Company registration number 00851824 (England and Wales)
HENRY F. DODDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HENRY F. DODDS LIMITED
COMPANY INFORMATION
Director
Mr I Henderson
Company number
00851824
Registered office
3 St James Street
Newcastle upon Tyne
Tyne and Wear
NE1 4NF
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
HENRY F. DODDS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HENRY F. DODDS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
28,500
33,000
Tangible assets
4
38,015
52,968
Investments
5
999
999
67,514
86,967
Current assets
Debtors
7
395,985
296,667
Cash at bank and in hand
635,059
691,270
1,031,044
987,937
Creditors: amounts falling due within one year
8
(702,115)
(672,903)
Net current assets
328,929
315,034
Total assets less current liabilities
396,443
402,001
Creditors: amounts falling due after more than one year
9
(7,966)
(13,443)
Net assets
388,477
388,558
Capital and reserves
Called up share capital
11
775
775
Capital redemption reserve
225
225
Profit and loss reserves
387,477
387,558
Total equity
388,477
388,558
HENRY F. DODDS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

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

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.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
Mr I Henderson
Director
Company registration number 00851824 (England and Wales)
HENRY F. DODDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Henry F. Dodds Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 St James Street, Newcastle upon Tyne, Tyne and Wear, NE1 4NF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover represents commissions receivable and charges for brokering services. The policies adopted for the recognition of turnover are as follows:

 

Rendering of services

When the amount of commission receivable in respect of an insurance contract can be estimated reliably, turnover from insurance services is recognised when payment is made to the insurer.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computer equipment
25% straightline
Motor vehicles
25% straightline
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

HENRY F. DODDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HENRY F. DODDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current and deferred taxation assets and liabilities are not discounted.

Current tax

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 differences.

 

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 future taxable profits.

 

1.10
Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.11
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.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13

Insurance broking debtors, creditors and cash

In accordance with the rules established by the Financial Conduct Authority, the company holds all insurance funds in segregated non-statutory trust client bank accounts. The cash balance in the balance sheet includes client, insurer and own monies. Debtors and creditors arising from insurance broking transactions are shown separately as assets and liabilities due within one year.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
9
HENRY F. DODDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
45,000
Amortisation and impairment
At 1 July 2023
12,000
Amortisation charged for the year
4,500
At 30 June 2024
16,500
Carrying amount
At 30 June 2024
28,500
At 30 June 2023
33,000
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
80,243
51,942
60,370
192,555
Additions
1,577
-
0
-
0
1,577
At 30 June 2024
81,820
51,942
60,370
194,132
Depreciation and impairment
At 1 July 2023
79,819
50,382
9,386
139,587
Depreciation charged in the year
184
1,253
15,093
16,530
At 30 June 2024
80,003
51,635
24,479
156,117
Carrying amount
At 30 June 2024
1,817
307
35,891
38,015
At 30 June 2023
424
1,560
50,984
52,968
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
999
999
6
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

HENRY F. DODDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Henry F Dodds Wealth Management Limited
England and Wales
Ordinary £1
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
370,135
245,062
Prepayments and accrued income
19,588
47,100
389,723
292,162
Deferred tax asset (note )
6,262
4,505
395,985
296,667
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10
5,975
5,975
Trade creditors
614,636
562,401
Amounts owed to group undertakings
12,828
12,828
Corporation tax
717
4,464
Other taxation and social security
12,575
7,318
Other creditors
904
-
0
Accruals and deferred income
54,480
79,917
702,115
672,903
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
7,966
13,443
10
Loans and overdrafts
2024
2023
£
£
Bank loans
13,941
19,418
Payable within one year
5,975
5,975
Payable after one year
7,966
13,443
HENRY F. DODDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
775
775
775
775
12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
32,000
44,000
13
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent payable
2024
2023
£
£
Other related parties
12,000
12,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
904
-
Other information

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.

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