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Notes to the financial statements
For the year ended 31 December 2024
EPG Global Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office and principal place of business is 88 Leadenhall Street, London, EC3A 3BP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Brokerage income is recognised when the company's obligations to arrange the respective insurance policy have been substantially completed and the income due is reasonably certain. In respect of income earned or returned out of adjustment premiums, declarations of turnover or periodic premium income statements from clients, income is recognised when the amount has been determined.
Fee income is recognised when and to the extent that the insurance services to which it relates have been substantially completed.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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