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REGISTERED NUMBER: 01811609 (England and Wales)




























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: Mr Keith Schofield
Mrs Barbara Mary Schofield
Mr Jonathan Paul Schofield
Mr Philip David Schofield
Mr Mark James Schofield





SECRETARY: Mrs Barbara Mary Schofield





REGISTERED OFFICE: 5 The Courtyard
Calvin Street
Bolton
Lancashire
BL1 8PB





REGISTERED NUMBER: 01811609 (England and Wales)





AUDITORS: DonnellyBentley Limited
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 1,882 2,725

CURRENT ASSETS
Debtors 5 104,548 88,782
Cash at bank and in hand 7,481,665 7,760,201
7,586,213 7,848,983
CREDITORS
Amounts falling due within one year 6 658,541 812,310
NET CURRENT ASSETS 6,927,672 7,036,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,929,554

7,039,398

PROVISIONS FOR LIABILITIES 8 276 444
NET ASSETS 6,929,278 7,038,954

CAPITAL AND RESERVES
Called up share capital 9 1,100 1,100
Retained earnings 6,928,178 7,037,854
SHAREHOLDERS' FUNDS 6,929,278 7,038,954

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2025 and were signed on its behalf by:





Mr Keith Schofield - Director


Schofields Limited (Registered number: 01811609)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Schofields Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Computer hardware and software - 20% on cost

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 6 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Computer
Fixtures hardware
and and
fittings software Totals
£    £    £   
COST
At 1 October 2023 63,629 224,743 288,372
Additions - 350 350
Disposals (60,629 ) (4,759 ) (65,388 )
At 30 September 2024 3,000 220,334 223,334
DEPRECIATION
At 1 October 2023 63,629 222,018 285,647
Charge for year - 1,193 1,193
Eliminated on disposal (60,629 ) (4,759 ) (65,388 )
At 30 September 2024 3,000 218,452 221,452
NET BOOK VALUE
At 30 September 2024 - 1,882 1,882
At 30 September 2023 - 2,725 2,725

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 43,845 42,833
Prepayments and accrued income 60,703 45,949
104,548 88,782

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 541,828 538,212
Tax 90,377 245,396
Other creditors 610 522
Accruals and deferred income 25,726 28,180
658,541 812,310

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 28,759 16,776
Between one and five years 83,881 112,640
112,640 129,416

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 444
Provided during year (168 )
Balance at 30 September 2024 276

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary A £1 1,000 1,000
100 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.

Catherine Cole FCA (Senior Statutory Auditor)
for and on behalf of DonnellyBentley Limited

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
£    £   
Mr Keith Schofield
Balance outstanding at start of year - 232
Amounts repaid - (232 )
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.