Lupton Del Principe Associates Limited - Period Ending 2019-07-31

Lupton Del Principe Associates Limited trading as The Channel Partnership

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2019

Registration number: 03151266

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Contents

Company Information	1
Directors' Report	2
Statement of Income and Retained Earnings	3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 11
Detailed profit and loss	12 to 13
Accountants' Report	14

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Company Information

Directors

Mr T Rolfe Mr S Watson Mr R Newsham

Registered office

First Floor, Block B Lawes House 66 - 68 Bristol Road Portishead North Somerset BS20 6QG

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Directors' Report

Year Ended 31 July 2019

The directors present their report and the financial statements for the year ended 31 July 2019.

Directors of the company

The directors who held office during the year were as follows:

Mr T Rolfe

Mr S Watson

Mr R Newsham

Principal activity

The principal activity of the company is the brokering of credit insurance and the provision of related consultancy services.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 26 November 2019 and signed on its behalf by:

......................................... Mr T Rolfe Director

Page 2

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Statement of Income and Retained Earnings

Year Ended 31 July 2019

	Note	2019 £	2018 £
Turnover		1,037,106	1,010,415
Cost of sales		(20,622)	(20,378)
Gross profit		1,016,484	990,037
Administrative expenses		(581,097)	(588,899)
Operating profit		435,387	401,138
Other interest receivable and similar income		-	6
Interest payable and similar charges		-	(958)
		-	(952)
Profit before tax		435,387	400,186
Taxation		(84,091)	(77,976)
Profit for the financial year		351,296	322,210
Retained earnings brought forward		299,906	277,696
Dividends paid		(323,390)	(300,000)
Retained earnings carried forward		327,812	299,906

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 3

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Balance Sheet

31 July 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	26,387	40,793
Current assets
Debtors	5	174,222	175,608
Cash at bank and in hand		345,274	241,195
		519,496	416,803
Creditors: Amounts falling due within one year	6	(179,691)	(119,310)
Net current assets		339,805	297,493
Net assets		366,192	338,286
Capital and reserves
Called up share capital		100	100
Share premium reserve		38,280	38,280
Profit and loss account		327,812	299,906
Total equity		366,192	338,286

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Balance Sheet

31 July 2019

For the financial year ending 31 July 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 26 November 2019 and signed on its behalf by:
 

......................................... Mr T Rolfe Director

Company Registration Number: 03151266

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Notes to the Financial Statements

Year Ended 31 July 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
First Floor, Block B
Lawes House
66 - 68 Bristol Road
Portishead
North Somerset
BS20 6QG

These financial statements were authorised for issue by the Board on 26 November 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 6

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Notes to the Financial Statements

Year Ended 31 July 2019

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	7% straight line
Furniture, fittings and equipment	25% reducing balance
Motor vehicles	25% reducing balance
Computer systems	25% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 7

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Notes to the Financial Statements

Year Ended 31 July 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2018 - 11).

Page 8

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Notes to the Financial Statements

Year Ended 31 July 2019

4	Tangible assets

	Leasehold property £	Furniture, fittings and equipment  £	Motor vehicles  £	Computer systems  £	Total £
Cost or valuation
At 1 August 2018	26,525	52,683	37,638	56,509	173,355
Additions	-	3,869	-	-	3,869
Disposals	-	-	(37,638)	-	(37,638)
At 31 July 2019	26,525	56,552	-	56,509	139,586
Depreciation
At 1 August 2018	7,653	44,267	25,730	54,912	132,562
Charge for the year	1,693	3,077	-	1,597	6,367
Eliminated on disposal	-	-	(25,730)	-	(25,730)
At 31 July 2019	9,346	47,344	-	56,509	113,199
Carrying amount
At 31 July 2019	17,179	9,208	-	-	26,387
At 31 July 2018	18,872	8,416	11,908	1,597	40,793

Page 9

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Notes to the Financial Statements

Year Ended 31 July 2019

5

Debtors

	2019 £	2018 £
Trade debtors	165,222	163,285
Prepayments	9,000	12,323
	174,222	175,608

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018  £
Due within one year
Trade creditors		1,275	3,171
Amounts due to group undertakings		50,542	2,000
Corporation tax		84,092	77,977
Social security and other taxes		16,782	14,837
Accrued expenses		27,000	21,325
		179,691	119,310

Page 10

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Notes to the Financial Statements

Year Ended 31 July 2019

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A shares of £1 each	25	25	25	25
Ordinary B shares of £1 each	25	25	25	25
Ordinary C shares of £1 each	50	50	50	50
	100	100	100	100

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £61,565 (2018 - £39,827).

Page 11

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Detailed profit and loss

Year Ended 31 July 2019

	2019  £	2018  £
Turnover
Commissions receivable	980,981	973,609
Bonds and finance income	56,125	36,806
	1,037,106	1,010,415
Cost of sales
Commissions payable	(20,622)	(20,378)
Gross profit	1,016,484	990,037
Gross profit (%)	98.01%	97.98%
Administrative expenses
Administrative expenses	(581,097)	(588,899)
Operating profit	435,387	401,138
Other interest receivable and similar income
Other finance income	-	6
Interest payable and similar charges
Interest on obligations under finance leases and hire purchase contracts	-	(958)
Profit before tax	435,387	400,186

This page does not form part of the statutory financial statements.

Page 12

Lupton Del Principe Associates Limited

trading as The Channel Partnership

Detailed profit and loss

Year Ended 31 July 2019

	2019 £	2018 £
Administration costs
Wages and salaries	164,505	184,006
Staff NIC (Employers)	10,558	12,826
Directors remuneration	134,738	119,385
Directors NIC (Employers)	14,682	13,525
Staff pensions (Defined contribution)	7,835	8,236
Staff training	7,290	2,079
Staff welfare	4,599	2,524
Rent	24,000	24,000
Rates	11,868	14,529
Service charges	8,162	9,157
Insurance	35,596	45,111
Repairs and maintenance	649	212
Telephone and fax	8,881	9,490
Computer information service	3,875	6,256
Computer costs	15,730	8,044
Printing, postage and stationery	3,043	5,150
Subscriptions	3,937	4,555
Hire of plant and machinery (Operating leases)	1,317	775
Lease of motor vehicles (Operating leases)	27,743	15,514
Sundry expenses	3,692	3,058
Laundry and cleaning	2,757	3,175
Motor and travel expenses	27,040	39,904
Marketing and advertising	27,293	23,243
Entertaining	573	884
Accountancy	12,606	12,749
Consultancy fees	4,416	-
Legal and professional	-	595
Bookkeeping and payroll	4,485	4,355
Bank charges	263	262
Foreign currency (gains)/losses	(1,811)	(210)
Depreciation	6,367	10,573
(Profit)/loss on disposal of tangible fixed assets	4,408	4,937
	581,097	588,899

This page does not form part of the statutory financial statements.

Page 13

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lupton Del Principe Associates Limited

trading as The Channel Partnership

Year Ended 31 July 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lupton Del Principe Associates Limited for the year ended 31 July 2019 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/membership/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Lupton Del Principe Associates Limited, as a body, in accordance with the terms of our engagement letter dated 16 October 2017. Our work has been undertaken solely to prepare for your approval the accounts of Lupton Del Principe Associates Limited and state those matters that we have agreed to state to the Board of Directors of Lupton Del Principe Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lupton Del Principe Associates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lupton Del Principe Associates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lupton Del Principe Associates Limited. You consider that Lupton Del Principe Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lupton Del Principe Associates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Francis Clark LLP
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

26 November 2019

Page 14