Brooks, Braithwaite & Co. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00852888

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Brooks, Braithwaite & Co. Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Director:

M Brooks

Registered office:

5 Grange Court

The Limes

Ingatestone

Essex

CM4 0BE

Registered number:

00852888

Accountants:

Benjamin Taylor Diner Limited

120 New Cavendish Street,

London

W1W 6XX

Fixed assets

Tangible assets

5

16,442

10,186

Investments

6

10,243

10,243

26,685

20,429

Current assets

Debtors

7

698,927

654,500

Cash at bank

280,680

312,646

979,607

967,146

Creditors

Amounts falling due within one year

8

(706,440

)

(679,028

)

Net current assets

273,167

288,118

Total assets less current liabilities

299,852

308,547

Creditors

Amounts falling due after more than one year

9

(86,977

)

(113,703

)

Net assets

212,875

194,844

Capital and reserves

Called up share capital

10

1,000

1,000

Retained earnings

11

211,875

193,844

Shareholders' funds

212,875

194,844

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 15 August 2022 and were signed by:

M Brooks - Director

1.	Statutory information

The Company is a private company limited by shares, incorporated in England and Wales. Its registered office is 5, Grange Court, The Limes, Ingatestone, Essex, CM4 0BE.

The company's principal business activity is that of insurance brokers.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover represents commission receivable on insurance policies issued by the company during the year.

Tangible fixed assets

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

Land and buildings

-

10% on cost

Plant and machinery etc

-

33% on cost and 15% on cost

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Leasing commitments

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

Pension costs

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.

Going concern

After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Insurance debtors and creditors

The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has followed generally accepted accounting practice for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment income on any cash flows arising from these transactions.

In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureaux, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amounts due to or from the individual third parties which it represents.

However, under FRS 102 Section 1A, assets and liabilities may not be offset unless net settlement is legally enforceable and, therefore, insurance debtors and creditors are shown gross within these financial statements.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Government grants

The company accounts for government grants on an accruals basis. During the year ended 31 December 2021, the company recognised grant income receivable from the UK Government's Coronavirus Job Retention Scheme and from the Local Authority Discretionary Grant Fund in other operating income.

4.	Employees and directors

The average number of employees during the year was 7 (2020 - 8 ) .

5.	Tangible fixed assets

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

Cost

At 1 January 2021

9,131

3,616

8,525

21,272

Additions

-

2,790

8,652

11,442

At 31 December 2021

9,131

6,406

17,177

32,714

Depreciation

At 1 January 2021

7,427

1,484

2,175

11,086

Charge for year

550

1,283

3,353

5,186

At 31 December 2021

7,977

2,767

5,528

16,272

Net book value

At 31 December 2021

1,154

3,639

11,649

16,442

At 31 December 2020

1,704

2,132

6,350

10,186

6.	Fixed asset investments

Other

investments

£

Cost

At 1 January 2021

and 31 December 2021

10,243

Net book value

At 31 December 2021

10,243

At 31 December 2020

10,243

7.

Debtors: amounts falling due within one year

31.12.21

31.12.20

£

£

Trade debtors

548,145

475,186

Amounts owed by group undertakings

143,000

173,000

Other debtors

7,782

6,314

698,927

654,500

Amounts owed by group undertakings are unsecured, repayable on demand and interest free.

8.

Creditors: amounts falling due within one year

31.12.21

31.12.20

£

£

Bank loans and overdrafts

26,705

56,296

Trade creditors

504,569

471,864

Taxation and social security

29,353

18,349

Other creditors

145,813

132,519

706,440

679,028

9.

Creditors: amounts falling due after more than one year

31.12.21

31.12.20

£

£

Bank loans

86,977

113,703

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

1,000

Ordinary £1 shares

1

1,000

1,000

Called-up share capital represents the nominal value of shares that have been issued.

11.

Reserves

Retained

earnings

£

At 1 January 2021

193,844

Profit for the year

48,031

Dividends

(30,000

)

At 31 December 2021

211,875

The retained earnings reserve records retained earnings and accumulated losses.

12.	Director's advances, credits and guarantees

During the year the director had the following loan account with the company.

M. Brooks

31.12.21

31.12.20

£

£

Balance brought forward

(47

)

(47

)

Monies advanced to Brooks Braithwaite & Co. Limited

-

-

Monies repaid to Mr M. Brooks

-

-

Balance owed to M. Brooks carried forward

(47

)

(47

)

The above loan is unsecured interest free and repayable on demand.

13.	Related party disclosures

14.	Ultimate controlling party