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

REGISTERED NUMBER: 00304106 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2021

for

BACKHOUSE INSURANCE BROKERS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Directors:

S R Backhouse

C J Bardsley

D Hannah

J S W Backhouse

I W Dalziell

Secretary:

D Hannah

Registered office:

Oakmount House

9 Carrside

Nelson

Lancashire

BB9 6RX

Registered number:

00304106 (England and Wales)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Intangible assets

5

47,485

66,481

Tangible assets

6

52,621

91,140

Investments

7

10,000

10,000

110,106

167,621

Current assets

Debtors

8

2,717,789

1,634,027

Cash at bank and in hand

2,569,949

1,914,859

5,287,738

3,548,886

Creditors

Amounts falling due within one year

9

4,569,002

2,978,985

Net current assets

718,736

569,901

Total assets less current liabilities

828,842

737,522

Capital and reserves

Called up share capital

10

75,000

75,000

Retained earnings

753,842

662,522

Shareholders' funds

828,842

737,522

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 Account has not been delivered.

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

S R Backhouse - Director

1.	Statutory information

Backhouse 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.

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.

Related party exemption

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Commission and fee income forms the revenue of the company and is recognised at the date of the policy confirmation.

Goodwill

Goodwill is the amount payable on the acquisition of a business operation. It is amortised to the profit and loss account over its estimated economic life of eight years.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles - 25% straight line

Fixtures and fittings - 5-10 straight line

Office equipment - 20% straight line

Computer equipment - 25% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

a) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. There are no assets which are initially measured at fair value.

b) Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

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

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.

Pension costs and other post-retirement benefits

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.

Insurance broking debtors and creditors

In common with other insurance brokers, the company acts as agent in placing the insurable risks of its clients with insurers and, as such, is not liable as principal for amounts arising from such transactions. Notwithstanding these legal relationships and in accordance with UK GAAP, debtors and creditors arising from insurance broking transactions are shown as assets and liabilities. This recognises that insurance brokers are entitled to retain the investment income on any cashflows arising from these transactions.

4.	Employees and directors

The average number of employees during the year was 29 (2020 - 30 ) .

5.	Intangible fixed assets

Goodwill

£

Cost

At 1 July 2020

and 30 June 2021

151,961

Amortisation

At 1 July 2020

85,480

Charge for year

18,996

At 30 June 2021

104,476

Net book value

At 30 June 2021

47,485

At 30 June 2020

66,481

6.	Tangible fixed assets

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 July 2020

135,006

131,643

32,076

298,725

Additions

-

-

103

103

Disposals

-

(28,500

)

-

(28,500

)

At 30 June 2021

135,006

103,143

32,179

270,328

Depreciation

At 1 July 2020

106,814

87,265

13,506

207,585

Charge for year

6,180

25,787

6,655

38,622

Eliminated on disposal

-

(28,500

)

-

(28,500

)

At 30 June 2021

112,994

84,552

20,161

217,707

Net book value

At 30 June 2021

22,012

18,591

12,018

52,621

At 30 June 2020

28,192

44,378

18,570

91,140

7.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 July 2020

and 30 June 2021

10,000

Net book value

At 30 June 2021

10,000

At 30 June 2020

10,000

8.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

1,929,134

975,056

Amounts owed by group undertakings

753,136

620,740

Other debtors

35,519

38,231

2,717,789

1,634,027

9.

Creditors: amounts falling due within one year

2021

2020

£

£

Trade creditors

3,356,867

1,972,629

Amounts owed to group undertakings

633,067

512,670

Taxation and social security

57,089

57,056

Other creditors

521,979

436,630

4,569,002

2,978,985

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

75,000

Ordinary

£1

75,000

75,000