Company registration number 09339557 (England and Wales)
GARDX ASSURE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
GARDX ASSURE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GARDX ASSURE LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
3
2,572,850
2,631,006
Cash and cash equivalents
107,248
230,285
2,680,098
2,861,291
Current liabilities
4
(326,707)
(526,839)
Net current assets
2,353,391
2,334,452
Equity
Called up share capital
5
11,001
11,001
Retained earnings
2,342,390
2,323,451
Total equity
2,353,391
2,334,452

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 5 May 2025 and are signed on its behalf by:
Mr V A Coutin
Director
Company registration number 09339557 (England and Wales)
GARDX ASSURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Gardx Assure Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lake House, 2 Port Way, Port Solent, Portsmouth, PO6 4TY.

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 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.

1.2
Going concern

The Financial Conduct Authority decision to restrict Gardx’s ability to sell Guaranteed Asset Protection (GAP) insurance presented a number of challenges. In response, the Board implemented a focused strategy to control and reduce costs whilst driving revenue growth within the UK market. These measures have significantly strengthened the group’s financial position and resilience going into 2025. Looking ahead, cash flow and profitability forecasts indicate a significant improvement in 2025true.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to going concern and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Reporting period

The financial statements have been prepared for a period of twelve months, whereas the comparative figures have been prepared for a seventeen month period. As a result, the comparative period amounts presented in these financial statements will not be entirely comparable.

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Commission, cancellation fees and profit share income is recognised in the month in which they are earned.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

GARDX ASSURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.10
Retirement benefits

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

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 74 (2023 - 75).

GARDX ASSURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
3
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
77,053
350,717
Amounts owed by group undertakings
2,359,484
-
0
Other receivables
136,313
2,280,289
2,572,850
2,631,006

There is a fixed and floating charge registered over all assets of the company.

4
Current liabilities
2024
2023
£
£
Trade payables
1,608
7,135
Amounts owed to group undertakings
44,000
-
0
Taxation and social security
271,161
265,500
Other payables
9,938
254,204
326,707
526,839
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
11,001
11,001
11,001
11,001
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Christopher Reeves ACA FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
7 May 2025
Sumer Audit is the trading name of Sumer Auditco Limited
7
Related party transactions

At the year end, £nil (2023: £202,500) was due to a company under common control. Amounts were waivered by the company during the period amounting to £202,500 (2023: £nil).

GARDX ASSURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
8
Parent company

The ultimate parent company is Gardx Holdings Ltd. Their registered office is Lake House, 2 Port Way, Port Solent, PO6 4TY.

 

Gardx Holdings Ltd prepares consolidated financial statements and copies can be obtained from Companies House.

The ultimate controlling party is Mr V A Coutin.

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