UKGlobal Chester Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11525163 (England and Wales)

UKGlobal Chester Limited

Financial Statements

for the Year Ended 31 March 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M D Bray

Mr J S Proctor

Mr N T Hamblin

Mr S J Jones

Mr A P Stevenson

REGISTERED OFFICE:

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

11525163 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

3,964

3,557

CURRENT ASSETS

Debtors

5

13,879

23,443

CREDITORS

Amounts falling due within one year

6

32,430

20,671

NET CURRENT (LIABILITIES)/ASSETS

(18,551

)

2,772

TOTAL ASSETS LESS CURRENT LIABILITIES

(14,587

)

6,329

CAPITAL AND RESERVES

Called up share capital

7

385,200

235,200

Retained earnings

(399,787

)

(228,871

)

SHAREHOLDERS' FUNDS

(14,587

)

6,329

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2021 and were signed on its behalf by:

Mr J S Proctor - Director

1.	STATUTORY INFORMATION

UKGlobal Chester Limited is a private limited company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's principal place of business is Stanlaw Abbey Business Centre, Dover Drive, Ellesmere Port, Cheshire, CH65 9BF.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The UKGlobal Holdings Group strategy is to set up, invest in, develop and grow insurance broking businesses. These businesses including UKGlobal Chester Limited have been incorporated as limited companies enabling the local senior management team to be allocated a minority shareholding in order to attract high calibre and motivated individuals. As with most start ups, where funding is made available to grow income significantly, the businesses are expected to be loss making in the first two to three years. During this period UKGlobal Holdings Limited is committed to funding the growth by subscription for preference shares in the business.

The directors have a reasonable expectation that the Group has adequate resources to continue to provide additional funding for the foreseeable future, as demonstrated by the further issue of Redeemable Preference shares as explained in the Post Balance Sheet Events note.

The directors are of the opinion that the company continues to be a going concern and have therefore adopted that basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents commission and fees receivable at the inception date of the policy. Alterations in commission arising from premium adjustments are taken into account as and when such adjustments are notified. To the extent the company is contractually obliged to provide services after this date, a suitable proportion of income is deferred and recognised over the life of the relevant contracts to ensure that revenue appropriately reflects the costs of these obligations.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

20% on cost

Fixed assets are initially recorded at cost.

Government grants

Grants received in relation to Business Rates Relief are accounted for as they fall due and are included within other operating income.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial assets'.

Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial liabilities'.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2020

4,269

Additions

1,873

Disposals

(637

)

At 31 March 2021

5,505

DEPRECIATION

At 1 April 2020

712

Charge for year

1,063

Eliminated on disposal

(234

)

At 31 March 2021

1,541

NET BOOK VALUE

At 31 March 2021

3,964

At 31 March 2020

3,557

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

6,848

-

Amounts owed by participating interests

65

55

Other debtors

1,019

1,019

Tax

-

21,372

Prepayments and accrued income

5,947

997

13,879

23,443

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

-

16,789

Accruals and deferred income

32,430

3,882

32,430

20,671

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

135

A Ordinary

£1

135

145

65

B Ordinary

£1

65

55

385,000

Redeemable Preference

£1

385,000

235,000

385,200

235,200

The following shares were issued during the year for cash at par :

150,000 Redeemable Preference shares of £1

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

9.	RELATED PARTY DISCLOSURES

10.	POST BALANCE SHEET EVENTS

It was agreed at a meeting of the Board of Directors on 1 July 2021 that 200,000 Redeemable Preference shares at a par value of £1 be issued. These shares have been wholly allotted to UKGlobal Holdings Limited and it is the intention of the directors that the funds be used as working capital for this company. This issue is in addition to the called up share capital as detailed in note 7 to these financial statements.

11.	ULTIMATE CONTROLLING PARTY