ACCOUNTS - Final Accounts

Operating loss

The operating loss is stated after charging:

TRANS CONTINENTAL HOLDINGS (UK) LIMITED - Company Information

Caseware UK (AP4) 2019.0.227 2019.0.227 2019-09-302019-09-3032018-10-01false3falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03904883 2018-10-01 2019-09-30 03904883 2017-10-01 2018-09-30 03904883 2019-09-30 03904883 2018-09-30 03904883 2017-10-01 03904883 c:PriorPeriodIncreaseDecrease 2018-10-01 2019-09-30 03904883 c:PriorPeriodIncreaseDecrease 2017-10-01 2018-09-30 03904883 c:RestatedAmount 2018-09-30 03904883 c:RestatedAmount 2017-10-01 03904883 1 2018-10-01 2019-09-30 03904883 1 2017-10-01 2018-09-30 03904883 e:CompanySecretary1 2018-10-01 2019-09-30 03904883 e:Director1 2018-10-01 2019-09-30 03904883 e:Director1 2019-09-30 03904883 e:Director2 2018-10-01 2019-09-30 03904883 e:Director3 2018-10-01 2019-09-30 03904883 e:Director4 2018-10-01 2019-09-30 03904883 e:Director4 2019-09-30 03904883 e:RegisteredOffice 2018-10-01 2019-09-30 03904883 c:CurrentFinancialInstruments 2019-09-30 03904883 c:CurrentFinancialInstruments 2018-09-30 03904883 c:CurrentFinancialInstruments c:WithinOneYear 2019-09-30 03904883 c:CurrentFinancialInstruments c:WithinOneYear 2018-09-30 03904883 c:ShareCapital 2019-09-30 03904883 c:ShareCapital 2018-09-30 03904883 c:ShareCapital 2017-10-01 03904883 c:OtherMiscellaneousReserve 2018-10-01 2019-09-30 03904883 c:OtherMiscellaneousReserve 2019-09-30 03904883 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2018-10-01 2019-09-30 03904883 c:OtherMiscellaneousReserve 2017-10-01 2018-09-30 03904883 c:OtherMiscellaneousReserve 2018-09-30 03904883 c:OtherMiscellaneousReserve c:RestatedAmount 2018-09-30 03904883 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2017-10-01 2018-09-30 03904883 c:OtherMiscellaneousReserve 2017-10-01 03904883 c:OtherMiscellaneousReserve c:RestatedAmount 2017-10-01 03904883 c:RetainedEarningsAccumulatedLosses 2018-10-01 2019-09-30 03904883 c:RetainedEarningsAccumulatedLosses 2019-09-30 03904883 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2018-10-01 2019-09-30 03904883 c:RetainedEarningsAccumulatedLosses 2017-10-01 2018-09-30 03904883 c:RetainedEarningsAccumulatedLosses 2018-09-30 03904883 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2018-09-30 03904883 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2017-10-01 2018-09-30 03904883 c:RetainedEarningsAccumulatedLosses 2017-10-01 03904883 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2017-10-01 03904883 e:OrdinaryShareClass1 2018-10-01 2019-09-30 03904883 e:OrdinaryShareClass1 2019-09-30 03904883 e:OrdinaryShareClass1 2018-09-30 03904883 e:FRS102 2018-10-01 2019-09-30 03904883 e:Audited 2018-10-01 2019-09-30 03904883 e:FullAccounts 2018-10-01 2019-09-30 03904883 e:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30 03904883 c:Subsidiary1 2018-10-01 2019-09-30 03904883 c:Subsidiary1 1 2018-10-01 2019-09-30 03904883 c:Subsidiary2 2018-10-01 2019-09-30 03904883 c:Subsidiary2 1 2018-10-01 2019-09-30 03904883 c:Subsidiary3 2018-10-01 2019-09-30 03904883 c:Subsidiary3 1 2018-10-01 2019-09-30 03904883 c:Subsidiary4 2018-10-01 2019-09-30 03904883 c:Subsidiary4 1 2018-10-01 2019-09-30 03904883 c:Subsidiary5 2018-10-01 2019-09-30 03904883 c:Subsidiary5 1 2018-10-01 2019-09-30 03904883 6 2018-10-01 2019-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03904883

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

COMPANY INFORMATION

Directors	P Vincent
	T L Martin
	G Morris


Company secretary	G Morris


Registered number	03904883


Registered office	Cornium House
	Corinium Avenue
	Gloucester
	GL4 3HX


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

TRANS CONTINENTAL HOLDINGS (UK) 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 - 16

TRANS CONTINENTAL HOLDINGS (UK) 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 the group continued to be that of insurance brokers.

Directors

The directors who served during the year were:

A C Gyde (resigned 5 April 2019)

P Vincent

T L Martin

G Morris (appointed 4 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 judgments 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

TRANS CONTINENTAL HOLDINGS (UK) 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

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANS CONTINENTAL HOLDINGS (UK) LIMITED

Opinion

We have audited the financial statements of Trans Continental Holdings (UK) 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

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANS CONTINENTAL HOLDINGS (UK) 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

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TRANS CONTINENTAL HOLDINGS (UK) 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

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2019

		As restated
	2019	2018
	£	£


Administrative expenses	-	(30,123)
Fair value movements	510,500	(116,000)
Operating loss	510,500	(146,123)
Income from shares in group undertakings	162,245	-
Interest receivable and similar income	-	2
Interest payable and expenses	-	(33)
Profit/(loss) before tax	672,745	(146,154)
Tax on profit/(loss)	-	-
Profit/(loss) for the year	672,745	(146,154)

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

The notes on pages 9 to 16 form part of these financial statements.

Page 6

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

REGISTERED NUMBER: 03904883

BALANCE SHEET

AS AT 30 SEPTEMBER 2019

		As restated
	2019	2018
Note	£	£

Fixed assets
Investments	10		3,442,000		2,479,000
			3,442,000		2,479,000
Current assets
Debtors: amounts falling due within one year	11	85		309,085
Cash at bank and in hand		1,290		1,290
		1,375		310,375
Creditors: amounts falling due within one year	12	(2,467,732)		(2,486,477)
Net current liabilities			(2,466,357)		(2,176,102)
Total assets less current liabilities			975,643		302,898

Net assets			975,643		302,898

Capital and reserves
Called up share capital	13	177,085	177,085
Other reserves		2,009,492	1,498,992
Profit and loss account		(1,210,934)	(1,373,179)
		975,643	302,898

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

The notes on pages 9 to 16 form part of these financial statements.

Page 7

TRANS CONTINENTAL HOLDINGS (UK) 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 2018 (as previously stated)	177,085	-	(1,373,179)	(1,196,094)
Prior year adjustment	-	1,498,992	-	1,498,992
At 1 October 2018 (as restated)	177,085	1,498,992	(1,373,179)	302,898
Comprehensive income for the year
Profit for the year	-	-	672,745	672,745
Transfer fair value movment to other reserves	-	510,500	(510,500)	-
At 30 September 2019	177,085	2,009,492	(1,210,934)	975,643

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2018

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2017 (as previously stated)	177,085	-	(1,343,025)	(1,165,940)
Prior year adjustment	-	1,614,992	-	1,614,992
At 1 October 2017 (as restated)	177,085	1,614,992	(1,343,025)	449,052
Comprehensive income for the year
Loss for the year	-	-	(146,154)	(146,154)
Transfer fair value movment to other reserves	-	(116,000)	116,000	-
At 30 September 2018 (as restated)	177,085	1,498,992	(1,373,179)	302,898

The notes on pages 9 to 16 form part of these financial statements.

Page 8

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

1.	General information

The company is a private company limited by shares, and is incorporated in England and Wales. The address of its 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The accounts have been prepared on a going concern basis. The basis is considered appropriate as the company's ultimate parent undertaking has indicated that it will continue to provide the support to enable the company to meet its liabilities as they fall due.

2.3

Valuation of investments

Investments in subsidiaries, whose market value can be reliably determined, are remeasured to
market value at each balance sheet date. Gains and losses on remeasurement are recognised in
the Statement of Comprehensive Income for the period.
The above policy reflects a change in accounting policy from that adopted in the prior year when
investments were stated at cost less impairment.
The Directors believe that the change in accounting policy results in the investments in subsidiaries
being recorded on a more appropriate basis.
As a result of this change, a prior year adjustment has been made to the opening position of the
comparative period relating to an increase in investment value of £1,614,992 and a corresponding
increase in other reserves. The loss for comparative period has been restated to a loss of £146,154,
previously stated as a loss of £30,154. The cumulative effect on the comparative period is an
increase in investment value of £1,498,992 and a corresponding increase in other reserves.

2.4

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.

Page 9

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 debtors and creditors, 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 the 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.

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 Statement of Comprehensive Income.

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 of the recoverable amount, 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.

Page 10

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

2.5

Financial instruments (continued)

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.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3.	Judgments 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.
Market value of investments
The value of investment in subsidiaries may vary depending on a number of factors.
In assessing the valuation each year the current market conditions, recent trade transactions, the performance of the subsidiary as well as professional opinion is taken into account by management before re-valuations are made.

Intercompany bad debt write-off

30,123

Page 11

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

5.	Auditors' remuneration

The company's audit fee has been borne by a subsidiary undertaking in both the current and prior year.

Employees

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

	2019	2018
	No.	No.

Directors	3	3

7.	Directors' remuneration

During the year the directors received emoluments for qualifying services of £95,094 (2018 - £142,964) from the company's subsidiary undertaking. The subsidiary also paid £17,119 (2018 - £25,370) in contributions to a money purchase pension scheme.
The only key management personnel are the directors.

8.	Interest payable and similar expenses
		2019	2018
		£	£

Bank interest payable

Page 12

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019



Total current tax	-	-

Profit/(loss) on ordinary activities before tax

672,745

(146,154)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2018 - 19%)	127,822	(27,769)
Effects of:
Expenses not deductible for tax purposes	-	5,723
Non-taxable income	(30,827)	-
Fair value movements in fixed asset investments not chargeable to tax	(96,995)	22,040
Unrelieved tax losses carried forward	-	6
Total tax charge for the year	-	-

Factors that may affect future tax charges

The company has estimated losses of £584,000 (2018 - £584,000) available to carry forward against future 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 13

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

10.	Fixed asset investments

		Investments in subsidiary companies
		£
	Valuation
	At 1 October 2018 (as previously stated)	980,008
	Prior Year Adjustment	1,498,992
	At 1 October 2018 (as restated)	2,479,000
	Additions	452,500
	Revaluations	510,500
	At 30 September 2019	3,442,000

	Net book value
	At 30 September 2019	3,442,000
	At 30 September 2018 (as restated)	2,479,000

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

David Bennett Holdings Limited	Insurance broker	Ordinary	100%
Bennett Gould & Partners Limited	Insurance broker	Ordinary	100%
Bennett Gould & Partners (Dorset) Limited*	Insurance broker	Ordinary	100%
Bennett Gould (Management Services) Limited*	Dormant	Ordinary	100%
Bennett Gould & Partners (Southern) Limited	Insurance broker	Ordinary	100%

*Shares held via Bennett Gould & Partners Limited
Subsequent to the year end, David Bennett Holdings Limited, Bennett Gould (Management Services)
Limited and Bennett Gould & Partners (Southern) Limited have all been dissolved.

Page 14

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Subsidiary undertakings (continued)

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 were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

David Bennett Holdings Limited	100	-
Bennett Gould & Partners Limited	1,036,635	485,463
Bennett Gould & Partners (Dorset) Limited*	13,536	-
Bennett Gould (Management Services) Limited*	2	-
Bennett Gould & Partners (Southern) Limited	(329,755)	-

11.

Debtors

					2019	2018
					£	£


Amounts owed by group undertakings	-	309,000
Called up share capital not paid	85	85
	85	309,085

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

	Amounts owed to group undertakings	2,467,732	2,486,477

Page 15

TRANS CONTINENTAL HOLDINGS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

13.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

177,085 (2018 - 177,085) Ordinary shares of £1.00 each	177,085	177,085

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

14.

Reserves

Other reserves

Other reserves is made up of the unrealised gain on revaluation of investments in subsidiaries, and is not distributable.

Profit and loss account

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

15.	Prior year adjustment

During the year the company adopted a change in accounting policy for the valuation of investment in
subsidiaries. Investment in subsidiaries are now remeasured to market value at the balance
sheet date.
The Directors believe that the change in accounting policy results in the investments in subsidiaries being
recorded on a more appropriate basis.
As a result of this change, a prior year adjustment has been made to the opening position of the
comparative period relating to an increase in investment value of £1,614,992 and a corresponding
increase in other reserves. The loss for comparative period has been restated to a loss of £146,154,
previously stated as a loss of £30,154. The cumulative effect on the comparative period is an increase in
investment value of £1,498,992 and a corresponding increase in other reserves.

16.	Controlling party

The company regards Trans Continental Investment Services Limited, a company incorporated in the British Virgin Islands, as its immediate and ultimate parent undertaking in both the current and prior year.

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