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 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J Burton

Mr S Lewis

Ms K L Gordon

SECRETARY:

Ms K L Gordon

REGISTERED OFFICE:

6 Congleton Road

Sandbach

Cheshire

CW11 1HN

REGISTERED NUMBER:

03140137 (England and Wales)

ACCOUNTANTS:

DJH Mitten Clarke Manchester 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

30,720

20,055

30,720

20,055

CURRENT ASSETS

Debtors

7

200,044

154,450

Cash at bank and in hand

1,068,932

759,545

1,268,976

913,995

CREDITORS

Amounts falling due within one year

8

561,929

383,333

NET CURRENT ASSETS

707,047

530,662

TOTAL ASSETS LESS CURRENT LIABILITIES

737,767

550,717

PROVISIONS FOR LIABILITIES

1,618

609

NET ASSETS

736,149

550,108

CAPITAL AND RESERVES

Called up share capital

71

71

Share premium

1,998

1,998

Capital redemption reserve

79

79

Retained earnings

734,001

547,960

736,149

550,108

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 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 28 September 2022 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.

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.

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 19 (2020 - 18 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

25,415

28,365

53,780

AMORTISATION

At 1 January 2021

and 31 December 2021

25,415

28,365

53,780

NET BOOK VALUE

At 31 December 2021

-

-

-

At 31 December 2020

-

-

-

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2021

36,211

13,386

30,195

Additions

15,600

759

-

At 31 December 2021

51,811

14,145

30,195

DEPRECIATION

At 1 January 2021

25,048

13,183

27,588

Charge for year

3,680

253

1,160

At 31 December 2021

28,728

13,436

28,748

NET BOOK VALUE

At 31 December 2021

23,083

709

1,447

At 31 December 2020

11,163

203

2,607

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2021

37,595

65,629

183,016

Additions

-

4,838

21,197

At 31 December 2021

37,595

70,467

204,213

DEPRECIATION

At 1 January 2021

36,995

60,147

162,961

Charge for year

600

4,839

10,532

At 31 December 2021

37,595

64,986

173,493

NET BOOK VALUE

At 31 December 2021

-

5,481

30,720

At 31 December 2020

600

5,482

20,055

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

145,038

115,187

Prepayments

55,006

39,263

200,044

154,450

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

402,762

283,384

Tax

58,645

22,614

Social security and other taxes

12,667

-

Other creditors

56,459

53,760

Accrued expenses

31,396

23,575

561,929

383,333

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 £9,990 (2020: £9,952).

Contributions totalling £4,977 (2020: £33) were payable to the scheme at the end of the year and are included in creditors.

Operating Leases

At 31st December 2021, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £142,000 (2020: £25,000).

10.	RELATED PARTY DISCLOSURES

During the year £25,000 (2020: £25,500 ) rent was paid to a shareholder of the company.

During the year £230,970 (2020: £221,477) of consultancy fees were paid to the directors and majority shareholder of the company.

Expenses recharged in the period to Blackfriars Insurance Brokers Limited in Gibraltar totalled £264,811 (2020: £250,987). Included in management charges is an amount paid to Blackfriars Insurance Brokers Limited in Gibraltar totalling £264,811 (2020: £250,987).