Company registration number SC076608 (Scotland)
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr G Robertson
Mr G Brown
Secretary
Mr G Robertson
Company number
SC076608
Registered office
2 Catherine Street
Kirkintilloch
Glasgow
Scotland
G66 1LJ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2022
31 October 2022
- 2 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
85,301
106,627
Tangible assets
5
30,188
38,142
Investments
6
948
948
116,437
145,717
Current assets
Debtors
7
1,174,428
543,137
Cash at bank and in hand
541,897
438,487
1,716,325
981,624
Creditors: amounts falling due within one year
8
(1,643,225)
(625,022)
Net current assets
73,100
356,602
Total assets less current liabilities
189,537
502,319
Creditors: amounts falling due after more than one year
9
(33,332)
(73,333)
Provisions for liabilities
10
(4,886)
(4,642)
Net assets
151,319
424,344
Capital and reserves
Called up share capital
12
45,300
45,300
Share premium account
100,534
100,534
Profit and loss reserves
5,485
278,510
Total equity
151,319
424,344

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2022
31 October 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 October 2023 and are signed on its behalf by:
Mr G Robertson
Director
Company Registration No. SC076608
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
- 4 -
1
Accounting policies
Company information

Hamilton Robertson Insurance Brokers Limited is a private company limited by shares incorporated in Scotland. The registered office is 2 Catherine Street, Kirkintilloch, Glasgow, Scotland, G66 1LJ. The company's registration number is SC076608.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Turnover

Turnover shown in the profit and loss account represents the value of all commissions and fees earned during the year. Income is recognised at the point in which the company has fulfilled its contractual obligations to the customer.

1.3
Intangible fixed assets - goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period.

1.4
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:

Leasehold improvements
10% on cost
Furniture and equipment
20% reducing balance / 10% 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 the profit and loss account.

1.5
Fixed asset investments

Investments are stated at cost less provision for any diminution of value, if such reduction is deemed to be of a permanent nature.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Total
27
23
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
-
0
81,366
UK corporation tax recovered in relation to previous period
(56,785)
-
0
Total current tax
(56,785)
81,366
Deferred tax
Origination and reversal of timing differences
244
(1,160)
Total tax (credit)/charge
(56,541)
80,206
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2021 and 31 October 2022
311,183
Amortisation and impairment
At 1 November 2021
204,556
Amortisation charged for the year
21,326
At 31 October 2022
225,882
Carrying amount
At 31 October 2022
85,301
At 31 October 2021
106,627
5
Tangible fixed assets
Leasehold improvements
Furniture and equipment
Total
£
£
£
Cost
At 1 November 2021 and 31 October 2022
30,674
112,806
143,480
Depreciation and impairment
At 1 November 2021
16,961
88,377
105,338
Depreciation charged in the year
3,068
4,886
7,954
At 31 October 2022
20,029
93,263
113,292
Carrying amount
At 31 October 2022
10,645
19,543
30,188
At 31 October 2021
13,713
24,429
38,142
6
Fixed asset investments
2022
2021
£
£
Other investments other than loans
948
948
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2021 & 31 October 2022
3,623
Impairment
At 1 November 2021 & 31 October 2022
2,675
Carrying amount
At 31 October 2022
948
At 31 October 2021
948
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
722,866
217,759
Amounts owed by group undertakings
394,872
325,378
Other debtors
56,690
-
0
1,174,428
543,137
8
Creditors: amounts falling due within one year
2022
2021
£
£
Loans
40,000
40,000
Trade creditors
1,383,264
361,477
Taxation and social security
15,542
123,595
Other creditors
204,419
99,950
1,643,225
625,022
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Loans
33,332
73,333
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 9 -
10
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
11
4,886
4,642
11
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2022
2021
Balances:
£
£
Accelerated capital allowances
4,886
4,642
2022
Movements in the year:
£
Liability at 1 November 2021
4,642
Charge to profit or loss
244
Liability at 31 October 2022
4,886

 

12
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
45,300 Ordinary shares of £1
45,300
45,300
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
13,234
15,203
HAMILTON ROBERTSON INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2022
- 10 -
14
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

During the year the company paid rent of £12,250 (2021 - £12,250) to a pension for the benefit of certain directors.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

15
Prior period adjustment

During the year it was discovered that dividends paid in the year ended 31 October 2021 were overstated by £100,000. This has resulted in a prior year adjustment to correct reserves brought forward in the year 31 October 2022.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Oct 2021
£
£
£
Current assets
Debtors due within one year
443,137
100,000
543,137
Capital and reserves
Profit and loss reserves
178,510
100,000
278,510
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 October 2021
£
£
£
Profit for the financial period
257,834
-
257,834
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