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18 December 2024
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No description of principal activity
2023-05-01
Sage Accounts Production Advanced 2024 - FRS102_2024
246,746
246,746
11,751
11,751
234,995
2,100
2,100
2,100
xbrli:pure
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COMPANY REGISTRATION NUMBER:
02560460
EASTWOOD & PARTNERS LIMITED |
|
FILLETED FINANCIAL STATEMENTS |
|
EASTWOOD & PARTNERS LIMITED |
|
YEAR ENDED 30 APRIL 2024
Directors' responsibilities statement
1
Balance sheet
2
Notes to the financial statements
3
EASTWOOD & PARTNERS LIMITED |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 30 APRIL 2024
The directors are responsible for preparing the directors' report 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 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 judgments 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.
EASTWOOD & PARTNERS LIMITED |
|
30 April 2024
Fixed assets
Intangible assets |
5 |
234,995 |
– |
Tangible assets |
6 |
65,972 |
93,265 |
Investments |
7 |
2,100 |
2,100 |
|
------------ |
------------ |
|
303,067 |
95,365 |
|
|
|
|
Current assets
Debtors |
8 |
1,779,279 |
1,935,520 |
Cash at bank and in hand |
921 |
119,173 |
|
------------ |
------------ |
|
1,780,200 |
2,054,693 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
672,522 |
714,037 |
|
------------ |
------------ |
Net current assets |
1,107,678 |
1,340,656 |
|
------------ |
------------ |
Total assets less current liabilities |
1,410,745 |
1,436,021 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
8,710 |
121,255 |
|
|
|
|
Provisions |
(
14,492) |
(
8,785) |
|
------------ |
------------ |
Net assets |
1,416,527 |
1,323,551 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
12 |
2,500 |
2,500 |
Share premium account |
27,250 |
27,250 |
Capital redemption reserve |
23,000 |
23,000 |
Profit and loss account |
1,363,777 |
1,270,801 |
|
------------ |
------------ |
Shareholders funds |
1,416,527 |
1,323,551 |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
18 December 2024
, and are signed on behalf of the board by:
Company registration number:
02560460
EASTWOOD & PARTNERS LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 APRIL 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Northumberland House, Northumberland Street, Huddersfield, West Yorkshire, HD1 1DT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Insurance broking assets and liabilities
The company acts as an agent in broking the insurable risk of its clients and, generally, is not liable as a principal for premiums to underwriters or for claims payable to clients. In accordance with the legal relationship with clients and underwriters, the company's accounting policy is that of netting off debtors, creditors and cash balances relating to insurance business and only recognising the commissions receivable as assets of the company itself. The company is entitled to retain the investment income on any cash flows arising from these transactions and so this is also recognised in the financial statements.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The company generates revenue principally from brokerage, commission and fees associated with placing insurance and reinsurance contracts. Revenues from brokerage, commission and fees are recognised at the point at which placement services are complete. Any adjustments to premiums are treated as recognised when the consideration due is confirmed by third parties. Fees are billed separately and are recognised as these services are rendered.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
10% straight line |
|
Motor vehicles |
- |
25% straight line |
|
Equipment |
- |
20% straight line |
|
Improvements to property |
- |
10% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
51
(2023:
50
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
Additions |
– |
Acquisitions through business combinations |
246,746 |
|
------------ |
At 30 April 2024 |
246,746 |
|
------------ |
Amortisation |
|
Charge for the year |
11,751 |
|
------------ |
At 30 April 2024 |
11,751 |
|
------------ |
Carrying amount |
|
At 30 April 2024 |
234,995 |
|
------------ |
At 30 April 2023 |
– |
|
------------ |
|
|
6.
Tangible assets
|
Fixtures and fittings |
Motor vehicles |
Equipment |
Improvements to property |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 May 2023 |
80,712 |
69,848 |
380,853 |
142,593 |
674,006 |
Additions |
687 |
– |
12,931 |
– |
13,618 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
At 30 April 2024 |
81,399 |
69,848 |
393,784 |
142,593 |
687,624 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
Depreciation |
|
|
|
|
|
At 1 May 2023 |
70,223 |
42,200 |
331,381 |
136,937 |
580,741 |
Charge for the year |
1,780 |
17,462 |
20,094 |
1,575 |
40,911 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
At 30 April 2024 |
72,003 |
59,662 |
351,475 |
138,512 |
621,652 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
Carrying amount |
|
|
|
|
|
At 30 April 2024 |
9,396 |
10,186 |
42,309 |
4,081 |
65,972 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
At 30 April 2023 |
10,489 |
27,648 |
49,472 |
5,656 |
93,265 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 May 2023 and 30 April 2024 |
2,100 |
|
------------ |
Impairment |
|
At 1 May 2023 and 30 April 2024 |
– |
|
------------ |
|
|
Carrying amount |
|
At 30 April 2024 |
2,100 |
|
------------ |
At 30 April 2023 |
2,100 |
|
------------ |
|
|
8.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
169,261 |
387,613 |
Amounts owed by group undertakings |
1,351,601 |
1,241,241 |
Prepayments and accrued income |
239,670 |
271,289 |
Other debtors |
18,747 |
35,377 |
|
------------ |
------------ |
|
1,779,279 |
1,935,520 |
|
------------ |
------------ |
|
|
|
Trade debtors include £2,365,086 (2023: £2,228,025) insurance debtors and £860,600 (2023: £1,158,957) client bank balance less £3,056,426 (2023: £3,023,125) insurance creditors.
9.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
244,457 |
94,445 |
Trade creditors |
74,900 |
54,469 |
Amounts owed to group undertakings |
29,928 |
5,088 |
Accruals and deferred income |
200,232 |
210,212 |
Corporation tax |
52,996 |
178,286 |
Social security and other taxes |
51,859 |
46,893 |
Obligations under finance leases and hire purchase contracts |
18,150 |
26,340 |
Other creditors |
– |
98,304 |
|
------------ |
------------ |
|
672,522 |
714,037 |
|
------------ |
------------ |
|
|
|
Included within creditors falling due within one year are bank loans and overdrafts of £244,457 (2023 - £94,445) which are secured on the assets of the company.
Included within creditors falling due within one year are hire purchase agreements of £18,150 (2023 - £26,340) which are secured on the related assets of the company.
10.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
7,870 |
102,314 |
Obligations under finance leases and hire purchase contracts |
840 |
18,941 |
|
------------ |
------------ |
|
8,710 |
121,255 |
|
------------ |
------------ |
|
|
|
Included within creditors falling due after more than one year are bank loans and overdrafts of £7,870 (2023 - £102,314) which are secured on the assets of the company.
Included within creditors falling due after more than one year are hire purchase agreements of £840 (2023 - £18,941) which are secured on the related assets of the company.
11.
Deferred tax
The deferred tax included in the balance sheet is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
(
14,492) |
(
8,785) |
|
------------ |
------------ |
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2,000 |
2,000 |
2,000 |
2,000 |
Ordinary A shares of £ 1 each |
500 |
500 |
500 |
500 |
|
------------ |
------------ |
------------ |
------------ |
|
2,500 |
2,500 |
2,500 |
2,500 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
The ordinary A shares rank pari passu with the ordinary shares other than they do not confer on the holders of them any rights to receive notice of, or to attend or to vote at, any general meeting or on any written resolution of the company.
13.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
3,339 |
14,051 |
Later than 1 year and not later than 5 years |
– |
3,339 |
|
------------ |
------------ |
|
3,339 |
10,712 |
|
------------ |
------------ |
|
|
|
14.
Contingencies
The company has guaranteed the bank facilities of other group companies which totalled £
40,253
(2023: £nil) at the balance sheet date.
15.
Summary audit opinion
The auditor's report dated
18 December 2024
was
unqualified
.
The senior statutory auditor was
David Butterworth
, for and on behalf of
Wheawill & Sudworth Limited
.
16.
Related party transactions
At the balance sheet date, the company was owed £1,351,601 (2023: £1,265,996) by and owed £29,928 (2023: £103,393) to companies under common control. Administrative expenses recharged to companies under common control amounted to £393,411 (2023: £339,352). The company also rents property at a commercial rate from a company under common control. Rent is included in administrative expenses amounting to £92,000 (2023 - £92,000). The company is party to a cross-guarantee with fellow subsidiary company, Eastwood Financial Services Ltd, in support of Eastwood & Partners Ltd's bank and hire purchase facilities.
17.
Control
The largest and smallest group of undertakings for which group accounts are drawn up and of which the company is a member is that of
Eastwood Group (Huddersfield) Limited
. Group accounts can be obtained from Phoenix Mills, Leeds Road, Huddersfield, HD1 6NG
. The immediate parent company is Eastwood Financial Group Limited
. The ultimate controlling party is Mr J Eastwood
.