Company registration number 09073942 (England and Wales)
STUBBEN EDGE (RISK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STUBBEN EDGE (RISK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STUBBEN EDGE (RISK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
161,470
278,486
Cash at bank and in hand
169,533
172,347
331,003
450,833
Creditors: amounts falling due within one year
4
(81,819)
(194,905)
Net current assets
249,184
255,928
Creditors: amounts falling due after more than one year
5
(18,825)
(2,958)
Net assets
230,359
252,970
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
230,259
252,870
Total equity
230,359
252,970
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 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 members have 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 23 January 2025 and are signed on its behalf by:
C Kenning
Director
Company registration number 09073942 (England and Wales)
STUBBEN EDGE (RISK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Stubben Edge (Risk) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, 75-77 Cornhill, London, EC2V 3QQ.
1.1
Accounting convention
The financial statements have been prepared in accordance with UK-adopted international accounting standards and the Companies Act 2006.
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.
1.2
Going concern
Atruet the time of approving 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.
1.3
Turnover
Revenue consists substantially of gross commissions and fees on insurance and other business transacted, before deduction of the related amounts payable to agents, which are included in cost of sales. Revenue is analysed into its constituent components with each element recognised at fair value upon provision of each service. Commission is recognised to the extent the service has been provided when it can be measured with suitable reliability and the Company has sufficient evidence of their recovery.
For the insurance distribution and outsourcing businesses revenue recognition is generally at the point an insurance product is sold. Mid-term adjustment and cancellation fee revenue is recognised at the point the adjustment or cancellation is performed.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of profit or loss for the reporting period in which it arises.
STUBBEN EDGE (RISK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Other financial assets
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary. Financial assets at amortised cost include cash and cash equivalents and trade and other receivables.
Impairment of financial assets
Financial assets, other than those held at fair value, which are dealt with through profit and loss, are assessed for indicators of impairment at each reporting end date.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
The company recognises financial debt when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
STUBBEN EDGE (RISK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the Company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
57,546
225,425
Other debtors
30,087
147
87,633
225,572
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
73,837
52,914
Total debtors
161,470
278,486
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
677
Trade creditors
77,659
3,149
Taxation and social security
281
Other creditors
3,483
191,475
81,819
194,905
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
15,867
Other creditors
2,958
2,958
18,825
2,958
STUBBEN EDGE (RISK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Related party transactions
At the balance sheet date the company owed £2,958 (2022 - £2,958) to Lucid UX Limited, a company under common control.
At the balance sheet date the company was owed £73,837 (2022 - £52,914) by Stubben Edge Group Limited, the parent company.
At the balance sheet date the company owed £15,867 (2022 - £nil) to Stubben Edge Markets Limited, a company under common control.
7
Controlling party
The company was controlled throughout the period by the C Kenning, the director of Stubben Edge Group
Limited, the parent company.
8
Exemption from audit
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.