Registered number
05055612
David Edwards Insurance Brokers Limited
Report and Unaudited Accounts
31 March 2023
Collins
Chartered Accountants
West Midlands
David Edwards Insurance Brokers Limited
Registered number: 05055612
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Intangible assets 3 141,732 81,000
Tangible assets 4 94,442 104,824
236,174 185,824
Current assets
Debtors 5 573,268 519,253
Cash at bank and in hand 346,788 481,316
920,056 1,000,569
Creditors: amounts falling due within one year 6 (219,995) (153,706)
Net current assets 700,061 846,863
Total assets less current liabilities 936,235 1,032,687
Creditors: amounts falling due after more than one year 7 (30,000) (40,000)
Provisions for liabilities (19,778) (16,512)
Net assets 886,457 976,175
Capital and reserves
Called up share capital 100 100
Profit and loss account 886,357 976,075
Shareholder's funds 886,457 976,175
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L D Edwards
Director
Approved by the board on 9 May 2023
David Edwards Insurance Brokers Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 ( as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover comprises revenue earned from the rendering of services.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers 25% reducing balance
Fixtures fittings and equipment 10% reducing balance
Leasehold Improvements 10% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 23 21
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 135,000
Additions 97,481
At 31 March 2023 232,481
Amortisation
At 1 April 2022 54,000
Provided during the year 36,749
At 31 March 2023 90,749
Net book value
At 31 March 2023 141,732
At 31 March 2022 81,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold Improv-ements Computers Fixtures fittings and equipment Total
£ £ £ £
Cost
At 1 April 2022 25,600 152,289 95,099 272,988
Additions - 7,568 - 7,568
At 31 March 2023 25,600 159,857 95,099 280,556
Depreciation
At 1 April 2022 7,680 120,228 40,256 168,164
Charge for the year 2,560 9,906 5,484 17,950
At 31 March 2023 10,240 130,134 45,740 186,114
Net book value
At 31 March 2023 15,360 29,723 49,359 94,442
At 31 March 2022 17,920 32,061 54,843 104,824
5 Debtors 2023 2022
£ £
Trade debtors 275,401 227,162
Amounts owed by holding company 250,944 250,944
Prepayments and accrued income 6,508 732
Other debtors 40,415 40,415
573,268 519,253
6 Creditors: amounts falling due within one year 2023 2022
£ £
Loans 10,000 10,000
Corporation tax 115,475 114,784
Other taxes and social security costs 23,057 18,466
Directors loans 2,828 56
Accruals and deferred income 68,635 10,400
219,995 153,706
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,000 40,000
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 5,560 67,464
9 Controlling party
The company is a wholly owned subsidiary of Edwards Insurance Group Limited, a company incorporated in England and Wales.
10 Other information
David Edwards Insurance Brokers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Stonebridge House
Kenilworth Road
Meriden
Coventry
CV7 7LJ
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