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REGISTERED NUMBER: 10784085 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

BROCKWELL CAPITAL LIMITED

BROCKWELL CAPITAL LIMITED (REGISTERED NUMBER: 10784085)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BROCKWELL CAPITAL LIMITED

COMPANY INFORMATION
for the year ended 31 December 2021







DIRECTORS: L R Amerigo
A N Goodair
A S Graham
U Anand
J P M Mawson
K F Cleary





REGISTERED OFFICE: 10th Floor, 1 Minster Court
Mincing Lane
London
United Kingdom
EC3R 7AA





REGISTERED NUMBER: 10784085 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

BROCKWELL CAPITAL LIMITED (REGISTERED NUMBER: 10784085)

BALANCE SHEET
31 December 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 4 10,188 14,312

CURRENT ASSETS
Debtors 5 3,098,366 1,301,183
Cash at bank 898,169 308,263
3,996,535 1,609,446
CREDITORS
Amounts falling due within one year 6 (2,008,840 ) (921,715 )
NET CURRENT ASSETS 1,987,695 687,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,997,883

702,043

PROVISIONS FOR LIABILITIES (1,936 ) (2,700 )
NET ASSETS 1,995,947 699,343

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,995,847 699,243
SHAREHOLDERS' FUNDS 1,995,947 699,343

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 13 July 2022 and were signed on its behalf by:




A N Goodair - Director



A S Graham - Director


BROCKWELL CAPITAL LIMITED (REGISTERED NUMBER: 10784085)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021


1. STATUTORY INFORMATION

Brockwell Capital 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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents commissions receivable and recharge of underwriting fees. The company takes credit for commission on the inception date for the underlying policy. Additional and return premiums are recognised as they occur.

Profit commission is recognised when the amount due is reliably quantifiable and a right to receive the commission has been obtained. Such estimates are made on a prudent basis that reflects the level of uncertainty involved.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment 33% straight line


The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


BROCKWELL CAPITAL LIMITED (REGISTERED NUMBER: 10784085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


2. ACCOUNTING POLICIES - continued
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Debtors
Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 8 ) .

BROCKWELL CAPITAL LIMITED (REGISTERED NUMBER: 10784085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2021 24,110
Additions 5,868
At 31 December 2021 29,978
DEPRECIATION
At 1 January 2021 9,798
Charge for year 9,992
At 31 December 2021 19,790
NET BOOK VALUE
At 31 December 2021 10,188
At 31 December 2020 14,312

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 3,096,889 1,299,556
Amounts owed by group undertakings - 1,090
Other debtors 1,477 537
3,098,366 1,301,183

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other loans - 100,000
Trade creditors 951,014 574,257
Corporation tax 357,337 18,055
Social security and other taxes 10 42,975
Other creditors 9,011 8,767
Accruals and deferred income 691,468 177,661
2,008,840 921,715

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

The Report of the Auditors was unqualified.

Paul Orton ACA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

8. RELATED PARTY DISCLOSURES

During the period the company has had the benefit of rent free premises, equipment and an interest free loan from one of its shareholders, Oilfield Insurance Agencies Limited.

BROCKWELL CAPITAL LIMITED (REGISTERED NUMBER: 10784085)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2021


9. ULTIMATE CONTROLLING PARTY

Until 29 December 2021 the immediate parent company was Sett Holdings Limited a company incorporated in England and Wales. On that date, Sett Holdings was acquired by Badger Bidco Limited, a company registered in England and Wales.

The smallest group undertaking in which these financial statements are consolidated is Optio Group Limited. These accounts are publicly available at Companies House.

The ultimate parent undertaking and largest group undertaking in which these financial statements are consolidated is Preservation Capital Partners Fund I GP Limited, a company registered in Guernsey.