NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Belmont Thornton Limited is incorporated and domiciled in England and Wales. The registered office is Harwood House, 43 Harwood Road, London, SW6 4QP. The principal place of business is 9 Linnet Gardens, Portishead, Bristol, BS20 7NB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Turnover comprises claim fees and commissions recognised by the company in respect of services supplied during the year, exclusive of value added tax.
The company recognises claim fees at the point funds are received. The company is reliant on the provision of notifications of the success of a PPI claim from third party banks and other financial institutions and has to then pursue the claimant to recover the agreed commission. Frequently the banks and other financial institutions fail to notify the company so it is often only through in-house monitoring procedures that the success of a claim is identified and pursuit of commissions due from the claimant can begin. As claimants are low value high volume in nature and there is always significant doubt as to when, and indeed if, commissions due to the company by an individual claimant will be recovered the only practical way the company can operate is to recognise revenue at the date funds are recieved.
The company also receives commissions from a third party who administers claims introduced to it by the company. Commissions are recognised on a monthly basis as notified to the company based on collections made by the third party.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans with related parties.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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