Blackfriars Insurance Brokers Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03140137 (England and Wales)

Blackfriars Insurance Brokers Limited

Unaudited Financial Statements

For The Year Ended 31 December 2017

Page

Company Information

1

Statement of Financial Position

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

2,160

3,240

Tangible assets

6

42,449

19,834

44,609

23,074

CURRENT ASSETS

Debtors

7

150,993

139,912

Cash at bank and in hand

609,236

586,122

760,229

726,034

CREDITORS

Amounts falling due within one year

8

350,572

435,262

NET CURRENT ASSETS

409,657

290,772

TOTAL ASSETS LESS CURRENT LIABILITIES

454,266

313,846

PROVISIONS FOR LIABILITIES

3,064

2,933

NET ASSETS

451,202

310,913

CAPITAL AND RESERVES

Called up share capital

150

150

Share premium

1,998

1,998

Retained earnings

449,054

308,765

SHAREHOLDERS' FUNDS

451,202

310,913

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 14 May 2018 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

All tangible fixed assets are initially recorded at 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position date. Transactions in foreign currencies are translated into sterling

at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account

in arriving at the operating result.

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.

Employee benefits

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

and loss 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 profit and loss 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 20 (2016 - 19 ) .

5.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 January 2017

and 31 December 2017

25,415

28,365

53,780

AMORTISATION

At 1 January 2017

25,415

25,125

50,540

Amortisation for year

-

1,080

1,080

At 31 December 2017

25,415

26,205

51,620

NET BOOK VALUE

At 31 December 2017

-

2,160

2,160

At 31 December 2016

-

3,240

3,240

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2017

20,973

12,878

25,413

Additions

6,218

-

2,681

At 31 December 2017

27,191

12,878

28,094

DEPRECIATION

At 1 January 2017

11,726

12,292

22,257

Charge for year

2,458

147

1,615

At 31 December 2017

14,184

12,439

23,872

NET BOOK VALUE

At 31 December 2017

13,007

439

4,222

At 31 December 2016

9,247

586

3,156

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2017

18,047

48,975

126,286

Additions

26,348

3,968

39,215

At 31 December 2017

44,395

52,943

165,501

DEPRECIATION

At 1 January 2017

17,110

43,067

106,452

Charge for year

7,524

4,856

16,600

At 31 December 2017

24,634

47,923

123,052

NET BOOK VALUE

At 31 December 2017

19,761

5,020

42,449

At 31 December 2016

937

5,908

19,834

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

115,116

111,396

Other debtors

-

1,185

Prepayments

35,877

27,331

150,993

139,912

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

226,582

275,895

Tax

37,614

20,717

Social security and other taxes

11,922

11,661

Other creditors

54,372

89,197

Directors' current accounts

44

243

Accrued expenses

20,038

37,549

350,572

435,262

9.	OTHER FINANCIAL COMMITMENTS

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. The pension cost

charged represents contributions payable by the company to the scheme and amounted to £3,259

(2016: £2,462).

Contributions totalling £656 (2016 - £424) were payable to the scheme at the end of the year and are

included in creditors.

Operating Leases

At 31st December 2017, the company had total commitments under non-cancellable operating leases

over the remaining life of those leases of £225,000 (2016: £250,000).

10.	RELATED PARTY DISCLOSURES

During the year £25,500 (2016; £23,000 ) rent was paid to a shareholder of the company.

During the year £160,410 (2016; £159,995) of consultancy fees were paid to the directors and

majority shareholder of the company.

At the year end, £44 (2016; £243) was owed to the directors of the company.

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

£182,648. Included in management charges is an amount paid to Blackfriars Insurance Brokers

Limited in Gibraltar totalling £182,648.