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

REGISTERED NUMBER: 01101567 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

HORSHAM INSURANCE BROKERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A P Wales

D J Skinner

P T French

SECRETARY:

A P Wales

REGISTERED OFFICE:

The Old Court House

191 High Road

South Woodford

London

E18 2QF

REGISTERED NUMBER:

01101567 (England and Wales)

SENIOR STATUTORY AUDITOR:

Shahid Hameed ACA FCCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Tangible assets

4

12,867

16,717

Investments

5

1,400

2,100

14,267

18,817

CURRENT ASSETS

Debtors

6

118,354

140,224

Cash at bank and in hand

7

712,288

577,895

830,642

718,119

CREDITORS

Amounts falling due within one year

8

459,078

463,781

NET CURRENT ASSETS

371,564

254,338

TOTAL ASSETS LESS CURRENT LIABILITIES

385,831

273,155

PROVISIONS FOR LIABILITIES

2,221

2,903

NET ASSETS

383,610

270,252

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

382,610

269,252

SHAREHOLDERS' FUNDS

383,610

270,252

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 8 March 2022 and were signed on its behalf by:

A P Wales - Director

1.	STATUTORY INFORMATION

Horsham 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.	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 as modified by the revaluation of certain assets.

Revenue recognition

Turnover represents the total value of the net brokerage and administrative fees receivable. General commission income and administrative fees due are recognised when the insured is invoiced with the agreed premiums and fees. No revenue is withdrawn from the insurance bank account until after payment has been received from the insured or is due under a formal credit agreement.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Computer equipment

-

20% on cost

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 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.

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.

Operating leases

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 10 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2020

and 30 September 2021

13,567

12,464

26,031

DEPRECIATION

At 1 October 2020

5,557

3,757

9,314

Charge for year

1,357

2,493

3,850

At 30 September 2021

6,914

6,250

13,164

NET BOOK VALUE

At 30 September 2021

6,653

6,214

12,867

At 30 September 2020

8,010

8,707

16,717

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 October 2020

and 30 September 2021

2,712

PROVISIONS

At 1 October 2020

612

Revaluation adjustments

700

At 30 September 2021

1,312

NET BOOK VALUE

At 30 September 2021

1,400

At 30 September 2020

2,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

116,576

138,446

Other debtors

1,778

1,778

118,354

140,224

7.	CASH AT BANK AND IN HAND

Included within cash and cash equivalents are client account balances amounting to £381,177 (2020: £329,714) not available for use by the company.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

407,825

387,020

Amounts owed to group undertakings

-

8,340

Taxation and social security

34,278

52,463

Other creditors

16,975

15,958

459,078

463,781

9.	LEASING AGREEMENTS

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

2021

2020

£

£

Within one year

18,000

18,000

Between one and five years

1,500

19,500

19,500

37,500

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Shahid Hameed ACA FCCA (Senior Statutory Auditor)

for and on behalf of THP Limited

12.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking and controlling party is Berns Brett Limited whose registered office and principal place of business are the same as the company's registered office.