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COMPANY REGISTRATION NUMBER: 02946288
MARK BATES LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2024
MARK BATES LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
27,994
46,287
Tangible assets
6
242,563
218,005
---------
---------
270,557
264,292
Current assets
Debtors
7
1,313,315
1,270,448
Cash at bank and in hand
976,796
1,069,840
------------
------------
2,290,111
2,340,288
Creditors: amounts falling due within one year
8
( 298,116)
( 390,865)
------------
------------
Net current assets
1,991,995
1,949,423
------------
------------
Total assets less current liabilities
2,262,552
2,213,715
Creditors: amounts falling due after more than one year
9
( 19,505)
( 39,604)
Provisions
Taxation including deferred tax
( 12,787)
( 11,220)
------------
------------
Net assets
2,230,260
2,162,891
------------
------------
Capital and reserves
Called up share capital
56
56
Profit and loss account
2,230,204
2,162,835
------------
------------
Shareholders funds
2,230,260
2,162,891
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
MARK BATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:
S Oakes
Director
Company registration number: 02946288
MARK BATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Premier House, Londonthorpe Road, Grantham, Lincs, NG31 9SN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis and are prepared in sterling , which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements - Accrued profit share commission The directors have calculated the profit share commission owed to the company but not received at 30 April 2024 based on the contract between the company and the underwriters. At the year end this was £430,087 (2023 - £322,888). This commission is in addition to sales commissions. The profit share commission is recognised upon agreement of the calculations with the underwriter at 27 months which is adjusted annually for any claims paid, until 75 months have passed. The balance outstanding is subject to to change depending on future claims made against the policies to which the profit share commission relates. - Leasehold property depreciation The directors have reviewed the accounting policy for depreciation of leasehold property as the lease is due for renewal in the next accounting period, however based on the directors' experience the lease will continue to be renewed and the accounting policy is appropriate. There are no other judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. We do not consider there to be any key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
The turnover shown in the profit and loss account represents commissions received or receivable during the year. Sales commission received for selling and administering insurance policies is recognised in the profit and loss account at the policy date. Commissions receivable for policies taken out but not transferred to the underwriter at the year end are accrued into turnover. Cancellations and refunded policies are deducted from turnover at the date the policy is cancelled.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
5% straight line
Computer equipment
-
33% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Preference shares that are classified as debt are recognised at the transaction price as the arrangement does not constitute a financing transaction.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 71 (2023: 69 ).
5. Intangible assets
Software
£
Cost
At 1 May 2023 and 30 April 2024
76,386
--------
Amortisation
At 1 May 2023
30,099
Charge for the year
18,293
--------
At 30 April 2024
48,392
--------
Carrying amount
At 30 April 2024
27,994
--------
At 30 April 2023
46,287
--------
6. Tangible assets
Leasehold property
Computer equipment
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
135,623
119,313
100,296
66,033
421,265
Additions
44,000
12,144
11,027
67,171
---------
---------
---------
--------
---------
At 30 April 2024
179,623
131,457
100,296
77,060
488,436
---------
---------
---------
--------
---------
Depreciation
At 1 May 2023
40,655
112,209
11,359
39,037
203,260
Charge for the year
7,147
4,954
22,234
8,278
42,613
---------
---------
---------
--------
---------
At 30 April 2024
47,802
117,163
33,593
47,315
245,873
---------
---------
---------
--------
---------
Carrying amount
At 30 April 2024
131,821
14,294
66,703
29,745
242,563
---------
---------
---------
--------
---------
At 30 April 2023
94,968
7,104
88,937
26,996
218,005
---------
---------
---------
--------
---------
7. Debtors
2024
2023
£
£
Other debtors
1,313,315
1,270,448
------------
------------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
200,203
100,931
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
24,436
30,099
Social security and other taxes
104,394
165,793
Other creditors
169,286
194,973
---------
---------
298,116
390,865
---------
---------
Included within other creditors are hire purchase liabilities totalling £20,098 (2023 - £18,917). These liabilities are secured against the asset to which they relate.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
19,505
39,604
--------
--------
Included within other creditors are hire purchase liabilities totalling £19,461 (2023 - £39,560). These liabilities are secured against the asset to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
198,123
209,788
Later than 1 year and not later than 5 years
215,266
299,564
---------
---------
413,389
509,352
---------
---------
11. Contingencies
The company has accrued income in relation to profit share commissions for the calendar years ended 31 December 2017 to 31 December 2022. Profit share commissions receivable after 31 December 2022,cannot yet be reliably estimated and so no income has been recognised. - Out of the accrued income for the year ended 31 December 2017, 90% has now been received with the remaining 10% contingent on future claims made by policyholders before 31 March 2023. - Out of the accrued income for the year ended 31 December 2018, 85% has now been received with the remaining 15% contingent on future claims made by policyholders before 31 March 2024. - Out of the accrued income for the year ended 31 December 2022, 50% has now been received with the remaining 50% contingent on future claims made by policyholders before 31 March 2028. - No further amounts for the following years have yet been received. In the case of a large claim, the company may have to repay an element of the profit share commission already received. Policies can be up to 5 years in length and claims do not follow any consistent pattern. To date no significant claims have been made against commissions already received, and so consequently the Directors have recognised the commission in full. The directors consider that under FRS 102 the potential claims satisfy the conditions of a contingent liability, both at the balance sheet date and also at the time of approving these financial statements.
12. Summary audit opinion
The auditor's report dated 2 April 2025 was unqualified .
The senior statutory auditor was Mark Bradshaw , for and on behalf of Streets Audit LLP .
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
M Bates
202,698
284,674
( 471,256)
16,116
S Oakes
( 2,394)
2,394
---------
---------
---------
--------
200,304
287,068
( 471,256)
16,116
---------
---------
---------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
M Bates
57,440
354,556
( 209,298)
202,698
S Oakes
1,306
( 3,700)
( 2,394)
--------
---------
---------
---------
57,440
355,862
( 212,998)
200,304
--------
---------
---------
---------
There is no set repayment date for these loans and no interest is charged.
14. Controlling party
The company's ultimate controlling party at the year end is M Bates .