Connect Insurance Brokers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04493658 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2019

for

Connect Insurance Brokers Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs V M Gilroy

D Mackenzie

W K S Gilroy

SECRETARY:

W K S Gilroy

REGISTERED OFFICE:

Connect House

Foundry Street

Hanley

Stoke on Trent

Staffordshire

ST1 5HE

REGISTERED NUMBER:

04493658 (England and Wales)

FIXED ASSETS

Intangible assets

5

80,522

104,801

Tangible assets

6

180,804

194,581

Investments

7

3,762

3,762

265,088

303,144

CURRENT ASSETS

Debtors

8

228,524

183,023

Cash at bank and in hand

303,252

277,427

531,776

460,450

CREDITORS

Amounts falling due within one year

9

356,583

321,355

NET CURRENT ASSETS

175,193

139,095

TOTAL ASSETS LESS CURRENT LIABILITIES

440,281

442,239

PROVISIONS FOR LIABILITIES

8,800

10,800

NET ASSETS

431,481

431,439

CAPITAL AND RESERVES

Called up share capital

4

4

Share premium

431,322

431,322

Retained earnings

155

113

SHAREHOLDERS' FUNDS

431,481

431,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors on 17 October 2019 and were signed on its behalf by:

W K S Gilroy - Director

1.	STATUTORY INFORMATION

Connect Insurance Brokers Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and are presented

in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the directors consider appropriate having regard to the

company's current and expected performance.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Computer software is being amortised evenly over is estimated useful life of three years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Office furniture and equipment

-

20% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in

non-convertible preference and non-puttable ordinary shares which are measured at fair value, with

changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost

and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, except to the extent that it relates to items recognised in other

comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

4.

EMPLOYEES

The average number of employees during the year was 25 (2018 - NIL ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 September 2018

460,000

19,200

479,200

Additions

-

7,680

7,680

At 31 August 2019

460,000

26,880

486,880

AMORTISATION

At 1 September 2018

368,000

6,399

374,399

Charge for year

23,000

8,959

31,959

At 31 August 2019

391,000

15,358

406,358

NET BOOK VALUE

At 31 August 2019

69,000

11,522

80,522

At 31 August 2018

92,000

12,801

104,801

6.	TANGIBLE FIXED ASSETS

Office

furniture

Freehold

and

property

equipment

Totals

£

£

£

COST

At 1 September 2018

159,392

275,508

434,900

Additions

-

974

974

At 31 August 2019

159,392

276,482

435,874

DEPRECIATION

At 1 September 2018

21,656

218,663

240,319

Charge for year

3,187

11,564

14,751

At 31 August 2019

24,843

230,227

255,070

NET BOOK VALUE

At 31 August 2019

134,549

46,255

180,804

At 31 August 2018

137,736

56,845

194,581

The cost of Property comprises £128,578 in respect of Connect House and £30,814 in respect of 66

Stafford Street.

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2018

and 31 August 2019

3,762

NET BOOK VALUE

At 31 August 2019

3,762

At 31 August 2018

3,762

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

176,627

134,576

Other debtors

51,897

48,447

228,524

183,023

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

5,684

Trade creditors

316,979

280,238

Taxation and social security

36,834

33,442

Other creditors

2,770

1,991

356,583

321,355

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2019 and

31 August 2018:

2019

2018

£

£

W K S Gilroy and Mrs V M Gilroy

Balance outstanding at start of year

30,475

(3,344

)

Amounts advanced

92,593

122,389

Amounts repaid

(107,237

)

(88,570

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,831

30,475

The advance is unsecured, repayable on demand and interest is charged on the amount outstanding

at 2.5%.