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

REGISTERED NUMBER: 03140137 (England and Wales)

Blackfriars Insurance Brokers Limited

Unaudited Financial Statements

For The Year Ended 31 December 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D J Burton

Mr S Lewis

Ms K L Gordon

SECRETARY:

R Kinsey

REGISTERED OFFICE:

6 Congleton Road

Sandbach

Cheshire

CW11 1HN

REGISTERED NUMBER:

03140137 (England and Wales)

ACCOUNTANTS:

Lloyd Piggott Limited

Chartered Accountants

St George's House

56 Peter Street

Manchester

M2 3NQ

BANKERS:

The Royal Bank of Scotland

Sandbach Branch

2 Bradwell Road

Sandbach

Cheshire

CW11 9UB

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

20,055

25,693

20,055

25,693

CURRENT ASSETS

Debtors

7

154,450

191,347

Cash at bank and in hand

759,545

730,986

913,995

922,333

CREDITORS

Amounts falling due within one year

8

383,333

484,043

NET CURRENT ASSETS

530,662

438,290

TOTAL ASSETS LESS CURRENT LIABILITIES

550,717

463,983

PROVISIONS FOR LIABILITIES

609

2,002

NET ASSETS

550,108

461,981

CAPITAL AND RESERVES

Called up share capital

71

71

Share premium

1,998

1,998

Capital redemption reserve

79

79

Retained earnings

547,960

459,833

550,108

461,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2021 and were signed on its behalf by:

Ms K L Gordon - Director

1.	STATUTORY INFORMATION

Blackfriars 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents commissions earned on insurance policies arranged, recognised in the Financial Statement by reference to the inception date of the policy.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, has been amortised to £NIL.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangibles are measured at cost less any accumulated amortisation and any accumulated impairment loss.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33.3% on cost

All tangible fixed assets are initially recorded at cost.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors and trade creditors.

Trade debtors and trade creditors are measured at the undiscounted amount of the cash or consideration expected to be paid or received.

Financial assets that are measured at 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 the Statement of Income and Retained Earnings.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Employee benefits

Short-term benefits including holiday pay, where material, are recognised as an expense in the profit and loss in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 19 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

25,415

28,365

53,780

AMORTISATION

At 1 January 2020

and 31 December 2020

25,415

28,365

53,780

NET BOOK VALUE

At 31 December 2020

-

-

-

At 31 December 2019

-

-

-

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2020

36,211

13,386

28,825

Additions

-

-

1,370

At 31 December 2020

36,211

13,386

30,195

DEPRECIATION

At 1 January 2020

21,427

12,935

26,314

Charge for year

3,621

248

1,274

At 31 December 2020

25,048

13,183

27,588

NET BOOK VALUE

At 31 December 2020

11,163

203

2,607

At 31 December 2019

14,784

451

2,511

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2020

37,595

58,414

174,431

Additions

-

7,215

8,585

At 31 December 2020

37,595

65,629

183,016

DEPRECIATION

At 1 January 2020

32,508

55,554

148,738

Charge for year

4,487

4,593

14,223

At 31 December 2020

36,995

60,147

162,961

NET BOOK VALUE

At 31 December 2020

600

5,482

20,055

At 31 December 2019

5,087

2,860

25,693

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

115,187

152,696

Prepayments

39,263

38,651

154,450

191,347

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

283,384

353,441

Tax

22,614

40,617

Social security and other taxes

-

11,480

Other creditors

53,760

50,578

Directors' current accounts

-

1,000

Accrued expenses

23,575

26,927

383,333

484,043

9.	OTHER FINANCIAL COMMITMENTS

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. The pension cost charged represents contributions payable by the company to the scheme and amounted to £9,952 (2019: £9,495).

Contributions totalling £33 (2019: £1,929) were payable to the scheme at the end of the year and are included in creditors.

Operating Leases

At 31st December 2020, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £25,000 (2019: £50,000).

10.	RELATED PARTY DISCLOSURES

During the year £25,500 (2019: £25,500 ) rent was paid to a shareholder of the company.

During the year £221,477 (2019: £206,354) of consultancy fees were paid to the directors and majority shareholder of the company.

At the year end nil (2019: £1,000) were owed to the directors of the company.

Expenses recharged in the period to Blackfriars Insurance Brokers Limited in Gibraltar totalled £250,987 (2019: £236,357). Included in management charges is an amount paid to Blackfriars Insurance Brokers Limited in Gibraltar totalling £250,987 (2019: £236,357).