ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

BENNETT GOULD AND PARTNERS LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-09-302020-09-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.242019-10-01false25truefalse 01058351 2019-10-01 2020-09-30 01058351 2018-10-01 2019-09-30 01058351 2020-09-30 01058351 2019-09-30 01058351 2018-10-01 01058351 1 2019-10-01 2020-09-30 01058351 1 2018-10-01 2019-09-30 01058351 2 2019-10-01 2020-09-30 01058351 2 2018-10-01 2019-09-30 01058351 3 2019-10-01 2020-09-30 01058351 3 2018-10-01 2019-09-30 01058351 4 2019-10-01 2020-09-30 01058351 4 2018-10-01 2019-09-30 01058351 6 2019-10-01 2020-09-30 01058351 6 2018-10-01 2019-09-30 01058351 d:CompanySecretary1 2019-10-01 2020-09-30 01058351 d:Director3 2019-10-01 2020-09-30 01058351 d:Director4 2019-10-01 2020-09-30 01058351 d:Director5 2019-10-01 2020-09-30 01058351 d:Director6 2019-10-01 2020-09-30 01058351 d:RegisteredOffice 2019-10-01 2020-09-30 01058351 e:Buildings e:ShortLeaseholdAssets 2019-10-01 2020-09-30 01058351 e:FurnitureFittings 2019-10-01 2020-09-30 01058351 e:FurnitureFittings 2020-09-30 01058351 e:FurnitureFittings 2019-09-30 01058351 e:FurnitureFittings e:OwnedOrFreeholdAssets 2019-10-01 2020-09-30 01058351 e:CurrentFinancialInstruments 2020-09-30 01058351 e:CurrentFinancialInstruments 2019-09-30 01058351 e:CurrentFinancialInstruments e:WithinOneYear 2020-09-30 01058351 e:CurrentFinancialInstruments e:WithinOneYear 2019-09-30 01058351 f:UnitedKingdom 2019-10-01 2020-09-30 01058351 f:UnitedKingdom 2018-10-01 2019-09-30 01058351 f:RestWorldOutsideUK 2019-10-01 2020-09-30 01058351 f:RestWorldOutsideUK 2018-10-01 2019-09-30 01058351 e:UKTax 2019-10-01 2020-09-30 01058351 e:UKTax 2018-10-01 2019-09-30 01058351 e:ShareCapital 2020-09-30 01058351 e:ShareCapital 2019-09-30 01058351 e:ShareCapital 2018-10-01 01058351 e:OtherMiscellaneousReserve 2019-10-01 2020-09-30 01058351 e:OtherMiscellaneousReserve 2020-09-30 01058351 e:OtherMiscellaneousReserve 2 2019-10-01 2020-09-30 01058351 e:OtherMiscellaneousReserve 3 2019-10-01 2020-09-30 01058351 e:OtherMiscellaneousReserve 2019-09-30 01058351 e:OtherMiscellaneousReserve 2018-10-01 01058351 e:OtherMiscellaneousReserve 2 2018-10-01 2019-09-30 01058351 e:OtherMiscellaneousReserve 3 2018-10-01 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2019-10-01 2020-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2020-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2 2019-10-01 2020-09-30 01058351 e:RetainedEarningsAccumulatedLosses 3 2019-10-01 2020-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2018-10-01 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 2018-10-01 01058351 e:RetainedEarningsAccumulatedLosses 2 2018-10-01 2019-09-30 01058351 e:RetainedEarningsAccumulatedLosses 3 2018-10-01 2019-09-30 01058351 d:OrdinaryShareClass1 2019-10-01 2020-09-30 01058351 d:OrdinaryShareClass1 2020-09-30 01058351 d:OrdinaryShareClass1 2019-09-30 01058351 d:FRS102 2019-10-01 2020-09-30 01058351 d:Audited 2019-10-01 2020-09-30 01058351 d:FullAccounts 2019-10-01 2020-09-30 01058351 d:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 01058351 e:Subsidiary1 2019-10-01 2020-09-30 01058351 e:Subsidiary1 1 2019-10-01 2020-09-30 01058351 e:Subsidiary2 2019-10-01 2020-09-30 01058351 e:Subsidiary2 1 2019-10-01 2020-09-30 01058351 e:WithinOneYear 2020-09-30 01058351 e:WithinOneYear 2019-09-30 01058351 e:BetweenOneFiveYears 2020-09-30 01058351 e:BetweenOneFiveYears 2019-09-30 01058351 e:OtherDeferredTax 2020-09-30 01058351 e:OtherDeferredTax 2019-09-30 01058351 6 2019-10-01 2020-09-30 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 2020

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
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

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 - 20

BENNETT GOULD AND PARTNERS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2020

The directors present their report and the financial statements for the year ended 30 September 2020.

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:

T L Martin

P Vincent

G Morris

A Martin

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 2020

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 2021 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 2020, 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 2020 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.

Page 3

BENNETT GOULD AND PARTNERS LIMITED

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

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.

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.

Page 4

BENNETT GOULD AND PARTNERS LIMITED

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out 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.

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, as a body, 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, as a body, 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

14th Floor

33 Cavendish Square

London

W1G 0PW

30 June 2021

Page 5

BENNETT GOULD AND PARTNERS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2020

	2020	2019
Note	£	£


Turnover	4	2,133,879	2,199,696
Gross profit		2,133,879	2,199,696
Distribution costs		(29,669)	(65,585)
Administrative expenses		(1,718,163)	(1,727,495)
Other operating income	5	14,439	-
Fair value movements		(28,244)	89,086
Operating profit	6	372,242	495,702
Income from fixed assets investments		-	554
Gain on disposal from fixed asset investments		131,645	-
Interest receivable and similar income		4,813	6,133
Profit before tax		508,700	502,389
Tax on profit	9	(4,683)	(16,926)
Profit for the financial year		504,017	485,463

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on pages 9 to 20 form part of these financial statements.

Page 6

BENNETT GOULD AND PARTNERS LIMITED

REGISTERED NUMBER: 01058351

BALANCE SHEET

AS AT 30 SEPTEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	10		31,443		17,892
Investments	11		33,752		848,921
			65,195		866,813
Current assets
Debtors: amounts falling due within one year	12	3,338,929		3,192,427
Cash at bank and in hand	13	3,891,770		1,621,237
		7,230,699		4,813,664
Creditors: amounts falling due within one year	14	(5,755,242)		(4,592,324)
Net current assets			1,475,457		221,340
Total assets less current liabilities			1,540,652		1,088,153
Provisions for liabilities
Deferred tax	15	-		(51,518)
			-		(51,518)
Net assets			1,540,652		1,036,635

Capital and reserves
Called up share capital	16	850,000	850,000
Other reserves	17	-	219,633
Profit and loss account	17	690,652	(32,998)
		1,540,652	1,036,635

The Company's financial statements have been prepared 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 2021.

G Morris

Director

Page 7

BENNETT GOULD AND PARTNERS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2020

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
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 1 October 2019	850,000	219,633	(32,998)	1,036,635
Comprehensive income for the year
Profit for the year	-	-	504,017	504,017
Transfer realised gain on fixed asset investments	-	(271,151)	271,151	-
Transfer of deferred tax on realised gain on fixed asset investments	-	51,518	(51,518)	-
At 30 September 2020	850,000	-	690,652	1,540,652

The notes on pages 9 to 20 form part of these financial statements.

Page 8

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

1.	General information

Bennett Gould and 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 2020

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

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

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.

2.8

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 2020

2.Accounting policies (continued)

2.8

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 2020

2.Accounting policies (continued)

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.11

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'.

2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Page 12

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

2.Accounting policies (continued)

2.13

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.

2.14

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 2020

Turnover

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

Analysis of turnover by country of destination:

					2020	2019
					£	£

United Kingdom	2,016,850	2,050,214
Rest of the world	117,029	149,482
	2,133,879	2,199,696

5.	Other operating income
		2020	2019
		£	£

	Government grants receivable	14,439	-

	Exchange differences	6,417	2,675
	Operating lease rentals	93,226	88,566

Page 14

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Employees

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

	2020	2019
	No.	No.

Office and Management	24	25

8.	Directors' remuneration
		2020	2019
		£	£

Directors' emoluments	103,739	101,094
Company contributions to defined contribution pension schemes	2,522	17,119
	106,261	118,213

During the year retirement benefits were accruing to 1 director (2019 - 1) in respect of defined contribution pension schemes.
There are no other key management personnel other than the directors.

Page 15

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Corporation tax
Current tax on profits for the year	56,201	-

	Deferred tax
	Origination and reversal of timing differences	(51,518)	16,926


	Taxation on profit on ordinary activities	4,683	16,926

Profit on ordinary activities before tax

508,700

502,389

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)	96,653	95,454
Effects of:
Expenses not deductible for tax purposes	1,382	1,518
Capital allowances for year in excess of depreciation	(2,809)	(265)
Fair value movements in listed investments not chargeable to tax	5,366	(16,926)
Non-taxable income	-	(105)
Book profit on chargeable assets	(25,013)	-
Use of tax losses brought forward	(19,378)	(79,676)
Deferred tax movement	(51,518)	16,926
Total tax charge for the year	4,683	16,926

Factors that may affect future tax charges

The company has estimated losses of £Nil (2019: £110,000) available for carry forward against future trading profits.

Page 16

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

10.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost
	At 1 October 2019	54,651
	Additions	19,750
	At 30 September 2020	74,401
	Depreciation
	At 1 October 2019	36,759
	Charge for the year on owned assets	6,199
	At 30 September 2020	42,958
	Net book value
	At 30 September 2020	31,443
	At 30 September 2019	17,892

11.	Fixed asset investments

	Investments in subsidiary companies	Listed investments	Total
	£	£	£
Cost or valuation
At 1 October 2019	33,752	815,169	848,921
Additions	-	1,557,860	1,557,860
Disposals	(2)	(2,344,783)	(2,344,785)
Revaluations	-	(28,244)	(28,244)
At 30 September 2020	33,750	2	33,752

Page 17

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

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%
				%

	The aggregate of the share capital and reserves as at 30 September 2020 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

The above subsidiary undertaking reported a £nil profit/(loss) for the period.

12.

Debtors

					2020	2019
					£	£


Trade debtors	2,072,396	1,894,935
Amounts owed by group undertakings	1,152,206	1,151,719
Other debtors	40,758	45,201
Prepayments and accrued income	73,569	100,572
	3,338,929	3,192,427

13.	Cash and cash equivalents
		2020	2019
		£	£

	Cash at bank and in hand	3,891,770	1,621,237

Page 18

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

14.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	4,074,846	3,586,210
Amounts owed to group undertakings	1,531,093	971,367
Corporation tax	56,201	-
Other taxation and social security	20,400	-
Accruals and deferred income	72,702	34,747
	5,755,242	4,592,324

15.	Deferred taxation

	2020	2019
	£	£

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

The deferred taxation balance is made up as follows:
	2020	2019
	£	£

Tax liability on fair value adjustment

51,518

16.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

1,700,000 (2019 - 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 19

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

17.

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).

18.	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 £45,262 (2019: £61,511). Contributions totalling £3,876 (2019: £3,876) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	50,306	8,874
Later than 1 year and not later than 5 years	18,000	-
	68,306	8,874

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.

Page 20