ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

BENNETT GOULD AND PARTNERS LIMITED - Company Information

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Registered number: 01058351

BENNETT GOULD AND PARTNERS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 - 7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Notes to the Financial Statements	11 - 22

BENNETT GOULD AND PARTNERS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2022

The directors present their report and the financial statements for the year ended 30 September 2022.

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 2022

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 28 June 2023 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 2022, 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 2022 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

BENNETT GOULD AND PARTNERS LIMITED

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 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.

Page 4

BENNETT GOULD AND PARTNERS LIMITED

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

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;

∙the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);

∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and

∙the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:

∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;

∙the timing of the recognition of commercial income;

∙compliance with legislation relating to FCA regulation;

∙compliance with legislation relating to employment law;

∙management bias in selecting accounting policies and determining estimates;

∙inappropriate journal entries;

∙manipulation of specific performance measures to meet remuneration targets; and

∙recoverability of debtors.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

∙enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

∙enquiries with the same concerning any actual or potential litigation or claims;

∙discussion with the same regarding any known or suspected instances of non-compliance with laws and

Page 5

BENNETT GOULD AND PARTNERS LIMITED

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

regulation and fraud;

∙inspection of relevant legal correspondence;

∙assessment of matters reported to management and the result of the subsequent investigation;

∙obtaining an understanding of the relevant controls during the period;

∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;

∙review documentation relating to compliance with the FCA regulations;

∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;

∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;

∙reviewing the financial statements for compliance with the relevant disclosure requirements;

∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

∙reviewing the minutes of Board meetings and correspondence with HMRC;

∙evaluating the underlying business reasons for any unusual transactions; and

∙considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Page 6

BENNETT GOULD AND PARTNERS LIMITED

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

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

28 June 2023

Page 7

BENNETT GOULD AND PARTNERS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2022

	2022	2021
Note	£	£


Turnover	4	2,218,932	1,860,041
Gross profit		2,218,932	1,860,041
Distribution costs		(12,777)	(11,584)
Administrative expenses		(1,621,522)	(1,885,591)
Other operating income	5	-	319,138
Fair value movements		(131,906)	55,108
Operating profit	6	452,727	337,112
Loss on disposal from fixed asset investments		(83,735)	-
Interest receivable and similar income		34,479	23,918
Interest payable and similar expenses		(100)	-
Profit before tax		403,371	361,030
Tax on profit	9	(114,412)	(83,743)
Profit for the financial year		288,959	277,287

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 8

BENNETT GOULD AND PARTNERS LIMITED

REGISTERED NUMBER: 01058351

BALANCE SHEET

AS AT 30 SEPTEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	10		26,706		24,471
Investments	11		1,118,953		999,841
			1,145,659		1,024,312
Current assets
Debtors: amounts falling due within one year	12	2,502,509		3,009,113
Cash at bank and in hand	13	4,640,380		3,967,433
		7,142,889		6,976,546
Creditors: amounts falling due within one year	14	(6,475,918)		(6,164,176)
Net current assets			666,971		812,370
Total assets less current liabilities			1,812,630		1,836,682
Provisions for liabilities
Deferred tax		(5,732)		(18,743)
			(5,732)		(18,743)
Net assets			1,806,898		1,817,939

Capital and reserves
Called up share capital	16	850,000	850,000
Other reserves	17	(131,906)	36,367
Profit and loss account	17	1,088,804	931,572
		1,806,898	1,817,939

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 28 June 2023.

G Morris

Director

The notes on pages 11 to 22 form part of these financial statements.

Page 9

BENNETT GOULD AND PARTNERS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2022

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2020	850,000	-	690,652	1,540,652
Comprehensive income for the year
Profit for the year	-	-	277,287	277,287
Transfer of unrealised gain on fixed asset investments	-	55,110	(55,110)	-
Transfer of deferred tax on gain on fixed asset investments	-	(18,743)	18,743	-

At 1 October 2021	850,000	36,367	931,572	1,817,939
Comprehensive income for the year
Profit for the year	-	-	288,959	288,959
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(300,000)	(300,000)
Transfer of unrealised gains and losses on fixed asset investments	-	(187,016)	187,016	-
Transfer of deferred tax on unrealised gain on fixed asset investments	-	18,743	(18,743)	-
At 30 September 2022	850,000	(131,906)	1,088,804	1,806,898

The notes on pages 11 to 22 form part of these financial statements.

Page 10

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

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

Turnover consists principally of net brokerage, commissions and fee income arising on insurance policies.
Brokerage received or receivable that do not require the company to render further services are recognised as revenue on the effective commencement or renewal dates of the related policies.
Fee income in relation to insurance broking, is recognised to the extent that the company has obtained the right to consideration through its performance, this is typically when new business has placed or renewals have been negotiated.
Overrider commission due to the company is recognised as income when it is capable of reliable measurement.

2.4

Assets and liabilities relating to insurance transactions

The company acts as an agent in placing the insurance business of its clients and is not generally liable as principal for amounts arising from such transactions. The company is entitled to retain any investment income arising from the cash flows attributable to these transactions and have therefore included debtors, creditors and cash balances relating to insurance transactions within the assets and liabilities of the company. Debtors balances included in respect of insurance transactions are not an indication of credit risk.

Page 11

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.5

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.

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:

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.

2.6

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.

2.7

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.

2.8

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.

2.9

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

Page 12

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.9

Financial instruments (continued)

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.
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 13

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.10

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.

2.11

Government grants

Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.12

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'.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.14

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 14

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

2.15

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.

2.16

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 15

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Turnover

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

Analysis of turnover by country of destination:

					2022	2021
					£	£

United Kingdom	1,835,842	1,725,865
Rest of the world	383,090	134,176
	2,218,932	1,860,041

5.	Other operating income
		2022	2021
		£	£

Proceeds from sale of insurance book	-	306,534
Government grants receivable	-	12,604
	-	319,138

Fees payable to the company's auditor for audit and associated services	32,000	30,000
Exchange differences	(179,902)	86,183
Operating lease rentals	78,794	79,094
Depreciation	6,208	6,972

Page 16

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Employees

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

	2022	2021
	No.	No.

Office and Management	16	20

8.	Directors' remuneration
		2022	2021
		£	£

Directors' emoluments	113,595	103,622
Company contributions to defined contribution pension schemes	5,950	6,217
	119,545	109,839

During the year retirement benefits were accruing to 1 director (2021 - 1) in respect of defined
contribution pension schemes.
There are no other key management personnel other than the directors.

Page 17

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Corporation tax
Current tax on profits for the year	130,000	65,000
Adjustments in respect of previous periods	(2,577)	-

	Deferred tax
	Origination and reversal of timing differences	(13,011)	18,743


	Taxation on profit on ordinary activities	114,412	83,743

Profit on ordinary activities before tax

403,371

361,030

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	76,640	68,596
Effects of:
Expenses not deductible for tax purposes	42,345	5,743
Capital allowances for year in excess of depreciation	(1,064)	-
Adjustments to tax charge in respect of prior periods	(2,577)	-
Other timing differences leading to an increase (decrease) in taxation	(932)	4,906
Timing difference due to change in rates of corporation tax	-	4,498
Total tax charge for the year	114,412	83,743

Factors that may affect future tax charges

In 2022, the Government confirmed the previously enacted increase in Corporation Tax to 25% will come
into affect from 1 April 2023. Deferred tax has been applied at this rate.

Page 18

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

10.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost
	At 1 October 2021	49,530
	Additions	8,443
	Disposals	(13,338)
	At 30 September 2022	44,635
	Depreciation
	At 1 October 2021	25,059
	Charge for the year on owned assets	6,208
	Disposals	(13,338)
	At 30 September 2022	17,929
	Net book value
	At 30 September 2022	26,706
	At 30 September 2021	24,471

11.	Fixed asset investments

	Investments in subsidiary companies	Listed investments	Total
	£	£	£
Cost or valuation
At 1 October 2021	33,750	966,091	999,841
Additions	-	2,184,021	2,184,021
Disposals	-	(1,863,322)	(1,863,322)
Revaluations	-	(201,587)	(201,587)
At 30 September 2022	33,750	1,085,203	1,118,953

Page 19

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022


Subsidiary undertaking
The following was a subsidiary undertaking 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 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking 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

					2022	2021
					£	£


Insurance transaction debtors	1,321,978	1,525,103
Amounts owed by group undertakings	866,298	1,098,626
Other debtors	23,288	12,996
Prepayments and accrued income	290,945	372,388
	2,502,509	3,009,113

Included within prepayments and accrued income is £17,506 (2021: £105,037) due in greater than one year.

13.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	4,640,380	3,967,433

Page 20

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

14.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Insurance transaction creditors	3,317,435	3,351,184
Amounts owed to group undertakings	2,959,143	2,673,743
Corporation tax	130,000	65,000
Other taxation and social security	20,451	19,430
Accruals and deferred income	48,889	54,819
	6,475,918	6,164,176

15.	Deferred taxation

		2022
		£

	At beginning of year	18,743
	Credit to the profit or loss	(13,011)
	At end of year	5,732

The provision for deferred taxation is made up as follows:
	2022	2021
	£	£

Accelerated capital allowances	5,732	4,965
Tax liability on fair value adjustment	-	13,778
	5,732	18,743

16.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

1,700,000 (2021 - 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 21

BENNETT GOULD AND PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

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 £41,899 (2021: £39,247). Contributions totalling £nil (2021: £3,876) were payable to the fund at the balance sheet date and are included in creditors.

	Not later than 1 year	30,740	26,874
		30,740	26,874

20.	Related party transactions
	During the year, the ultimate parent undertaking charged management fees of £225,000 (2021: £225,000).

21.	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 22