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

REGISTERED NUMBER: 04493658 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2021

for

Connect Insurance Brokers Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

V M Gilroy

D Mackenzie

W K S Gilroy

SECRETARY:

W K S Gilroy

REGISTERED OFFICE:

Connect House

Foundry Street

Hanley

Stoke on Trent

Staffordshire

ST1 5HE

REGISTERED NUMBER:

04493658 (England and Wales)

FIXED ASSETS

Intangible assets

4

23,000

48,562

Tangible assets

5

174,614

170,444

Investments

6

3,762

3,762

201,376

222,768

CURRENT ASSETS

Debtors

7

251,619

255,806

Cash at bank and in hand

396,323

398,258

647,942

654,064

CREDITORS

Amounts falling due within one year

8

337,456

437,910

NET CURRENT ASSETS

310,486

216,154

TOTAL ASSETS LESS CURRENT LIABILITIES

511,862

438,922

CREDITORS

Amounts falling due after more than one year

9

(70,640

)

-

PROVISIONS FOR LIABILITIES

(8,800

)

(7,400

)

NET ASSETS

432,422

431,522

CAPITAL AND RESERVES

Called up share capital

4

4

Share premium

431,322

431,322

Retained earnings

1,096

196

SHAREHOLDERS' FUNDS

432,422

431,522

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2022 and were signed on its behalf by:

W K S Gilroy - Director

1.	STATUTORY INFORMATION

Connect 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance.

Turnover

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

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract and when all of the following conditions are satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the company will received the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Usually, turnover from the sale of services is recognised over the period in which the insurance contract is in force.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Computer software is being amortised evenly over is estimated useful life of three years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Office furniture and equipment

-

20% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2020 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 September 2020

and 31 August 2021

460,000

26,880

486,880

AMORTISATION

At 1 September 2020

414,000

24,318

438,318

Amortisation for year

23,000

2,562

25,562

At 31 August 2021

437,000

26,880

463,880

NET BOOK VALUE

At 31 August 2021

23,000

-

23,000

At 31 August 2020

46,000

2,562

48,562

5.	TANGIBLE FIXED ASSETS

Office

furniture

Freehold

and

property

equipment

Totals

£

£

£

COST

At 1 September 2020

159,392

279,081

438,473

Additions

-

22,551

22,551

At 31 August 2021

159,392

301,632

461,024

DEPRECIATION

At 1 September 2020

28,031

239,998

268,029

Charge for year

3,188

15,193

18,381

At 31 August 2021

31,219

255,191

286,410

NET BOOK VALUE

At 31 August 2021

128,173

46,441

174,614

At 31 August 2020

131,361

39,083

170,444

The cost of Property comprises £128,578 in respect of Connect House and £30,814 in respect of 66 Stafford Street.

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2020

and 31 August 2021

3,762

NET BOOK VALUE

At 31 August 2021

3,762

At 31 August 2020

3,762

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

126,352

193,438

Other debtors

125,267

62,368

251,619

255,806

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

29,360

-

Trade creditors

280,827

355,349

Taxation and social security

14,786

71,442

Other creditors

12,483

11,119

337,456

437,910

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

70,640

-

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

26,550

26,550

Total lease payments recognised as an expense during the period amounted to £29,684 (2020 - £26,716).

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2021

2020

£

£

W K S Gilroy and V M Gilroy

Balance outstanding at start of year

37,262

15,831

Amounts advanced

96,835

73,273

Amounts repaid

(45,520

)

(51,842

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

88,577

37,262

The advance is unsecured, repayable on demand and interest is charged on the amount outstanding at 2.5%.

12.	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. Contributions of £1,683 (2020: £1,803) were payable to the fund at the balance sheet date and are included in creditors.