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Company No: 00508993 (England and Wales)

GIST (INSURANCE BROKERS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

GIST (INSURANCE BROKERS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

GIST (INSURANCE BROKERS) LIMITED

BALANCE SHEET

As at 30 June 2024
GIST (INSURANCE BROKERS) LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 300,959 301,669
300,959 301,669
Current assets
Debtors 4 7,521 8,935
Cash at bank and in hand 39,894 37,352
47,415 46,287
Creditors: amounts falling due within one year 5 ( 5,004) ( 4,684)
Net current assets 42,411 41,603
Total assets less current liabilities 343,370 343,272
Provision for liabilities ( 47,000) ( 47,000)
Net assets 296,370 296,272
Capital and reserves
Called-up share capital 6 10,250 10,250
Fair value reserve 226,633 226,633
Profit and loss account 59,487 59,389
Total shareholder's funds 296,370 296,272

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

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gist (Insurance Brokers) Limited (registered number: 00508993) were approved and authorised for issue by the Director on 27 March 2025. They were signed on its behalf by:

Mr J Gist
Director
GIST (INSURANCE BROKERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
GIST (INSURANCE BROKERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gist (Insurance Brokers) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 53-54 Fore Street, Callington, Cornwall, PL17 7DL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents brokerage commission credited when premiums are received from clients or when the policy is due, whichever is later.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity and specific criteria have been met for the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, apart from freehold land and buildings which are included at fair value, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 3 - 8 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Properties are held at fair value at the date of valuation less subsequent depreciation and impairment.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a gain reverses a previously recognised loss, or a loss exceeds the accumulated gains in equity.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost/Valuation
At 01 July 2023 300,000 36,351 336,351
At 30 June 2024 300,000 36,351 336,351
Accumulated depreciation
At 01 July 2023 0 34,682 34,682
Charge for the financial year 0 710 710
At 30 June 2024 0 35,392 35,392
Net book value
At 30 June 2024 300,000 959 300,959
At 30 June 2023 300,000 1,669 301,669

Revaluation of tangible assets

Freehold land and buildings were revalued on 30 June 2024 by the Director.

2024 2023
£ £
Historical cost 26,637 26,637
Carrying value 26,637 26,637

4. Debtors

2024 2023
£ £
Trade debtors 6,304 6,779
Other debtors 1,217 2,156
7,521 8,935

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 2,097 1,815
Other creditors 2,907 2,869
5,004 4,684

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,250 Ordinary shares of £ 1.00 each 10,250 10,250