The figure was released by his telly firm Humble Pie Productions Ltd in its latest accounts.
It announced an exact turnover of £43,175,522 for an 18-month period up to 30 June 2023, and it works out at £11,516,196 gross profit.
The previous financial year saw the firm “only” turn over £7 million and make £3.9m gross profit.
According to the accounts filed with Companies House, the reason for the huge rise is due to a joint venture with Fox from September 2021,
and his new TV shows in the US and the UK.
It states: “The company has been commissioned to produce shows such as Trailblazers for the BBC, Gordon’s Food Stars for Fox
and Next Level Chef for both ITV and Fox.
“The commissioning of these shows has significantly contributed to the dramatic increase in the turnover during the period.”
The firm’s ready cash in the bank is now £8m, compared to £1.6m in 2021.
“But Gordon elected not to pay himself a dividend nor the other two directors Robert Wade and Jeffrey Acosta, both of Fox Corporation, who are the ultimate parent company.
The firm’s success is mirrored by the doubling of employees during this time – with 52 people now working for the business compared to 24 in 2021.
The firm paid £1.1m in UK corporation tax.
According to Forbes his latest “Studio Ramsay Global” deal with Fox Broadcasting Company was estimated to be worth an eye-watering £150m.
But Ramsay has insisted his six kids “won’t see a penny” of it.
He told The Telegraph in 2017 that he wants them to make their own way in life, just like he did.
Gordon said: “It’s definitely not going to them, and that’s not in a mean way; it’s to not spoil them.
“The only thing I’ve agreed with Tana is that they get a 25 per cent deposit on a flat, but not the whole flat.
“I’ve never been really turned on about the money. That’s not my number one objective and that’s reflected in the way the kids are brought up.”
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Source: CNN
Understanding Deductibles in Insurance
What is a Deductible?
A deductible is the amount of money a policyholder must pay out-of-pocket before an insurance company begins to cover the remaining costs. Deductibles are a fundamental component of most insurance policies, including health, auto, home, and business insurance.
How Do Deductibles Work?
When you file a claim, you are responsible for paying the deductible amount. Only after this amount is paid will the insurance company pay for the covered expenses exceeding the deductible. For example, if you have a $1,000 deductible on your car insurance and incur $3,000 in damages from an accident, you would pay the first $1,000, and the insurance company would cover the remaining $2,000.
Types of Deductibles
- Fixed Dollar Deductible: This is a specific amount you must pay each time you file a claim. It’s common in health and auto insurance policies.
- Percentage Deductible: In some cases, particularly with homeowners insurance, the deductible might be a percentage of the insured value. For instance, if your home is insured for $200,000 and you have a 2% deductible, your out-of-pocket cost would be $4,000 before insurance covers the rest.
- Per-Claim vs. Annual Deductible:
- Per-Claim Deductible: You pay the deductible every time you file a claim.
- Annual Deductible: Common in health insurance, this deductible resets each year. You pay out-of-pocket until your total expenses reach the deductible amount for the year.
Why Do Deductibles Exist?
- Cost Control: Deductibles help keep insurance premiums more affordable. Higher deductibles typically result in lower premiums because the policyholder assumes more initial risk.
- Reduced Claims Frequency: Deductibles discourage policyholders from filing small or frivolous claims, reducing the number of claims an insurer must process and pay out.
- Shared Responsibility: Deductibles ensure that policyholders share in the financial responsibility of their care or damages, promoting cautious behavior and maintenance of insured assets.
Choosing the Right Deductible
When selecting an insurance policy, choosing the right deductible is crucial. Here are some considerations:
- Financial Ability: Assess your ability to pay the deductible in case of a claim. A higher deductible can lower your premium but may be challenging to pay if an incident occurs.
- Risk Tolerance: Determine how much risk you are comfortable assuming. If you prefer lower out-of-pocket costs during an emergency, a lower deductible might be preferable, albeit with a higher premium.
- Frequency of Claims: Consider how often you might need to file a claim. If you anticipate frequent claims, a lower deductible might be more cost-effective over time.
Impact on Premiums
The relationship between deductibles and premiums is inverse. Generally, the higher the deductible, the lower the premium, and vice versa. This trade-off allows policyholders to customize their insurance based on their financial situation and risk appetite.
Conclusion
Deductibles are a key feature of insurance policies that influence both the cost of premiums and the financial burden on policyholders when filing claims. Understanding how deductibles work and carefully selecting an appropriate deductible can help balance cost savings with financial protection, ensuring optimal insurance coverage tailored to individual needs and circumstances.
