASSETS |
Branding | Website |
costs | Costs | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 982,261 | 1,115,206 |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Finance leases |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 1-2 years | 1,043,824 | 1,022,262 |
Other loans - 2-5 years | 6,490,974 | 2,812,063 |
Finance leases |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
Hire Purchase / Finance Leases | 138,293 | 158,446 |
After the year end, the loans within the company were refinanced from Triple Point Advancr PLC to Santander UK PLC. |
The Triple Point Advancr PLC loans were guaranteed via fixed charge over all freehold and leasehold property owned by the company and floating charge over all property or undertaking of the company. |
The Santander UK PLC loan after the year end contains a fixed charge and a floating charge over all property or undertaking of the company. |
Hire purchase and finance lease obligations are secured upon the assets to which the finance relates. |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 38,049 | 47,010 |
Other provisions |
Long Service Award | 169,000 | 143,000 |
Provision for clawback | 1,944,774 | 1,781,392 |
Aggregate amounts | 2,151,823 | 1,971,402 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Credit to Income Statement during year | ( |
) |
Accelerated capital allowances |
Balance at 30 April 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | £1 | 51 | 51 |
Ordinary B shares | £1 | 25 | 25 |
Ordinary C shares | £1 | 49 | 49 |
125 | 125 |
ST&R LIMITED (REGISTERED NUMBER: 07967035) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2024 |
16. | CONTINGENT LIABILITIES |
The company has a contingent liability relating to a HMRC determination relating to a past pension arrangement scheme that was operated. The net effect of this is approximately £177,950 that will need to be paid to HMRC and reduce profits, should HMRC uphold this decision. At this point, it is uncertain on whether the current appeal against this determination will be successful or at what point in time this will be confirmed. |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - INTEREST FREE |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Personal guarantees have been given by Mr J Slater to L&G, Prudential, Aviva and Ageas for claw backs if the company is wound up. |
18. | RELATED PARTY DISCLOSURES |
Rents have been charged by a related undertaking, Fortifix Ltd, in the current and previous period. |
19. | ULTIMATE CONTROLLING PARTY |
The controlling party is the parent company, JST Group Ltd. |
Registered office; Lingmell House, Water Street, Chorley, Lancashire, PR7 1EE |
Group accounts have not been prepared by the parent company, being a small group. |
20. | CHANGE IN ACCOUNTING ESTIMATE |
Within the previous period, the business changed the accounting estimate on how the clawback provision and accrued income is calculated. Recognition of the income will remain the same, however a different model is used to calculate the allowance of expected commission income that may be clawed back over the four year life of an insurance policy sold. The change in accounting estimate has been made as the data model continues to be developed with the availability of new data, giving rise to the change in estimate which the directors feel is more prudent. In 2023, the adjustments resulted in a reduction in turnover of £4,315,494. This is made up of a reduction in accrued income relating to Non-Indemnity policies of £4,267,037 and an increase in the provision for clawback of Indemnity policies of £48,457. |