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REGISTERED NUMBER: 05081538 (England and Wales)















Kingswood Insurance Brokers Ltd.

Financial Statements

for the Year Ended 31 December 2022






Kingswood Insurance Brokers Ltd. (Registered number: 05081538)

Contents of the Financial Statements
for the year ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kingswood Insurance Brokers Ltd.

Company Information
for the year ended 31 December 2022







Directors: N Cole
R Georgiades
G Georgiades





Registered office: Prospero
73 London Road
Redhill
Surrey
RH1 1LQ





Registered number: 05081538 (England and Wales)





Auditors: Haines Watts
Chartered Accountants and Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Kingswood Insurance Brokers Ltd. (Registered number: 05081538)

Balance Sheet
31 December 2022

2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 4 - 2,657

Current assets
Debtors 5 739,215 593,470
Cash at bank 149,596 121,261
888,811 714,731
Creditors
Amounts falling due within one year 6 150,511 144,771
Net current assets 738,300 569,960
Total assets less current liabilities 738,300 572,617

Capital and reserves
Called up share capital 100 100
Retained earnings 7 738,200 572,517
738,300 572,617

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





G Georgiades - Director


Kingswood Insurance Brokers Ltd. (Registered number: 05081538)

Notes to the Financial Statements
for the year ended 31 December 2022


1. Statutory information

Kingswood Insurance Brokers Ltd. 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 they continue to adopt the going concern basis in preparing the annual financial statements.

Related party exemption
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.

Turnover
Turnover comprises revenue recognised by the company in respect of insurance supplied during the year, exclusive of Insurance Premium Tax and trade discounts.

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

Fixtures and fittings - 20% - 50% Straight line

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Kingswood Insurance Brokers Ltd. (Registered number: 05081538)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


2. Accounting policies - continued
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. Employees and directors

The average number of employees during the year was 8 (2021 - 12 ) .

4. Tangible fixed assets
Fixtures
and
fittings
£
Cost
At 1 January 2022
and 31 December 2022 11,114
Depreciation
At 1 January 2022 8,457
Charge for year 2,657
At 31 December 2022 11,114
Net book value
At 31 December 2022 -
At 31 December 2021 2,657

Kingswood Insurance Brokers Ltd. (Registered number: 05081538)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


5. Debtors: amounts falling due within one year
2022 2021
£ £
Trade debtors 56,158 48,894
Amounts owed by group undertakings 675,797 535,657
Other debtors 7,260 8,919
739,215 593,470

6. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 95,942 87,234
Taxation and social security 42,938 48,980
Other creditors 11,631 8,557
150,511 144,771

7. Reserves
Retained
earnings
£

At 1 January 2022 572,517
Profit for the year 165,683
At 31 December 2022 738,200

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Gary Staunton (Senior Statutory Auditor)
for and on behalf of Haines Watts

9. Ultimate controlling party

The ultimate parent company and controlling party is AMP132 Limited, a company incorporated in England and Wales. The ultimate parent company prepares consolidated group accounts which are publicly available at Companies House.