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Registration number: 03464772

Priory Insurance Brokers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Priory Insurance Brokers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Priory Insurance Brokers Limited

Company Information

Directors

Mrs L M Whitmore

Mr M J Whitmore

Company secretary

Mr M J Whitmore

Registered office

4 Fairland Street
Wymondham
Norfolk
NR18 0AN

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Priory Insurance Brokers Limited

(Registration number: 03464772)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,500

26,775

Tangible assets

5

15,226

13,238

Investment property

6

-

115,000

Other financial assets

7

1,431

1,635

 

27,157

156,648

Current assets

 

Debtors

8

113,870

108,391

Cash at bank and in hand

 

261,756

445,122

 

375,626

553,513

Creditors: Amounts falling due within one year

9

(295,817)

(285,225)

Net current assets

 

79,809

268,288

Total assets less current liabilities

 

106,966

424,936

Creditors: Amounts falling due after more than one year

9

(779)

(7,963)

Provisions for liabilities

-

(5,645)

Net assets

 

106,187

411,328

Capital and reserves

 

Called up share capital

10

1,523

2,568

Capital redemption reserve

2,742

1,697

Retained earnings

101,922

407,063

Shareholders' funds

 

106,187

411,328

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Priory Insurance Brokers Limited

(Registration number: 03464772)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 1 September 2023 and signed on its behalf by:
 

.........................................
Mr M J Whitmore
Company secretary and director

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Fairland Street
Wymondham
Norfolk
NR18 0AN
United Kingdom

These financial statements were authorised for issue by the Board on 1 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents commissions and fees receivable in respect of insurance policies completed during the year.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The accruals model is followed for the recogniition of government grants. Grants related to revenue are recognised in income so as to match the inclusion in the profit and loss account of the related expenditure. If they are not directly related to expenditure, such grants are recognised in income when receivable. Grants related to assets are recognised in income over the useful lives of the assets concerned.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Fixture and Fittings

20% straight line

Motor Vehicles

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on a business acquisition includes the the cost of acquisition of goodwill, business information, a customer database and other intangible assets regarding that business as the values of each of those components are not readily identifiable. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their expected useful life based on the nature of the assets and business involved.

Asset class

Amortisation method and rate

Goodwill

Straight line on cost over two years

Investments

Other financial assets are investments stated at fair value based on market price.

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Client bank account balances are included and creditors therefore include appropriate amounts such that client assets and liabilities have nil effect on the net assets position.

Trade debtors

Trade debtors are amounts due for insurance premiums and for commission and fees earned in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors comprise amounts payable in respect of insurance policies and amounts due to other suppliers for goods and services that have been acquired in the ordinary course of business. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividends are included as distributions in the reporting period in which they are payable.

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

30,600

30,600

Additions acquired separately

(2,600)

(2,600)

At 31 March 2023

28,000

28,000

Amortisation

At 1 April 2022

3,825

3,825

Amortisation charge

13,675

13,675

At 31 March 2023

17,500

17,500

Carrying amount

At 31 March 2023

10,500

10,500

At 31 March 2022

26,775

26,775

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

59,839

8,500

68,339

Additions

2,496

9,400

11,896

Disposals

(1,312)

(8,500)

(9,812)

At 31 March 2023

61,023

9,400

70,423

Depreciation

At 1 April 2022

48,301

6,800

55,101

Charge for the year

6,327

1,880

8,207

Eliminated on disposal

(1,311)

(6,800)

(8,111)

At 31 March 2023

53,317

1,880

55,197

Carrying amount

At 31 March 2023

7,706

7,520

15,226

At 31 March 2022

11,538

1,700

13,238

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Investment properties

2023
£

At 1 April

115,000

Disposals

(115,000)

At 31 March

-

An open market valuation was undertaken on 3 December 2020.

The valuation was carried out by an independent valuer.

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

3,308

3,308

At 31 March 2023

3,308

3,308

At 1 April 2022

1,673

1,673

Impairment in the period

204

204

At 31 March 2023

1,877

1,877

Carrying amount

At 31 March 2023

1,431

1,431

8

Debtors

Current

2023
£

2022
£

Trade debtors

77,200

80,734

Prepayments

25,646

25,157

Other debtors

11,024

2,500

 

113,870

108,391

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other loans

12,355

-

Trade creditors

 

237,213

240,008

Taxation and social security

 

2,739

22,916

Accruals and deferred income

 

36,685

5,740

Other creditors

 

6,825

16,561

 

295,817

285,225

 

Priory Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

779

7,963

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,523

1,523

2,568

2,568

         

Purchase of own shares
The company purchased 1,045 of its own shares during the period for cash consideration of £212,000. The purchase was made out of distributable reserves. The nominal value of £1,045 of the shares has therefore been transferred from the profit and loss reserve to the capital redemption reserve.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £76,047 (2022 - £71,615).
These commitments relate to operating leases.

12

Related party transactions

Summary of transactions with other related parties

The company sold a property to M J Whitmore (director and shareholder) and L M Whitmore (director) during the year for £115,000 which was considered to be its market value.

The company bought back 1,045 ordinary £1 shares from J C Briggs (director) for cash consideration of £212,000 which was taken to be their market value.