Eastwood & Partners Limited Filleted accounts for Companies House (small and micro)

EASTWOOD & PARTNERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02560460

EASTWOOD & PARTNERS LIMITED

FILLETED FINANCIAL STATEMENTS

30 April 2022

EASTWOOD & PARTNERS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2022

Contents	Page

Directors' responsibilities statement 1

Balance sheet 2

Notes to the financial statements 3

EASTWOOD & PARTNERS LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

YEAR ENDED 30 APRIL 2022

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 the profit or loss of the company for that period. In preparing these 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.

EASTWOOD & PARTNERS LIMITED

BALANCE SHEET

30 April 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	134,272	167,653
Investments	6	2,100	2,100
		------------	------------
		136,372	169,753

Current assets

Debtors	7	2,280,804	1,817,452
Cash at bank and in hand		923	856
		------------	------------
		2,281,727	1,818,308

Creditors: amounts falling due within one year	8	( 722,077)	( 512,094)
		------------	------------
Net current assets		1,559,650	1,306,214
		------------	------------
Total assets less current liabilities		1,696,022	1,475,967

Creditors: amounts falling due after more than one year	9	( 241,333)	( 360,748)

Provisions	2,610	( 3,376)
	------------	------------
Net assets	1,457,299	1,111,843
	------------	------------

Capital and reserves

Called up share capital	11	2,500	2,500
Share premium account		27,250	27,250
Capital redemption reserve		23,000	23,000
Profit and loss account		1,404,549	1,059,093
		------------	------------
Shareholders funds		1,457,299	1,111,843
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 7 December 2022 , and are signed on behalf of the board by:

J Eastwood

Director

Company registration number: 02560460

EASTWOOD & PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Northumberland House, Northumberland Street, Huddersfield, West Yorkshire, HD1 1DT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Insurance broking assets and liabilities

The company acts as an agent in broking the insurable risk of its clients and, generally, is not liable as a principal for premiums to underwriters or for claims payable to clients. In accordance with the legal relationship with clients and underwriters, the company's accounting policy is that of netting off debtors, creditors and cash balances relating to insurance business and only recognising the commissions receivable as assets of the company itself. The company is entitled to retain the investment income on any cash flows arising from these transactions and so this is also recognised in the financial statements.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The company generates revenue principally from brokerage, commission and fees associated with placing insurance and reinsurance contracts. Revenues from brokerage, commission and fees are recognised at the point at which placement services are complete. Any adjustments to premiums are treated as recognised when the consideration due is confirmed by third parties. Fees are billed separately and are recognised as these services are rendered.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line
Equipment	-	20% straight line
Improvements to property	-	10% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 49 (2021: 49 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Improvements to property	Total
	£	£	£	£	£
Cost
At 1 May 2021	72,065	69,848	376,480	142,593	660,986
Additions	8,325	–	2,406	–	10,731
	------------	------------	------------	------------	------------
At 30 April 2022	80,390	69,848	378,886	142,593	671,717
	------------	------------	------------	------------	------------
Depreciation
At 1 May 2021	66,766	7,275	285,589	133,703	493,333
Charge for the year	1,513	17,462	23,520	1,617	44,112
	------------	------------	------------	------------	------------
At 30 April 2022	68,279	24,737	309,109	135,320	537,445
	------------	------------	------------	------------	------------
Carrying amount
At 30 April 2022	12,111	45,111	69,777	7,273	134,272
	------------	------------	------------	------------	------------
At 30 April 2021	5,299	62,573	90,891	8,890	167,653
	------------	------------	------------	------------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 May 2021 and 30 April 2022	2,100
	------------
Impairment
At 1 May 2021 and 30 April 2022	–
	------------

Carrying amount
At 30 April 2022	2,100
	------------
At 30 April 2021	2,100
	------------

7. Debtors

	2022	2021
	£	£
Trade debtors	607,734	541,449
Amounts owed by group undertakings	1,397,466	1,017,341
Prepayments and accrued income	239,014	238,425
Other debtors	36,590	20,237
	------------	------------
	2,280,804	1,817,452
	------------	------------

Trade debtors include £2,099,466 (2021: £1,927,986) insurance debtors and £1,500,350 (2021: £1,303,959) client bank balance less £2,992,083 (2021: £2,690,497) insurance creditors.

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	197,937	161,010
Trade creditors	146,323	137,696
Accruals and deferred income	188,772	102,331
Corporation tax	85,832	25,792
Social security and other taxes	48,503	42,305
Obligations under finance leases and hire purchase contracts	26,340	26,340
Other creditors	28,370	16,620
	------------	------------
	722,077	512,094
	------------	------------

Included within creditors falling due within one year are bank loans and overdrafts of £197,937 (2021 - £161,010) which are secured on the assets of the company.

Included within creditors falling due within one year are hire purchase agreements of £26,340 (2021 - £26,340) which are secured on the related assets of the company.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	196,759	291,204
Other creditors	44,574	69,544
	------------	------------
	241,333	360,748
	------------	------------

Included within creditors falling due after more than one year are bank loans and overdrafts of £196,759 (2021 - £291,204) which are secured on the assets of the company.

Included within creditors falling due after more than one year are hire purchase agreements of £44,574 (2021 - £69,544) which are secured on the related assets of the company.

10. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2022	2021
	£	£
Included in provisions	( 2,610)	3,376
	------------	------------

11. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	2,000	2,000	2,000	2,000
Ordinary A shares of £ 1 each	500	500	500	500
	------------	------------	------------	------------
	2,500	2,500	2,500	2,500
	------------	------------	------------	------------

The ordinary A shares rank pari passu with the ordinary shares other than they do not confer on the holders of them any rights to receive notice of, or to attend or to vote at, any general meeting or on any written resolution of the company.

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	33,039	23,827
	------------	------------

13. Contingencies

The company is party to a cross-guarantee with various group and related undertakings in support of bank facilities.

14. Summary audit opinion

The auditor's report for the year dated 7 December 2022 was unqualified.

The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .

15. Related party transactions

The company has taken advantage of the exemptions in FRS 102 from disclosing transactions with other group members. At the balance sheet date, the company was owed £31,940 (2021: £15,005) from non-group companies under common control. Amounts of £89,708 (2021: £71,348) are included in administrative expenses representing services provided in the year. The company also rents property at a commercial rate from a company under common control. Rent is included in administrative expenses amounting to £92,000 (2021 - £92,000).

16. Control

The largest and smallest group of undertakings for which group accounts are drawn up and of which the company is a member is that of Eastwood Group (Huddersfield) Limited . Group accounts can be obtained from Phoenix Mills, Leeds Road, Huddersfield, HD1 6NG . The immediate parent company is Eastwood Financial Group Limited . The ultimate controlling party is Mr J Eastwood .