38 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 338,699 270,960 45,160 338,699 67,739 280,788 50,103 330,891 xbrli:pure xbrli:shares iso4217:GBP 06876406 2023-04-01 2024-07-31 06876406 2024-07-31 06876406 2023-03-31 06876406 2022-03-31 2023-03-31 06876406 2023-03-31 06876406 2022-03-30 06876406 core:NetGoodwill 2023-04-01 2024-07-31 06876406 bus:Director7 2023-04-01 2024-07-31 06876406 core:NetGoodwill 2023-03-31 06876406 core:NetGoodwill 2024-07-31 06876406 core:FurnitureFittings 2023-03-31 06876406 core:FurnitureFittings 2024-07-31 06876406 core:WithinOneYear 2024-07-31 06876406 core:WithinOneYear 2023-03-31 06876406 core:ShareCapital 2024-07-31 06876406 core:ShareCapital 2023-03-31 06876406 core:RetainedEarningsAccumulatedLosses 2024-07-31 06876406 core:RetainedEarningsAccumulatedLosses 2023-03-31 06876406 core:FurnitureFittings 2023-04-01 2024-07-31 06876406 core:NetGoodwill 2023-03-31 06876406 core:AfterOneYear 2024-07-31 06876406 core:AfterOneYear 2023-03-31 06876406 core:FurnitureFittings 2023-03-31 06876406 bus:Director1 2023-04-01 2024-07-31 06876406 bus:SmallEntities 2023-04-01 2024-07-31 06876406 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-07-31 06876406 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-07-31 06876406 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-07-31 06876406 bus:FullAccounts 2023-04-01 2024-07-31 06876406 core:OfficeEquipment 2024-07-31 06876406 core:OfficeEquipment 2023-03-31 06876406 core:CommissionClawback 2023-03-31 06876406 core:CommissionClawback 2023-04-01 2024-07-31 06876406 core:CommissionClawback 2024-07-31 06876406 1 2023-04-01 2024-07-31
COMPANY REGISTRATION NUMBER: 06876406
CIGNPOST LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 July 2024
CIGNPOST LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
31 Jul 24
31 Mar 23
Note
£
£
£
Fixed assets
Intangible assets
6
67,739
Tangible assets
7
43,235
----
----------
110,974
Current assets
Debtors
8
1,019,034
1,818,860
Cash at bank and in hand
3,436
78
-------------
-------------
1,022,470
1,818,938
Creditors: amounts falling due within one year
9
( 308,251)
( 6,862,588)
-------------
-------------
Net current assets/(liabilities)
714,219
( 5,043,650)
----------
-------------
Total assets less current liabilities
714,219
( 4,932,676)
Provisions
Other provisions
10
( 330,891)
( 280,788)
----------
-------------
Net assets/(liabilities)
383,328
( 5,213,464)
----------
-------------
CIGNPOST LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
31 Jul 24
31 Mar 23
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
383,327
( 5,213,465)
----------
-------------
Shareholders funds/(deficit)
383,328
( 5,213,464)
----------
-------------
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.
For the period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 May 2025 , and are signed on behalf of the board by:
A M Bascombe
Director
Company registration number: 06876406
CIGNPOST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 APRIL 2023 TO 31 JULY 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 The Stables, Peper Harrow, Godalming, GU8 6BQ.
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 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 The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Revenue recognition - As detailed in the revenue recognition policy management have recognised commissions received on the sales of Indemnity products on receipt of the commissions which requires an associated clawback provision. - 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. The 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 are as follows: (i) Clawback of commissions - for commissions received on an Indemnity basis management are required to make an estimate of potential clawbacks of commissions received on policies which lapse or are subsequently cancelled by the policyholder. At 31 July 2024 this provision amounted to £330,891 (2023 - £280,788).
Revenue recognition
Revenue is recognised on indemnity insurance policies at the commencement of the policy. For details of provisions against this commission income refer to the Judgements and key sources of estimation uncertainty policy.
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.
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:
Goodwill
-
10% 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 stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
10% straight line
Office Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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. Exceptional items
On 31 July 2024 group debts totalling £6.9M were waived resulting in a credit to the profit & loss account.
5. Employee numbers
The average number of persons employed by the company during the period amounted to 38 (2023: 39 ).
6. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 July 2024
338,699
----------
Amortisation
At 1 April 2023
270,960
Charge for the period
45,160
Impairment losses
22,579
----------
At 31 July 2024
338,699
----------
Carrying amount
At 31 July 2024
----------
At 31 March 2023
67,739
----------
7. Tangible assets
Fixtures and Fittings
Office Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 July 2024
243,489
39,984
283,473
----------
---------
----------
Depreciation
At 1 April 2023
200,254
39,984
240,238
Charge for the period
36,214
36,214
Impairment losses
7,021
7,021
----------
---------
----------
At 31 July 2024
243,489
39,984
283,473
----------
---------
----------
Carrying amount
At 31 July 2024
----------
---------
----------
At 31 March 2023
43,235
43,235
----------
---------
----------
8. Debtors
31 Jul 24
31 Mar 23
£
£
Other debtors
1,019,034
1,818,860
-------------
-------------
The debtors above include the following amounts falling due after more than one year:
31 Jul 24
31 Mar 23
£
£
Other debtors
10,000
546,000
---------
----------
9. Creditors: amounts falling due within one year
31 Jul 24
31 Mar 23
£
£
Trade creditors
11,623
4,268
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,724,426
Social security and other taxes
174,359
35,868
Other creditors
122,269
98,026
----------
-------------
308,251
6,862,588
----------
-------------
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
10. Provisions
Provisions
£
At 1 April 2023
280,788
Additions
50,103
----------
At 31 July 2024
330,891
----------
The provision relates to expected clawbacks on commissions due to cancelled policies. For more details refer to the accounting policies.
11. Events after the end of the reporting period
On 1 August 2024 the ultimate parent company changed from Inchora Limited to Hatbox Group Limited.
12. Related party transactions
The company has taken advantage of the exemption in FRS 102 for disclosure of transactions between group companies. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).
13. Controlling party
The immediate parent undertaking is Cignpost Financial Services Limited . The ultimate parent undertaking was Inchora Limited to 31 July 2024. Copies of the Inchora Limited financial statements can be obtained from the Company Secretary at The Stables, Peper Harow, Godalming, GU8 6BQ. From 1 August 2024 the ultimate parent undertaking is Hatbox Group Limited.