Broker Insights Limited
Broker Insights Limited
Registered number: SC574407
Unaudited Financial Statements
For The Year Ended
31 January 2022
Finling Associates Ltd
2 Printer's Yard
90a The Broadway
London
SW19 1RD
Broker Insights Limited
Unaudited Financial Statements
For The Year Ended
31 January 2022
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Broker Insights Limited
Balance Sheet
As at
31 January 2022
Balance Sheet
Registered number:
SC574407
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2022 | 2021 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 6 |
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| NET ASSETS/(LIABILITIES) |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 4,789,936 | (108,576) | |||
Broker Insights Limited
Balance Sheet (continued)
As at
31 January 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Broker Insights Limited
Notes to the Financial Statements
For The Year Ended
31 January 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Significant judgements and estimations
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any critical judgements in applying the company's accounting policies. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.
Share options
The cost of equity-settled transactions with employees is measured, where appropriate, with reference to the fair value at the date on which they are granted. Estimates applied or used in a valuation model in order to calculate the cost include, but are not limited to, the expected life of the award, the number of awards that will ultimately vest and the expected volatility of the company's valuation.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and from software platform fees. Turnover is reduced for estimated discounts, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the services provided in the period being reported on.
Software platform fees
Fees for the use of the Broker Insights software platform are recognised rateably over the period of the software access licence.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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| Computer Equipment |
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1.5.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.6.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Broker Insights Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2022
1.7.
Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
The share premium account includes the premium on issue of equity share, net of any issue cost.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 31 (2021: 22)
3.
Tangible Assets
| Motor Vehicles | Computer Equipment | Total | |
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| Cost | |||
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| Depreciation | |||
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| Net Book Value | |||
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4.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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5.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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Other creditors includes the total of repayments on loans falling due within one year, being 2022: £17,497.73 (2021: £16,278) on an asset purchase loan provided by a related party.
Broker Insights Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2022
6.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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| Accruals and deferred income |
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Other Creditors comprise £71,628 (2021: £89,225) on an asset purchase loan provided by a related party.
The bank loan is secured by a bond creating a fixed and floating charge over the assets of the company.
Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | - | 9,641 |
Broker Insights Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2022
8.
Financial Instruments
(i) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Broker Insights Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2022
9.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| Land and buildings | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Within 1 year | 101,277 | 41,942 |
| Between 1 and 5 years | 213,021 | 314,299 |
| 314,298 | 356,241 | |
10.
Related Party Transactions
There are loans from a related party, related through common directors, of £89,126 (2021: £105,503). The current element is £17,497 (2021: £16,278) and the non-current element is £71,628 (2021: £89,225).
11.
General Information
Broker Insights Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC574407
. The registered office is 30-34 Reform Street , Dundee, Angus, DD1 1RJ.