CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Company Registration Number:
09371580 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 February 2023

End date: 30 June 2024

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

The principle activity of the Company in the period under review was that of a general insurance, life insurance broker and mortgage broker.



Directors

The director shown below has held office during the whole of the period from
1 February 2023 to 30 June 2024

N Maddocks


The directors shown below have held office during the period of
16 August 2023 to 30 June 2024

S Kelly
T L Cherry
I D Stewart
S Alabie


The director shown below has held office during the period of
16 August 2023 to 25 June 2024

A D Tapsell


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 December 2024

And signed on behalf of the board by:
Name: T L Cherry
Status: Director

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Profit And Loss Account

for the Period Ended 30 June 2024

17 months to 30 June 2024 2023


£

£
Turnover: 291,490 172,668
Cost of sales: ( 51,970 ) ( 49,843 )
Gross profit(or loss): 239,520 122,825
Distribution costs: 0 0
Administrative expenses: ( 716,727 ) ( 92,569 )
Other operating income: 0 0
Operating profit(or loss): (477,207) 30,256
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 203 ) ( 41 )
Profit(or loss) before tax: (477,410) 30,215
Profit(or loss) for the financial year: (477,410) 30,215

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Balance sheet

As at 30 June 2024

Notes 17 months to 30 June 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 42,342 88,537
Investments:   0 0
Total fixed assets: 42,342 88,537
Current assets
Stocks:   0 0
Debtors: 4 100,602 6,242
Cash at bank and in hand: 230,694 12,482
Investments:   0 0
Total current assets: 331,296 18,724
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 433,979 ) ( 13,881 )
Net current assets (liabilities): (102,683) 4,843
Total assets less current liabilities: (60,341) 93,380
Creditors: amounts falling due after more than one year: 6 0 ( 65,733 )
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (60,341) 27,647
Capital and reserves
Called up share capital: 40,100 100
Share premium account: 360,000 0
Other reserves: 0 0
Profit and loss account: (460,441 ) 27,547
Total Shareholders' funds: ( 60,341 ) 27,647

The notes form part of these financial statements

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 20 December 2024
and signed on behalf of the board by:

Name: T L Cherry
Status: Director

The notes form part of these financial statements

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the point that the customers' policies are placed on risk.

    Tangible fixed assets depreciation policy

    Fixed assets are stated at cost less depreciation. Fixed assets are capitised at acquisition cost or costs that are directly attributable in bringing the assets to working condition for its intended use.

    Other accounting policies

    The directors have prepared the financial statements on a going concern basis. The directors consider this to be appropriate as they have received assurances from the Company's parent company to the effect that the parent company willcontinue to make funds available to the Company for the foreseeable future and will continue to meet the Company's obligations to other creditors as and when they fall due. Cash flow statement The Company is classified as small and it has therefore elected to take advantage of the exemption allowed for under FRS102, Section 1A.7 and consequently it has not prepared a cash flow statement. Debtors Short measured term debtors are measured at transaction price, less any impairment. Loans receivable are cost initially at fair value, net of transaction costs, and are measured subsequently at amortised using the effective interest method, less any impairment. Bad debt provision Bad debt provision is determined by the directors on a line by line analysis basis. indicates Loans which are significantly in arrears, but on which the directors have information available to them the balance will be fully recovered, are included in the balance sheet with no provision against amounts in arrears being recognised. Cash and cash equivalents term Cash deposits and cash equivalents represent those balances held within the Company's bank accounts and in of three months or less. Creditors Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    17 months to 30 June 2024 2023
    Average number of employees during the period 5 5

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2023 50,557 0 9,133 5,435 64,615 129,740
Additions 32,638 0 7,466 4,906 0 45,010
Disposals ( 50,557 ) 0 ( 9,133 ) ( 5,435 ) ( 64,615 ) ( 129,740 )
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 30 June 2024 32,638 0 7,466 4,906 0 45,010
Depreciation
At 1 February 2023 21,827 0 1,827 1,395 16,154 41,203
Charge for year 3,502 0 982 591 0 5,075
On disposals ( 23,263 ) 0 ( 2,436 ) ( 1,757 ) ( 16,154 ) ( 43,610 )
Other adjustments 0 0 0 0 0 0
At 30 June 2024 2,066 0 373 229 0 2,668
Net book value
At 30 June 2024 30,572 0 7,093 4,677 0 42,342
At 31 January 2023 28,730 0 7,306 4,040 48,461 88,537

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Debtors

17 months to 30 June 2024 2023
£ £
Trade debtors 62,723 0
Prepayments and accrued income 4,479
Other debtors 37,879 1,763
Total 100,602 6,242
Debtors due after more than one year: 0 0

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Creditors: amounts falling due within one year note

17 months to 30 June 2024 2023
£ £
Bank loans and overdrafts 0 6,500
Amounts due under finance leases and hire purchase contracts 0 5,883
Trade creditors 13,829 139
Taxation and social security 0 185
Accruals and deferred income 407,271 0
Other creditors 12,879 1,174
Total 433,979 13,881

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Creditors: amounts falling due after more than one year note

17 months to 30 June 2024 2023
£ £
Bank loans and overdrafts 0 15,412
Amounts due under finance leases and hire purchase contracts 0 50,321
Other creditors 0 0
Total 0 65,733

CHERRY GODFREY INSURANCE SERVICES (IOW) LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

7. Financial Commitments

The Company's parent company changed on 16 August 2023 to Cherry Godfrey Holdings Limited, a company incorporated in Guernsey, which owns 100% of the issued share capital of the company. The parent company is under the joint control of Mr D J and Mrs S A Cherry, directors of Cherry Godfrey Holdings Limited. Mr and Mrs Cherry jointly have a beneficial interest in 84.90% of the issued share capital of the parent company. Administration fees, rent and salaries are paid centrally by Cherry Godfrey Services Limited and recharged to the group companies on the basis in which they are incurred. During the year, total expenses of £169,962 (2023: £Nil) were recharged by Cherry Godfrey Services Limited to the Company. Amounts owed to related parties were Cherry Godfrey Finance Limited £287,290 (2023: £Nil), Cherry Godfrey Services Limited £119,981 (2023: £Nil).