ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

BENNETT GOULD AND PARTNERS LIMITED - Company Information

Caseware UK (AP4) 2019.0.227 2019.0.227 2019-09-302019-09-302018-10-01false2525truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01058351 2018-10-01 2019-09-30 01058351 2017-10-01 2018-09-30 01058351 2019-09-30 01058351 2018-09-30 01058351 2017-10-01 01058351 1 2018-10-01 2019-09-30 01058351 1 2017-10-01 2018-09-30 01058351 2 2018-10-01 2019-09-30 01058351 3 2018-10-01 2019-09-30 01058351 d:CompanySecretary1 2018-10-01 2019-09-30 01058351 d:Director1 2018-10-01 2019-09-30 01058351 d:Director1 2019-09-30 01058351 d:Director2 2018-10-01 2019-09-30 01058351 d:Director2 2019-09-30 01058351 d:Director3 2018-10-01 2019-09-30 01058351 d:Director4 2018-10-01 2019-09-30 01058351 d:Director5 2018-10-01 2019-09-30 01058351 d:Director5 2019-09-30 01058351 d:Director6 2018-10-01 2019-09-30 01058351 d:Director6 2019-09-30 01058351 d:RegisteredOffice 2018-10-01 2019-09-30 01058351 e:Buildings e:ShortLeaseholdAssets 2018-10-01 2019-09-30 01058351 e:Buildings e:ShortLeaseholdAssets 2019-09-30 01058351 e:Buildings e:ShortLeaseholdAssets 2018-09-30 01058351 e:FurnitureFittings 2018-10-01 2019-09-30 01058351 e:FurnitureFittings 2019-09-30 01058351 e:FurnitureFittings 2018-09-30 01058351 e:FurnitureFittings e:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 01058351 e:OwnedOrFreeholdAssets 2018-10-01 2019-09-30 01058351 e:CurrentFinancialInstruments 2019-09-30 01058351 e:CurrentFinancialInstruments 2018-09-30 01058351 e:CurrentFinancialInstruments e:WithinOneYear 2019-09-30 01058351 e:CurrentFinancialInstruments e:WithinOneYear 2018-09-30 01058351 f:UnitedKingdom 2018-10-01 2019-09-30 01058351 f:UnitedKingdom 2017-10-01 2018-09-30 01058351 f:RestWorldOutsideUK 2018-10-01 2019-09-30 01058351 f:RestWorldOutsideUK 2017-10-01 2018-09-30 01058351 e:ShareCapital 2019-09-30 01058351 e:ShareCapital 2018-09-30 01058351 e:ShareCapital 2017-10-01 01058351 e:OtherMiscellaneousReserve 2018-10-01 2019-09-30 01058351 e:OtherMiscellaneousReserve 2019-09-30 01058351 e:OtherMiscellaneousReserve 2 2018-10-01 2019-09-30 01058351 e:OtherMiscellaneousReserve 3 2018-10-01 2019-09-30 01058351 e:OtherMiscellaneousReserve 2018-09-30 01058351 e:OtherMiscellaneousReserve 2017-10-01 01058351 e:RetainedEarningsAccumulatedLosses 2018-10-01 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2 2018-10-01 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 3 2018-10-01 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2017-10-01 2018-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2018-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2017-10-01 01058351 d:OrdinaryShareClass1 2018-10-01 2019-09-30 01058351 d:OrdinaryShareClass1 2019-09-30 01058351 d:OrdinaryShareClass1 2018-09-30 01058351 d:FRS102 2018-10-01 2019-09-30 01058351 d:Audited 2018-10-01 2019-09-30 01058351 d:FullAccounts 2018-10-01 2019-09-30 01058351 d:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30 01058351 e:Subsidiary1 2018-10-01 2019-09-30 01058351 e:Subsidiary1 1 2018-10-01 2019-09-30 01058351 e:Subsidiary2 2018-10-01 2019-09-30 01058351 e:Subsidiary2 1 2018-10-01 2019-09-30 01058351 e:WithinOneYear 2019-09-30 01058351 e:WithinOneYear 2018-09-30 01058351 e:OtherDeferredTax 2019-09-30 01058351 e:OtherDeferredTax 2018-09-30 01058351 6 2018-10-01 2019-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01058351

BENNETT GOULD AND PARTNERS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

BENNETT GOULD AND PARTNERS LIMITED

COMPANY INFORMATION

Directors	T L Martin
	P Vincent
	G Morris
	A Martin


Company secretary	G Morris


Registered number	01058351


Registered office	Corinium House
	Corinium Avenue
	Gloucester
	GL4 3HX


Independent auditors	Simmons Gainsford LLP
	Chartered Accountants & Statutory Auditors
	7-10 Chandos Street
	London
	W1G 9DQ

BENNETT GOULD AND PARTNERS LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 5
Statement of Comprehensive Income	6
Balance Sheet	7
Statement of Changes in Equity	8
Notes to the Financial Statements	9 - 19

BENNETT GOULD AND PARTNERS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2019

The directors present their report and the financial statements for the year ended 30 September 2019.

Principal activity

The principal activity of the company and its subsidiary continued to be that of insurance brokers.

Directors

The directors who served during the year were:

M S Dacey (resigned 29 March 2019)

A C Gyde (resigned 5 April 2019)

T L Martin

P Vincent

G Morris (appointed 5 April 2019)

A Martin (appointed 20 April 2019)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

BENNETT GOULD AND PARTNERS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Auditors

The auditors, Simmons Gainsford LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 30 June 2020 and signed on its behalf.

G Morris

Director

Page 2

BENNETT GOULD AND PARTNERS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENNETT GOULD AND PARTNERS LIMITED

Opinion

We have audited the financial statements of Bennett Gould and Partners Limited (the 'Company') for the year ended 30 September 2019, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 September 2019 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 3

BENNETT GOULD AND PARTNERS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENNETT GOULD AND PARTNERS LIMITED (CONTINUED)

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

BENNETT GOULD AND PARTNERS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENNETT GOULD AND PARTNERS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.

Daryush Farshchi-Heidari (FCA) (Senior Statutory Auditor)

for and on behalf of

Simmons Gainsford LLP

Chartered Accountants

Statutory Auditors

7-10 Chandos Street

London

W1G 9DQ

30 June 2020

Page 5

BENNETT GOULD AND PARTNERS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2019

	2019	2018
Note	£	£


Turnover	4	2,199,696	1,762,724
Gross profit		2,199,696	1,762,724
Distribution costs		(65,585)	(60,713)
Administrative expenses		(1,727,495)	(1,641,966)
Fair value movements		89,086	-
Operating profit	5	495,702	60,045
Income from fixed assets investments		554	-
Interest receivable and similar income		6,133	-
Profit before tax		502,389	60,045
Tax on profit	8	(16,926)	-
Profit for the financial year		485,463	60,045

There was no other comprehensive income for 2019 (2018:£NIL).

The notes on pages 9 to 19 form part of these financial statements.

Page 6

BENNETT GOULD AND PARTNERS LIMITED

REGISTERED NUMBER: 01058351

BALANCE SHEET

AS AT 30 SEPTEMBER 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	9		17,892		18,001
Investments	10		848,921		760,710
			866,813		778,711
Current assets
Debtors: amounts falling due within one year	11	3,192,427		2,282,847
Cash at bank and in hand	12	1,621,237		1,198,356
		4,813,664		3,481,203
Creditors: amounts falling due within one year	13	(4,592,324)		(3,674,150)
Net current assets/(liabilities)			221,340		(192,947)
Total assets less current liabilities			1,088,153		585,764
Provisions for liabilities
Deferred tax	14	(51,518)		(34,592)
			(51,518)		(34,592)
Net assets			1,036,635		551,172

Capital and reserves
Called up share capital	15	850,000	850,000
Other reserves	16	219,633	147,473
Profit and loss account	16	(32,998)	(446,301)
		1,036,635	551,172

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 June 2020.

G Morris

Director

Page 7

BENNETT GOULD AND PARTNERS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2019

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2017	850,000	147,473	(506,346)	491,127
Comprehensive income for the year
Profit for the year	-	-	60,045	60,045

At 1 October 2018	850,000	147,473	(446,301)	551,172
Comprehensive income for the year
Profit for the year	-	-	485,463	485,463
Unrealised gain on fixed asset investments	-	89,086	(89,086)	-
Transfer of deferred tax on gain on fixed asset investments	-	(16,926)	16,926	-
At 30 September 2019	850,000	219,633	(32,998)	1,036,635

The notes on pages 9 to 19 form part of these financial statements.

Page 8

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

1.	General information

Bennett Gould & Partners Limited is a private company limited by share capital, incorporated in England and Wales. The principal trading address and registered office is Corinium House, Corinium Avenue, Gloucester, GL4 3HX.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

2.2

Going concern

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

2.3

Turnover

Revenue comprises insurance brokerage and fees which are taken to credit when debit notes are issued, irrespective of the inception period of insurance.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 9

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Short-term leasehold property	-	over the period of the lease
				Fixtures and fittings	-	15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Financial instruments

The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, finance leases, and loans from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Page 10

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.7

Financial instruments (continued)

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
-at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
-at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Financial liabilities and equity instruments are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.
Financial liabilities, including trade and other payables, bank loans, loans from fellow group companies, are initially measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.
A liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expires.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Page 11

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.9

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated by the directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors consider there to be no significant areas of judgments or key sources of estimation uncertainty.

Page 13

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Turnover

The whole of the turnover is attributable to the company's principal activity.

Analysis of turnover by country of destination:

					2019	2018
					£	£

United Kingdom	2,050,214	1,674,035
Rest of the world	149,482	88,689
	2,199,696	1,762,724

Exchange differences

2,675

17,098

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2019	2018
	No.	No.

Office and Management	25	25

7.	Directors' remuneration
		2019	2018
		£	£

Directors' emoluments	101,094	154,964
Company contributions to defined contribution pension schemes	17,119	25,370
	118,213	180,334

During the year retirement benefits were accruing to 1 director (2018 - 1) in respect of defined contribution pension schemes.
There are no other key management personnel other than the directors.

Page 14

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

	Deferred tax
	Origination and reversal of timing differences	16,926	-


	Taxation on profit on ordinary activities	16,926	-

Profit on ordinary activities before tax

502,389

60,045

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2018 - 19%)	95,454	11,409
Effects of:
Expenses not deductible for tax purposes	1,518	2,926
Capital allowances for year in excess of depreciation	(265)	1,022
Fair value movements in listed investments not chargeable to tax	(16,926)	-
Non-taxable income	(105)	-
Use of tax losses carried forward	(79,676)	(15,357)
Deferred tax movement	16,926	-
Total tax charge for the year	16,926	-

Factors that may affect future tax charges

The company has estimated losses of £110,000 (2018: £530,000) available for carry forward against future trading profits.
The Finance Act 2016 announced that the proposed reduction in the main corporation tax rate from 2020 would be 17%. However, the government has indicated that this reduction will not occur although the necessary legislation has yet to be enacted.

Page 15

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

9.	Tangible fixed assets

	Short-term leasehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 October 2018	14,873	119,501	134,374
Additions	-	11,088	11,088
Disposals	(14,873)	(75,938)	(90,811)
At 30 September 2019	-	54,651	54,651
Depreciation
At 1 October 2018	9,668	106,705	116,373
Charge for the year on owned assets	5,205	5,992	11,197
Disposals	(14,873)	(75,938)	(90,811)
At 30 September 2019	-	36,759	36,759
Net book value
At 30 September 2019	-	17,892	17,892
At 30 September 2018	5,205	12,796	18,001

10.	Fixed asset investments

	Investments in subsidiary companies	Listed investments	Total
	£	£	£
Cost or valuation
At 1 October 2018	33,752	726,958	760,710
Additions	-	158,355	158,355
Disposals	-	(159,230)	(159,230)
Revaluations	-	89,086	89,086
At 30 September 2019	33,752	815,169	848,921

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BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

	Bennett Gould and Partners (Dorset) Limited	Insurance brokers	Ordinary	100%
	Bennett Gould (Management Services) Limited	Dormant	Ordinary	100%

Subsequent to the year end Bennett Gould (Management Services) Limited has been dissolved.

	The aggregate of the share capital and reserves as at 30 September 2019 and the profit or loss for the year ended on that date for the subsidiary undertakings was as follows:
	Name	Aggregate of share capital and reserves
		£

	Bennett Gould and Partners (Dorset) Limited	13,536
	Bennett Gould (Management Services) Limited	2

Both of the above subsidiary undertakings reported a £nil profit/(loss) for the period.

11.

Debtors

					2019	2018
					£	£


Trade debtors	1,894,935	1,045,817
Amounts owed by group undertakings	1,151,719	1,040,813
Other debtors	45,201	69,930
Prepayments and accrued income	100,572	126,287
	3,192,427	2,282,847

12.	Cash and cash equivalents
		2019	2018
		£	£

	Cash at bank and in hand	1,621,237	1,198,356

Page 17

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

13.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	3,586,210	3,056,953
Amounts owed to group undertakings	971,367	580,330
Other taxation and social security	-	24,963
Accruals and deferred income	34,747	11,904
	4,592,324	3,674,150

14.	Deferred taxation

	2019	2018
	£	£

At beginning of year	34,592	34,592
Charged to profit or loss	16,926	-
At end of year	51,518	34,592

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

Tax liability on fair value adjustment

51,518

34,592

15.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

1,700,000 (2018 - 1,700,000) Ordinary shares of £0.50 each	850,000	850,000

There is a single class of Ordinary shares. There are no restrictions on distribution of dividends and the repayment of capital.

Page 18

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

16.

Reserves

Other reserves

Other reserves is made up of the unrealised gain on fixed asset investments, less the resulting deferred tax liability and is not distributable.

Profit and loss account

The Profit and loss reserve is made up of cumulative profit/(losses).

17.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,511 (2018: £71,316). Contributions totalling £3,876 (2018: £3,876) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year

8,874

52,628

19.	Related party transactions
	Investments At 30 September 2019, the company holds an investment in a fund of £Nil (2018: £726,958). The directors of the fund company also hold appointment as director of this company and have an interest in the promoter and manager of the fund. The fund is independently administered.

20.	Controlling party

The company regards Trans Continental Holdings (UK) Limited, as its immediate parent undertaking and Trans Continental Investment Services Limited, a company incorporated in the British Virgin Islands, as its ultimate parent undertaking. In the prior year the Company's immediate parent undertaking was David Bennett Holdings Limited.

Page 19