Company registration number 13257247 (England and Wales)
HENCILLA CANWORTH GI LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HENCILLA CANWORTH GI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HENCILLA CANWORTH GI LIMITED (REGISTERED NUMBER: 13257247)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
8,226
Current assets
Debtors
4
644,148
78,960
Cash at bank and in hand
639,476
1,128,329
1,283,624
1,207,289
Creditors: amounts falling due within one year
5
(762,281)
(632,232)
Net current assets
521,343
575,057
Net assets
521,343
583,283
Capital and reserves
Called up share capital
20,100
20,100
Profit and loss reserves
501,243
563,183
Total equity
521,343
583,283

The directors of the company have elected not to include a copy of the profit and loss account 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 8 May 2025 and are signed on its behalf by:
Mr W Andrews
Director
HENCILLA CANWORTH GI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Hencilla Canworth GI Limited is a private company limited by shares incorporated in England and Wales. The registered office is One Creechurch Place, London, EC3A 5AF.

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

On 28 April 2025, the Company’s business and trading assets were transferred to Howden Insurance Brokers Limited via the intercompany account. The Company will then go into run off during the 2025 financial year. Once the run off process has been completed, the directors intend to dissolve the Company, which is expected to take place in the 2026 financial year.true

 

 

As a result of the planned business transfer, the Company does not intend to trade in the future. As a result, the financial statements have not been prepared on a going concern basis, but instead, a basis other than going concern has been adopted.

 

The directors have considered the impact on the financial statements of preparing them on a basis other than going concern and have considered that the fixed assets, debtors and creditors are presented as current at period end and where appropriate, measured at the lower of cost or net realisable value or the expected settlement amount, respectively. No adjustments to the carrying value of assets or liabilities were required to be recognised in this regard as Howden Insurance Brokers Limited has agreed to take on all of the Company's assets and liabilities at carrying values.

 

Costs that would be incurred in the event of the Company being wound up would be borne by Howden Insurance Brokers Limited accordingly, no provision has been made in the financial statements in this regard. All employees of the Company have been transferred to Howden Insurance Brokers Limited under TUPE legislation. No provision for redundancy costs have been made in the financial statements.

HENCILLA CANWORTH GI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover consists of brokerage, commission and fees for the arrangement of insurance and fees for consultancy services.

Commission and fees arising from insurance broking activities are recognised upon the later of the effective date that the insurance policy commences and the invoice date. An appropriate proportion of turnover is deferred to recognise post placement contractual obligations.

Other income from insurance broking activities is recognised when it can be measured with reasonable certainty.

An accrual is made for future cancellations using previous experience of commission refunded against revenue received.

 

 

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
20 % per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense for the period comprises current tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Retirement benefits

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

2
Employees

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

2024
2023
Number
Number
Total
23
22
HENCILLA CANWORTH GI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023
185,303
Disposals
(74,583)
At 30 September 2024
110,720
Depreciation and impairment
At 1 November 2023
177,077
Depreciation charged in the year
5,688
Eliminated in respect of disposals
(72,045)
At 30 September 2024
110,720
Carrying amount
At 30 September 2024
-
0
At 31 October 2023
8,226
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
80,466
44,721
Amounts owed by group undertakings
550,600
-
0
Other debtors
13,082
34,239
644,148
78,960
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
477,603
502,825
Amounts owed to group undertakings
99,662
-
0
Taxation and social security
7,978
62,207
Other creditors
177,038
67,200
762,281
632,232
HENCILLA CANWORTH GI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
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:
Stephen Hale
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
8 May 2025
7
Events after the reporting date

On 28 April 2025, the Company’s business and trading assets were transferred to Howden Insurance Brokers Limited via the intercompany account. The Company will then go into run off during the 2025 financial year. Once the run off process has been completed, the directors intend to dissolve the Company, which is expected to take place in the 2026 financial year.

8
Prior period adjustment
Reconciliation of changes in equity
1 November
31 October
2022
2023
£
£
Adjustments to prior year
adjustment to defer income recognised in the prior year
-
(17,495)
Equity as previously reported
405,240
600,778
Equity as adjusted
405,240
583,283
Analysis of the effect upon equity
Profit and loss reserves
-
(17,495)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
adjustment to defer income recognised in the prior year
(17,495)
Profit as previously reported
200,563
Profit as adjusted
183,068
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