Blackfriars Insurance Brokers Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03140137 (England and Wales)

Blackfriars Insurance Brokers Limited

Unaudited Financial Statements

For The Year Ended 31 December 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D J Burton

Mr S Lewis

Ms K L Gordon

SECRETARY:

Ms K L Gordon

REGISTERED OFFICE:

c/o Lloyd Piggott

2nd Floor, St George's House

56 Peter Street

Manchester

M2 3NQ

REGISTERED NUMBER:

03140137 (England and Wales)

ACCOUNTANTS:

Lloyd Piggott Limited

Chartered Accountants

St George's House

56 Peter Street

Manchester

M2 3NQ

BANKERS:

The Royal Bank of Scotland

Sandbach Branch

2 Bradwell Road

Sandbach

Cheshire

CW11 9UB

FIXED ASSETS

Intangible assets

5

3,240

4,320

Tangible assets

6

19,834

22,721

23,074

27,041

CURRENT ASSETS

Debtors

7

139,912

170,848

Cash at bank and in hand

586,122

393,563

726,034

564,411

CREDITORS

Amounts falling due within one year

8

435,262

334,059

NET CURRENT ASSETS

290,772

230,352

TOTAL ASSETS LESS CURRENT LIABILITIES

313,846

257,393

PROVISIONS FOR LIABILITIES

2,933

3,283

NET ASSETS

310,913

254,110

CAPITAL AND RESERVES

Called up share capital

150

150

Share premium

1,998

1,998

Retained earnings

308,765

251,962

SHAREHOLDERS' FUNDS

310,913

254,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 June 2017 and were signed on its behalf by:

Ms K L Gordon - Director

1.	STATUTORY INFORMATION

Blackfriars 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 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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents commissions earned on insurance policies arranged, recognised in the Financial

Statements by reference to the inception date of the policy.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of ten years.

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.

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

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33.3% on cost

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors and trade

creditors.

Trade debtors and trade creditors are measured at the undiscounted amount of the cash or

consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment

loss is recognised in the Statement of Income and Retained Earnings.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Employee benefits

Short-term benefits including holiday pay, where material, are recognised as an expense in the

Statement of Income and Retained Earnings in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the Statement of Income and Retained Earnings in the

period to which they relate.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event

prior to the balance sheet date and that a payment will be required in settlement that can be estimated

reliably. Where material, provisions are calculated on a discounted basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 .

5.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

25,415

28,365

53,780

AMORTISATION

At 1 January 2016

25,415

24,045

49,460

Amortisation for year

-

1,080

1,080

At 31 December 2016

25,415

25,125

50,540

NET BOOK VALUE

At 31 December 2016

-

3,240

3,240

At 31 December 2015

-

4,320

4,320

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2016

20,973

12,146

24,844

Additions

-

732

569

At 31 December 2016

20,973

12,878

25,413

DEPRECIATION

At 1 January 2016

9,629

12,146

18,853

Charge for year

2,097

146

3,404

Eliminated on disposal

-

-

-

At 31 December 2016

11,726

12,292

22,257

NET BOOK VALUE

At 31 December 2016

9,247

586

3,156

At 31 December 2015

11,344

-

5,991

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2016

21,947

41,854

121,764

Additions

-

7,121

8,422

Disposals

(3,900

)

-

(3,900

)

At 31 December 2016

18,047

48,975

126,286

DEPRECIATION

At 1 January 2016

20,072

38,343

99,043

Charge for year

938

4,724

11,309

Eliminated on disposal

(3,900

)

-

(3,900

)

At 31 December 2016

17,110

43,067

106,452

NET BOOK VALUE

At 31 December 2016

937

5,908

19,834

At 31 December 2015

1,875

3,511

22,721

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

111,396

129,740

Other debtors

1,185

-

Prepayments

27,331

41,108

139,912

170,848

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

275,895

225,996

Tax

20,717

30,938

Social security and other taxes

11,661

10,177

Other creditors

89,197

41,219

Directors' current accounts

243

200

Accrued expenses

37,549

25,529

435,262

334,059

9.	RELATED PARTY DISCLOSURES

During the year £23,000 (2015; £23,000 ) rent was paid to a shareholder of the company.

During the year £159,995 (2015; £93,727) of consultancy fees were paid to the directors and majority

shareholder of the company.

At the year end, £243 (2015; £200) was owed to the directors of the company.

Expenses recharged in the period to Blackfriars Insurance Brokers Limited in Gibraltar totalled

£188,474. Included in management charges is an amount paid to Blackfriars Insurance Brokers

Limited in Gibraltar totalling £188,474.

10.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 December 2016 are the first financial statements that

comply with FRS 102 Section 1A for small entities. The date of transition is 1 January 2015.

The transition to FRS 102 Section 1A for small entities has resulted in no adjustments or changes in

accounting policies.