Mercury Insurance Brokers Limited - Accounts to registrar (filleted) - small 18.2
Mercury Insurance Brokers Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 December 2019 |
| for |
| Mercury Insurance Brokers Limited |
| Mercury Insurance Brokers Limited (Registered number: 07757031) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| Mercury Insurance Brokers Limited |
| Company Information |
| for the Year Ended 31 December 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 5 Technology Park |
| Colindeep Lane |
| Colindale |
| London |
| NW9 6BX |
| BANKERS: |
| 2 High Street |
| Chelmsford |
| Essex |
| CM1 1BG |
| Mercury Insurance Brokers Limited (Registered number: 07757031) |
| Statement of Financial Position |
| 31 December 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Mercury Insurance Brokers Limited (Registered number: 07757031) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2019 |
| 1. | STATUTORY INFORMATION |
| Mercury Insurance Brokers Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the net brokerage income and commissions receivable from insurers, excluding value added tax and insurance premium tax. |
| Turnover on brokerage income and commissions receivable is recognised on the date of commencement or date renewal of insurance policies sold. |
| Intangible fixed assets |
| Goodwill, being the amount paid in connection with the acquisition of businesses in September and November 2013, was written off evenly over their estimated useful life of five years. |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans with related parties. |
| 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 profit or loss. |
| Debtors |
| Basic financial assets, including trade and other debtors, are measured at transaction price, less any impairment. |
| Cash and cash equivalents |
| Cash and cash equivalents represented by cash in hand and deposits held at call with financial institutions, are measured at amortised cost. |
| Creditors |
| Basic financial liabilities, including trade and other creditors, are recognised at transaction price. |
| Mercury Insurance Brokers Limited (Registered number: 07757031) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Significant judgement and estimates |
| Preparation of the financial statements requires management to make significant judgements and estimates. Included in the financial statements is amortisation of Goodwill, which is an estimate based on the expected useful life of Goodwill, using judgement made by the directors.The value of goodwill has now been fully amortised. |
| There are no other material items in the financial statement where these judgements and estimates have been made. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2019 |
| and 31 December 2019 |
| AMORTISATION |
| At 1 January 2019 |
| and 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| Mercury Insurance Brokers Limited (Registered number: 07757031) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and | Computer |
| leasehold | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2019 |
| DEPRECIATION |
| At 1 January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2019 |
| NET BOOK VALUE |
| At 31 December 2019 |
| At 31 December 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| As at 31st December 2019, the company held £554,019 (2018: £119,320) in a Non Statutory Trust account which covers the amounts due to be paid to insurance providers. |
| 8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Mercury Insurance Brokers Limited (Registered number: 07757031) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2019 |
| 9. | ULTIMATE PARENT COMPANY AND CONTROLLING PARTY |
| The ultimate parent company is Capital Underwriting Agencies Group Limited. |
| The ultimate controllers are P Dodds and M Harris, by virtue of their holding of share capital of the parent company. |