| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Schofields Limited |
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Schofields Limited |
| Schofields Limited (Registered number: 01811609) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Schofields Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| Hazlemere |
| 70 Chorley New Road |
| Bolton |
| Lancashire |
| BL1 4BY |
| Schofields Limited (Registered number: 01811609) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Schofields Limited (Registered number: 01811609) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Schofields Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The accounts have been prepared on a going concern basis. |
| Significant judgements and estimates |
| The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: |
| Tangible fixed assets:- |
| Tangible fixed assets are depreciated over their expected useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors, for instance technological innovation, maintenance and market conditions. Accordingly there is no certainty that actual lives and residual values will meet the estimates. |
| Turnover |
| Turnover comprises brokerage income and profit commission. Brokerage income is credited at the date of payment of the policy by the customer which is the inception of the policy. Potential profit commission is a contingent asset and as such should only be included in the accounts when the flow of future economic benefits is virtually certain. Alterations in brokerage income arising from return and additional premiums and adjustments are taken into account when they occur. |
| The company is acting as an agent therefore the insurance premiums collected on behalf of the underwriters are not included in turnover; turnover is comprised of the commission earned on these premiums. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer hardware and software | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Schofields Limited (Registered number: 01811609) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| Fixtures | hardware |
| and | and |
| fittings | software | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Schofields Limited (Registered number: 01811609) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Tax |
| Other creditors |
| Accruals and deferred income |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Capital Allowances in excess |
| of depreciation | 276 | 444 |
| 276 | 444 |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year | ( |
) |
| Balance at 30 September 2024 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 1,000 | 1,000 |
| Ordinary B | £1 | 100 | 100 |
| 1,100 | 1,100 |
| Schofields Limited (Registered number: 01811609) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 9. | CALLED UP SHARE CAPITAL - continued |
| The 'A' shares and 'B' shares shall rank pari passu with regard to entitlement to dividend except that the directors may at any time and from time to time resolve to declare a dividend on the 'A' shares alone and not on the 'B' shares or vice versa. |
| On return of capital on liquidation or otherwise, except upon the redemption of shares of any class or the purchase by the company of its own shares, the assets of the company available for distribution amongst its shareholders shall be applied as follows: |
| Firstly, in paying to the holders of the 'A' shares the nominal amount, plus any premium paid on subscription of the 'A' shares. |
| Secondly, in paying to the holders of the 'B' shares the nominal amount, plus any premium paid on subscription of the 'B' shares. |
| Thirdly, in paying or distributing to the holders of the 'A' shares the said assets up to the total value of £3,100,000 in proportion to the amounts paid up or credited as paid up thereon, including any premium provided that, to the event any discretion has been exercised by the directors in the payment of dividends as permitted by the company's articles, the net effect of which has been that greater total dividends have been declared and paid on the 'A' shares than on the 'B' shares, the amount of such imbalance shall be deducted from the said sum of £3,100,000. |
| Finally, in paying to the holders of the 'B' shares any balance of the assets of the company. |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 12. | POST BALANCE SHEET EVENTS |
| On 2nd May 2025, the company bought back 100 B shares for an aggregate consideration of £266,000. |