Addison Bradley & Co. Limited 31/12/2020 iXBRL

ADDISON BRADLEY & CO. LIMITED - Company Information

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Company registration number: 01892269

Addison Bradley & Co. Limited

Filleted financial statements

31 December 2020

Addison Bradley & Co. Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Addison Bradley & Co. Limited

Directors and other information


	Directors	Mr Lutfi Fadel El-Zein
		Ms Janet Kim Umpleby


	Company number	01892269


	Registered office	111 Charterhouse Street
		London
		EC1M 6AW


	Business address	111 Charterhouse Street
		London
		EC1M 6AW


	Auditor	Reza Samii
		5 Calico Row
		Plantation Wharf
		London
		SW11 3YH




	Bankers	Bank of Beirut (UK) Limited
		17A Curzon Street
		London
		SW11 3YH

		Banque de Credit National S.A.L
		Patriarche Howayek Street
		Medgulf Building
		Beirut Central District
		Beirut Lebanon

Addison Bradley & Co. Limited

Directors responsibilities statement

Year ended 31 December 2020

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; and

- 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.

Addison Bradley & Co. Limited

Statement of financial position

31 December 2020

		2020		2019
	Note	£	£	£	£

Fixed assets
Tangible assets	6	17,473		21,704
		_______		_______
			17,473		21,704

Current assets
Debtors	7	278,320		342,168
Cash at bank and in hand		215,437		212,014
		_______		_______
		493,757		554,182
Creditors: amounts falling due
within one year	8	( 343,666)		( 449,457)
		_______		_______
Net current assets			150,091		104,725
			_______		_______
Total assets less current liabilities			167,564		126,429

			_______		_______
Net assets			167,564		126,429
			_______		_______

Capital and reserves
Called up share capital			500,000		500,000
Share premium account			150,000		150,000
Capital Reserves			519,227		519,227
Profit and loss account			( 1,001,663)		( 1,042,798)
			_______		_______
Shareholders funds			167,564		126,429
			_______		_______

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 income statement has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 March 2021 , and are signed on behalf of the board by:

Mr Lutfi Fadel El-Zein Ms Janet Kim Umpleby

Director Director

Company registration number: 01892269

Addison Bradley & Co. Limited

Statement of changes in equity

Year ended 31 December 2020

	Called up share capital	Share premium account	Capital Reserves	Profit and loss account	Total
	£	£	£	£	£


At 1 January 2019	500,000	150,000	519,227	( 658,731)	510,496

Profit/(loss) for the year				( 384,067)	( 384,067)
	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	-	( 384,067)	( 384,067)

	_______	_______	_______	_______	_______
At 31 December 2019 and 1 January 2020	500,000	150,000	519,227	( 1,042,798)	126,429

Profit/(loss) for the year				41,135	41,135
	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	-	41,135	41,135

	_______	_______	_______	_______	_______
At 31 December 2020	500,000	150,000	519,227	( 1,001,663)	167,564
	_______	_______	_______	_______	_______

Addison Bradley & Co. Limited

Notes to the financial statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in UK. The address of the registered office is Addison Bradley & Company Limited, 111 Charterhouse Street, London, EC1M 6AW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.

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.

Going concern

The directors have reviewed company's operations and they have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being 12 months from the date of signing these financial statements.

Commission Income:

Commission income consists principally of brokerage, commission and fees associated with the placement of insurance and reinsurance contracts, net of commissions payable to other directly involved parties. Revenue from brokerage, commissions and fees are recognised on the inception date of the risk. Any adjustments to commission arising from premium additions or reductions are recognised as and when they are notified by third parties.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Office Equipment	-	25.00% to 33.33% straight line p.a.
Furniture, fixtures & fittings	-	25 %	straight line
Motor vehicles	-	20 %	straight line
Leasehold Improvements	-	over period of lease (5 years)

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 in finance costs in profit or loss in the period in which it arises.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to the future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

4. Auditors remuneration

	2020	2019
	£	£
Fees payable to Reza Samii
Fees payable for the audit of the financial statements	3,600	3,600
	_______	_______
Fees payable to the company's auditor and its associates for other services:
Other non-audit services	5,160	5,220
	_______	_______

5. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2019: 5 ).

6. Tangible assets

	Office equipment	Fixtures, fittings and equipment	Leasehold Property	Total
	£	£	£	£
Cost
At 1 January 2020	1,093	3,063	25,081	29,237
Additions	1,590	-	-	1,590
Other movements	-	( 2,528)	-	( 2,528)
	_______	_______	_______	_______
At 31 December 2020	2,683	535	25,081	28,299
	_______	_______	_______	_______
Depreciation
At 1 January 2020	273	2,662	4,598	7,533
Charge for the year	671	134	5,016	5,821
Other movements	-	( 2,528)	-	( 2,528)
	_______	_______	_______	_______
At 31 December 2020	944	268	9,614	10,826
	_______	_______	_______	_______
Carrying amount
At 31 December 2020	1,739	267	15,467	17,473
	_______	_______	_______	_______
At 31 December 2019	820	401	20,483	21,704
	_______	_______	_______	_______

As at 31st December 2020 there were capital expenditure contracted and authorised amounting to £NIL (2019: £NIL).

7. Debtors

	2020	2019
	£	£
Trade debtors	22,537	4,596
Amounts owed by group undertakings and undertakings in which the company has a participating interest	178,220	263,494
Other debtors	77,563	74,078
	_______	_______
	278,320	342,168
	_______	_______

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	14,193	( 22,108)
Amounts owed to group undertakings and undertakings in which the company has a participating interest	305,893	454,918
Social security and other taxes	7,939	8,142
Other creditors	15,641	8,505
	_______	_______
	343,666	449,457
	_______	_______

9. Analysis of other comprehensive income

Capital Reserve balance represent waiver of a trade creditor balance which was owed to Omnilife Insurance Company Limited, a company incorporated in the UK and a 100% Group member.

10. Operating leases

The company as lessee

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


	£	£

Not later than 1 year	148,000	130,000
Later than 1 year and not later than 5 years	366,500	515,000
	_______	_______
	514,500	645,000
	_______	_______

On 1st February 2019 company entered into non-cancellable operating leases (office rent and service charge) for a term of 5 years expiring on 31.01.2024.

11. Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,605 (2019: £2,515). Contributions totalling £NIL (2019: £NIL) were payable to the fund at the balance sheet date.

12. Summary audit opinion

The auditor's report for the year dated 16 March 2021 was unqualified, however, the auditor drew attention to the following by way of emphasis.

We draw your attention to Note 17 in the financial statements which indicates that the company would had incurred a significant loss had it not been for the waiver of a significant credit balance due to a group member. As stated in the Note, in the absence of continued financial support from group members, there exists a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The senior statutory auditor was Reza Samii for and on behalf of Reza Samii

13. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2020
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Lutfi Fadel El-Zein	( 1,305)	688	( 617)
		_______	_______	_______

2019
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Lutfi Fadel El-Zein	( 1,908)	603	( 1,305)
		_______	_______	_______

14. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
Medgulf Bahrain	-	-	175,781	260,974
Medgulf Beirut	-	-	2,439	2,520
Addison Bradley International Lebanon	-	-	( 305,893)	( 108,370)
Addison Bradley Overseas	-	-	-	(346,548)
	_______	_______	_______	_______

Addison Bradley Overseas waived its credit balance of £547,637 in favour of this company.

15. Ethical standards

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

16. Controlling party

The company is 100.00% owned and controlled by Addison Bradley Group Limited, a company registered in British Virgin Islands.The ultimate parent company is LFZ Holding S.A.L., a company registered in Lebanon. The company's ultimate controlling party is Mr. Lutfi Fadel El Zein, the director.

17. Material Uncertainty Related To Going Concern

Company's operating profit for the year amounted to £36,290. However, this was achieved after a group member waived its creditor balance of £574,637 in favour of this company resulting in a release of an equivalent credit to profit and loss account. In the absence of continued financial support extended by the group members, there is a material uncertainty casting significant doubt on the company's ability to continue as a going concern. Being a member of a large group with its financial resources managed on a group basis, the directors have reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being 12 months from the date of signing these financial statements. They have also considered various mitigating actions available to the company including reducing discretionary spend. The directors therefore continue to adopt the going concern basis in preparing these financial statements.

18. COVID-19 - Overall risk to operations :

Since early 2020, the spread of COVID - 19 has severely impacted many local economies around the globe. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. The duration and the long term impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses, remains unclear at this time and therefore it is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods.