Blue Rock Brokers (Holdings) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC472079 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2021

for

Blue Rock Brokers (Holdings) Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J J McQuaid

T B Yorke

REGISTERED OFFICE:

Low Green House

20 Alloway Place

Ayr

Ayrshire

KA7 2AA

REGISTERED NUMBER:

SC472079 (Scotland)

ACCOUNTANTS:

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blue Rock Brokers (Holdings) Ltd for the year ended 31 May 2021 which comprise the Profit and Loss, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Blue Rock Brokers (Holdings) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Blue Rock Brokers (Holdings) Ltd and state those matters that we have agreed to state to the Board of Directors of Blue Rock Brokers (Holdings) Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Blue Rock Brokers (Holdings) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Blue Rock Brokers (Holdings) Ltd. You consider that Blue Rock Brokers (Holdings) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Blue Rock Brokers (Holdings) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Collins Partnership

Chartered Accountants

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

16 August 2021

FIXED ASSETS

Intangible assets

4

212,500

262,500

Investments

5

1

1

212,501

262,501

CURRENT ASSETS

Debtors

6

16,975

3,283

Cash at bank

94,467

68,562

111,442

71,845

CREDITORS

Amounts falling due within one year

7

5,752

5,265

NET CURRENT ASSETS

105,690

66,580

TOTAL ASSETS LESS CURRENT LIABILITIES

318,191

329,081

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

318,189

329,079

SHAREHOLDERS' FUNDS

318,191

329,081

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2021 and were signed on its behalf by:

T B Yorke - Director

J J McQuaid - Director

1.	STATUTORY INFORMATION

Blue Rock Brokers (Holdings) Ltd is a private company, limited by shares , registered in Scotland. 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors review the business's requirements on a regular basis to ensure there are adequate resources to meet its commitments as they fall due. This includes projecting income streams and related costs one year in advance. Taking account of this review and of current resources, the directors are of the view that commitments can be met and as such the accounts have been prepared on a going concern basis.

Covid-19

At the date of signing these financial statements the Coronavirus pandemic is still having a global impact. The company continues to operate in a restricted way during this period. Whilst the overall impact still remains uncertain for the UK economy the director's believe that with the steps which have been taken, ongoing government support and the commitment of all staff and the loyalty of customers, that the business will be in a position to come through this period and continue in operation for the next year and beyond.

Goodwill

Goodwill arising on an acquisition of a trade is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit and loss account over the director's estimate of its useful economic life which is 10 years. Impairment tests on the carrying value of goodwill are undertaken;

- at the end of the first full financial year following acquisition;

- in other period if events or changes in circumstances indicate that the carrying value may not be recoverable.

Intangible assets

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

Investments in subsidiaries

Investments in subsidiary undertaking are recognised at cost. Impairment review is carried out regularly.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception, and bank overdrafts. They are subject to insignificant risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables

Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities

Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments

A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2020

and 31 May 2021

500,000

AMORTISATION

At 1 June 2020

237,500

Charge for year

50,000

At 31 May 2021

287,500

NET BOOK VALUE

At 31 May 2021

212,500

At 31 May 2020

262,500

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2020

and 31 May 2021

1

NET BOOK VALUE

At 31 May 2021

1

At 31 May 2020

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

16,975

3,283

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Corporation tax

4,483

4,016

Accruals and deferred income

1,269

1,249

5,752

5,265

8.	CONTINGENT LIABILITIES

The company guarantees any bank borrowings of its subsidiary company, Blue Rock Insurance Brokers Ltd. As at 31 May 2021 the amount outstanding was £50,00 (2020: £Nil).

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2021 and 31 May 2020:

2021

2020

£

£

T B Yorke

Balance outstanding at start of year

-

100,000

Amounts repaid

-

(100,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

J J McQuaid

Balance outstanding at start of year

-

30,000

Amounts repaid

-

(30,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

The company is under the control of the two directors due to their equal shareholding in the company.