K.M. Dastur & Co Limited
K.M. Dastur & Co Limited
Registered number: 03852840
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended
31 March 2023
K.M. Dastur & Co Limited
Financial Statements
For The Year Ended
31 March 2023
Financial Statements
| Contents | |
| Page | |
|---|---|
| Strategic Report | 1—2 |
| Directors' Report | 3 |
| Independent Auditor's Report | 4—7 |
| Statement of Comprehensive Income | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Notes to the Financial Statements | 11—15 |
K.M. Dastur & Co Limited
Strategic Report
For The Year Ended
31 March 2023
Strategic Report
The directors present their strategic report for the year ended
31 March 2023
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Principal Activity
The company's principal activity continues to be that of a Lloyd's insurance and reinsurance broker.
Review of the Business
KEY PERFORMANCE INDICATORS
The Board considered the key performance indicators to be turnover and the result before tax. These were £7,884,478 (2022: £6,385,370) and £22,818 (2022: £28,174) respectively.
FINANCIAL PERFORMANCE DURING THE YEAR
As reported in the statement of comprehensive income, turnover has increased to £7,884,478 from £6,385,370 which is driven by new business growth. Although turnover has increased, profit before tax remains largely flat on the prior year which is princpally due to an increased investment in staff, higher travel costs and a one-off bad debt write off being recognised in the year.
FINANCIAL POSITION AT THE REPORTING DATE
The balance sheet shows that net assets have increased to £3,320,215 from £2,321,600. This is largely the result of an issue of 1,000,000 ordinary shares with a nominal value of £1 per share to the parent company, K.M. Dastur Holdings Ltd.
K.M. Dastur & Co Limited
Strategic Report (continued)
For The Year Ended
31 March 2023
Principal Risks and Uncertainties
The principal risks and uncertainties facing the business are :-
LOSS OF A MAJOR CLIENT
The Board continually monitor the level of service and the product offering that is available to clients. Key relationships are developed and maintained with key contacts at all clients by way of regular communication. The Company is part of a wider group from which a large portion of brokerage emanates which further mitigates this risk.
LOSS OF UNDERWRITER CAPACITY
The Board mitigates this risk by sourcing new markets and capacity available to clients.
REGULATION
Compliance with the requirements of the Financial Conduct Authority are of paramount importance to the Company. To enhance the existing processes and controls, significant investment has been made in the compliance function of the Company.
RETENTION OF KEY STAFF
The Lloyd's insurance market continues to be a highly competitive environment with respect to recruitment and retention of staff. The Company recognises that retaining key members of staff is important for the development of key client and market relationships, and therefore regularly reviews the working environment and benefits offered to staff to ensure that the Company is an enjoyable and engaging place to work.
REPUTATION
As an independent business, reputational risk is seen as a significant risk to the Company. This is mitigated by way of various systems and controls, and importantly the communication of our core values, for which stakeholder satisfaction is paramount, to all members of staff.
EXCHANGE RATE RISK
The Company is exposed to exchange rate risks on its brokerage income. This is mitigated where possible by utlising the services of a foreign exchange broker to ensure we achieve the best possible rates on conversion of currencies to sterling.
On behalf of the board
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Director
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16/11/2023
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K.M. Dastur & Co Limited
Company No. 03852840
Directors' Report For The Year Ended
31 March 2023
Directors' Report
The directors present their report and the financial statements for the year ended
31 March 2023
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Directors
The directors who held office during the year were as follows:
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Appointed |
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Statement of Directors' Responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
The directors of the company who held office at the date of approval of this annual report confirm that:
- so far as they are aware, there is no relevant audit information of which the company's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Appleby & Wood (London) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
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Director
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Independent Auditor's Report
to the Members of
K.M. Dastur & Co Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of
K.M. Dastur & Co Limited
for the year ended
31 March 2023
which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
- give a true and fair view of the state of the company's affairs as at
31 March 2023 and of its profit/(loss) 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 Auditor's 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 UK , and the provisions available for small entities, in the circumstances set out in note 21 to the financial statements 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 entity's ability to continue as a going concern for a period of at least 12 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.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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.
Opinions 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.
Independent Auditor's Report (continued)
to the Members of
K.M. Dastur & Co Limited
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 where 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;
- the financial statements are not in agreement with the accounting records or returns;
- certain disclosures of directors' remuneration specified by law are not made;
- 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 3, 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.
Independent Auditor's Report (continued)
to the Members of
K.M. Dastur & Co Limited
Auditor's 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 auditor's 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.
Extent of Procedures to detect Irregularities
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are FRS102, the Companies Act 2006 and the Financial Services and Markets Act 2000, together with the supervisory requirements of Companies House and the Financial Conduct Authority (FCA).
- The company operates internationally and is significantly impacted by international law and regulations. Taxation law and regulations apply to the company but is not involved in any complex matters that increase the risk of non-compliance.
- We understood how the company is complying with those frameworks through discussions with the directors and review of the directors minutes and the company's documented policies and procedures.
- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by considering the key risks impacting the financial statements.
- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the directors's reporting to the company with respect of the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the company.
- Our pre-audit review specifically makes reference to fraud risk and this is supported by audit documentation. We also review board minutes to identify any matters of concern or risk. None was identified.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 that we are required to state to them in an auditor's 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.
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for and on behalf of
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...CONTINUED
Independent Auditor's Report (continued)
to the Members of
K.M. Dastur & Co Limited
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40 The Lock Building
72 High Street
London
E15 2QB
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K.M. Dastur & Co Limited
Statement of Comprehensive Income
For The Year Ended
31 March 2023
Statement of Comprehensive Income
| 2023 | 2022 | |||
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| Notes | £ | £ | ||
| TURNOVER | 3 |
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| GROSS PROFIT |
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| Administrative expenses |
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| Other operating income |
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| OPERATING PROFIT |
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| Interest payable and similar charges | 8 |
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| PROFIT BEFORE TAXATION |
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| Tax on Profit | 9 |
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| (LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
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| OTHER COMPREHENSIVE INCOME FOR THE YEAR | - | - | ||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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The notes on pages 11 to 15 form part of these financial statements.
K.M. Dastur & Co Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
03852840
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 10 |
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| Investments | 11 |
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| CURRENT ASSETS | |||||
| Debtors | 12 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 13 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 14 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 15 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 17 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 3,320,215 | 2,321,600 | |||
On behalf of the board
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Director
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The notes on pages 11 to 15 form part of these financial statements.
K.M. Dastur & Co Limited
Statement of Changes in Equity
For The Year Ended
31 March 2023
Statement of Changes in Equity
| Share Capital | Capital Redemption | Profit and Loss Account | Total | |
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| £ | £ | £ | £ | |
| As at 1 April 2021 |
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2,296,744 |
| Profit for the year and total comprehensive income | - | - |
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24,856 |
| As at 31 March 2022 and 1 April 2022 |
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2,321,600 |
| Loss for the year and total comprehensive income | - | - |
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(1,385) |
| Arising on shares issued during the period |
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- | - | 1,000,000 |
| As at
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3,320,215 |
K.M. Dastur & Co Limited
Notes to the Financial Statements
For The Year Ended
31 March 2023
Notes to the Financial Statements
1.
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 3rd Floor, 20 King Street, London, EC2V 8EG.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2.
Turnover
Turnover represents brokerage commissions. Revenue is 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.
2.3.
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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| Computer Equipment |
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2.4.
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
2.5.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.6.
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.
2.7.
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.
K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2023 | 2022 | ||
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| £ | £ | ||
| United Kingdom |
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| North America |
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| Rest of the world |
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| 7,884,478 | 6,385,370 | ||
4.
Other Operating Income
| 2023 | 2022 | ||
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| £ | £ | ||
| Other operating income |
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| - | 5,486 | ||
5.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2023 | 2022 | ||
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| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
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6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2023 | 2022 | ||
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| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other pension costs |
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7.
Average Number of Employees
Average number of employees, including directors, during the year was: 42 (2022: 42)
8.
Interest Payable and Similar Charges
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
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| 2,293 | 22,938 | ||
K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
9.
Tax on Profit
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The tax charge on the profit for the year was as follows:
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| Tax Rate | 2023 | 2022 | |||
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| 2023 | 2022 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 19.0% | 19.0% |
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| Prior period adjustment |
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| Deferred Tax | |||||
| Deferred taxation |
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| Total tax charge for the period |
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The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
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| 2023 | 2022 | ||||
| £ | £ | ||||
| Profit before tax | 22,818 | 28,174 | |||
| Tax on profit at 19% (UK standard rate) |
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| Goodwill/depreciation not allowed for tax |
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| Expenses not deductible for tax purposes |
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| Tax losses utilised |
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| Capital allowances |
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| Short term timing differences |
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| Prior period adjustment |
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| Total tax charge for the period | 24,203 | 3,318 | |||
10.
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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K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
11.
Investments
| Subsidiaries | |
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| £ | |
| Cost | |
| As at
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| Disposals |
( |
| Revaluations |
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| As at
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| Provision | |
| As at
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| Net Book Value | |
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12.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Fiduciary debtors |
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| VAT |
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| Amounts owed by group undertakings |
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| Amounts owed by subsidiaries |
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13.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| 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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| Fiduciary creditors |
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| Accruals and deferred income |
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14.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Amounts owed to group undertakings |
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K.M. Dastur & Co Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2023
15.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 8,853 | 13,414 | |
16.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at
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13,414 |
| Utilised |
( |
(4,561) |
| Balance at
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8,853 |
18.
Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £269,513 (2022: £267,733).
At the balance sheet date contributions of £26,894 (2022: £31,977) were due to the fund and are included in creditors.
19.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
£1,753,481 (2022: £1,516,203) of brokerage was received from a company under the control of E K Dastur. A balance of £447,966 (2022: £292,774) was outstanding at the year end.
P G Chapman is a partner in a firm of chartered accountants that provide accountancy and tax services to the company. In the year P G Chapman received a salary of £20,000 (2022: £20,000) and medical benefits of £1,750 (2022: £1,500).
20.
Controlling Parties
The company's immediate parent undertaking is
K.M. Dastur Holdings Limited
.
The ultimate parent undertaking is
K.M. Dastur Holdings Limited
(incorporated in England & Wales). Its registered office is
3rd Floor, 20 King Street, London, EC2V 8EG
.
Copies of the group accounts may be obtained from the company's registered office.
21.
FRC's 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.
22.
Client Cash Balance
Included within the Cash at bank and in hand figure is an amount of £10,936,901 (2022: £7,938,115) that is client money and therefore not available for use by the Company.