K.M. Dastur & Co Limited
K.M. Dastur & Co Limited
Registered number: 03852840
Financial Statements
For The Year Ended
31 March 2020
K.M. Dastur & Co Limited
Financial Statements
For The Year Ended
31 March 2020
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
K.M. Dastur & Co Limited
Balance Sheet
As at
31 March 2020
Balance Sheet
Registered number:
03852840
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| Investments | 8 |
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| CURRENT ASSETS | |||||
| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 2,105,327 | 2,065,430 | |||
Page 1
K.M. Dastur & Co Limited
Balance Sheet (continued)
As at
31 March 2020
Directors' responsibilities:
-
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
K.M. Dastur & Co Limited
Notes to the Financial Statements
For The Year Ended
31 March 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover represents brokerage commissions.
The Company has changed it's policy with regards to revenue recognition. Previously brokerage commissions were recognised when the premiums were debited. Revenue is now recognised on the effective commencement or renewal dates of the related policies. When it is probable the Company will be required to render further services during the life of the policy part of the revenue is deferred.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Furniture |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 44 (2019: 45)
Page 3
K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
7.
Tangible Assets
| Furniture | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at
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| Additions |
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| As at
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| Depreciation | ||||
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| Provided during the period |
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| As at
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| Net Book Value | ||||
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8.
Investments
| Unlisted | |
|---|---|
| £ | |
| Cost | |
| As at
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- |
| Additions | 43,680 |
| As at
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43,680 |
| Provision | |
| As at
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- |
| As at
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| Net Book Value | |
| As at
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43,680 |
| As at
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9.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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| Other debtors |
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| Insurance receivables |
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Page 4
K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
10.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Insurance payables |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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11.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Deferred tax |
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- | |
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13.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Within 1 year | 266,051 | 266,051 |
| Between 1 and 5 years | 443,418 | 709,469 |
| 709,469 | 975,520 | |
Page 5
K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
14.
Related Party Transactions
K.M. Dastur Holdings Ltd
Parent Company
£349,655 (2019: £349,655) was outstanding to K.M. Dastur Holdings Ltd at the year end.
VWP Waste Processing Ltd
Fellow Subsidiary
£223,958 (2019: £223,958) was outstanding to VWP Waste Processing Ltd at the year end. This related to group relief which was surrendered in previous years.
K.M. Dastur & Company Private Ltd
Fellow Subsidiary
£706,543 (2019: £685,663) of brokerage was received during the year and £244,836 (2019: £128,387) was outstanding at the year end.
K.M. Dastur Sigorta Ve Reasurans Brokerligi Ltd STI
Fellow Subsidiary
£31,864 (2019: £27,529) of brokerage was received during the year and £4,359 (2019: £10,081) was outstanding at the year end.
K.M. Dastur & Company SA (Pty) Ltd
Fellow Subsidiary
£7,148 (2019: £14,633) of brokerage was received during the year and £5,061 (2019: £4,063) was outstanding at the year end.
K.M. Dastur Reinsurance Brokers Private Limited
E K Dastur is a Director and shareholder of K.M. Dastur Reinsurance Brokers Private Limited. During the year £1,276,865 (2019: £1,417,735) was received from this company on behalf of various insurance and reinsurance companies towards the brokerage earned. £63,751 (2019: -£40,798) was outstanding brokerage at the year end.
Mr P G Chapman
Mr P G Chapman is a partner of Magi Associates Chartered Accountants. The firm provides accountancy and tax services to K.M. Dastur & Co Ltd. Mr P G Chapman received a salary of £20,000 and medical benefits of £1,500 in the year.
15.
FRC Ethical Standard - Provision Available for Small Entities
We do not use our auditors to prepare and submit returns to the tax authorities or assist with the preparation of the financial statements.
16.
Ultimate Parent Undertaking and Controlling Party
The company's ultimate parent undertaking is ENSZ Consultancy Services DMCC, a company incorporated in the United Arab Emirates.
17.
Client Cash Balance
Included within the Cash at bank and in hand figure is an amount of £10,626,148 (2019: £10,040,902) that is client money and therefore not available for use by the Company.
Page 6
K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2020
18.
Audit Information
The auditors report on the account of K.M. Dastur & Co Limited for the year ended 31 March 2020 was unqualified
The auditor's report was signed by
R.W. Williams
(Senior Statutory Auditor)
for and on behalf of
Appleby & Wood (London) Limited
, Statutory Auditor
|
40 The Lock Building
72 High Street
London
E15 2QB
|
19.
General Information
K.M. Dastur & Co Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03852840
. The registered office is 10 Aldersgate Street, London, EC1A 4HJ.
Page 7