IRIS Accounts Production v23.3.0.418 02482944 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure024829442022-03-31024829442023-03-31024829442022-04-012023-03-31024829442021-03-31024829442021-04-012022-03-31024829442022-03-3102482944ns16:EnglandWales2022-04-012023-03-3102482944ns15:PoundSterling2022-04-012023-03-3102482944ns11:Director12022-04-012023-03-3102482944ns11:Director22022-04-012023-03-3102482944ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3102482944ns11:SmallEntities2022-04-012023-03-3102482944ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3102482944ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3102482944ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102482944ns11:FullAccounts2022-04-012023-03-310248294412022-04-012023-03-3102482944ns11:OrdinaryShareClass12022-04-012023-03-3102482944ns11:RegisteredOffice2022-04-012023-03-3102482944ns6:CurrentFinancialInstruments2023-03-3102482944ns6:CurrentFinancialInstruments2022-03-3102482944ns6:Non-currentFinancialInstruments2023-03-3102482944ns6:Non-currentFinancialInstruments2022-03-3102482944ns6:ShareCapital2023-03-3102482944ns6:ShareCapital2022-03-3102482944ns6:CapitalRedemptionReserve2023-03-3102482944ns6:CapitalRedemptionReserve2022-03-3102482944ns6:RetainedEarningsAccumulatedLosses2023-03-3102482944ns6:RetainedEarningsAccumulatedLosses2022-03-3102482944ns6:NetGoodwill2022-04-012023-03-3102482944ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3102482944ns6:FurnitureFittings2022-04-012023-03-3102482944ns6:ComputerEquipment2022-04-012023-03-3102482944ns6:NetGoodwill2022-03-3102482944ns6:NetGoodwill2023-03-3102482944ns6:NetGoodwill2022-03-3102482944ns6:FurnitureFittings2022-03-3102482944ns6:ComputerEquipment2022-03-3102482944ns6:FurnitureFittings2023-03-3102482944ns6:ComputerEquipment2023-03-3102482944ns6:FurnitureFittings2022-03-3102482944ns6:ComputerEquipment2022-03-3102482944ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3102482944ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3102482944ns6:Secured2023-03-3102482944ns6:Secured2022-03-3102482944ns11:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 02482944 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Irvine Commercial Insurance Brokers Ltd

Irvine Commercial Insurance Brokers Ltd (Registered number: 02482944)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Irvine Commercial Insurance Brokers Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: J Townsley
M J Finch





REGISTERED OFFICE: Suite 25
Rural Innovation Centre
Stoneleigh Park
Kenilworth
Warwickshire
CV8 2LG





REGISTERED NUMBER: 02482944 (England and Wales)





ACCOUNTANTS: Leigh Christou Ltd
Chartered Certified Accountants
Leofric House
Binley Road
Coventry
CV3 1JN

Irvine Commercial Insurance Brokers Ltd (Registered number: 02482944)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,103 13,942
5,103 13,942

CURRENT ASSETS
Debtors 6 937,355 994,648
Prepayments and accrued income 340 -
Cash at bank and in hand 345,543 244,215
1,283,238 1,238,863
CREDITORS
Amounts falling due within one year 7 1,010,028 948,800
NET CURRENT ASSETS 273,210 290,063
TOTAL ASSETS LESS CURRENT
LIABILITIES

278,313

304,005

CREDITORS
Amounts falling due after more than one
year

8

(32,500

)

(43,424

)

PROVISIONS FOR LIABILITIES (920 ) (3,365 )
NET ASSETS 244,893 257,216

CAPITAL AND RESERVES
Called up share capital 10 100 100
Capital redemption reserve 50 50
Retained earnings 244,743 257,066
SHAREHOLDERS' FUNDS 244,893 257,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Irvine Commercial Insurance Brokers Ltd (Registered number: 02482944)

Balance Sheet - continued
31 March 2023


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 14 June 2023 and were signed on its behalf by:




J Townsley - Director



M J Finch - Director


Irvine Commercial Insurance Brokers Ltd (Registered number: 02482944)

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

1. STATUTORY INFORMATION

Irvine Commercial 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover comprises net retained earnings from brokerage commission and fees.

Income relating to insurance broking is recognised when the policy has been completed and confirmed.

Income from brokerage and fees on adjustment premiums, binding authorities and treaties are recognised on a periodic basis when the consideration due is confirmed by the third parties.

Other fees receivable are recognised in the period to which they relate or when they can be measured with reasonable certainty.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 15% on reducing balance
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Irvine Commercial Insurance Brokers Ltd (Registered number: 02482944)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Insurance debtors and creditors
The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Not withstanding the legal relationship with clients and underwriters, the company has followed generally accepted accounting practices for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment income on any cash flows arising from these transactions.

In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureau, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which it represents.

However under Financial Reporting Standard 5 (FRS 5), assets and liabilities may not be offset unless net settlement is legally enforceable, and therefore insurance broking debtors and creditors are shown gross within these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 267,823
AMORTISATION
At 1 April 2022
and 31 March 2023 267,823
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Irvine Commercial Insurance Brokers Ltd (Registered number: 02482944)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 2,917 36,814 39,731
Additions - 2,367 2,367
At 31 March 2023 2,917 39,181 42,098
DEPRECIATION
At 1 April 2022 1,383 24,406 25,789
Charge for year 230 10,976 11,206
At 31 March 2023 1,613 35,382 36,995
NET BOOK VALUE
At 31 March 2023 1,304 3,799 5,103
At 31 March 2022 1,534 12,408 13,942

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Client debtors 706,555 697,042
Amounts owed by group undertakings 117,640 166,653
Other debtors 113,160 130,953
937,355 994,648

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Insurance creditors 827,608 776,701
Taxation and social security 60,418 39,292
Other creditors 122,002 132,807
1,010,028 948,800

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 32,500 43,424

Irvine Commercial Insurance Brokers Ltd (Registered number: 02482944)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 32,500 43,424

The bank loan is secured by a limited guarantee given by the directors and a debenture incorporating a legal charge over the assets of the Company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1.00 100 100

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company is Irvine Group Limited.

12. INSURANCE BALANCES

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not liable for amounts arising from such transactions. Notwithstanding the legal relationships with clients and insurers, insurance brokers are entitled to retain investment income on any cashflows arising from insurance broking transactions.

It is considered that insurance receivables in respect of premiums and claims do not represent an asset of the company and should therefore not be recognised until the cash is received. Accordingly, the balance sheet reflects only insurance trust cash, with the corresponding payable included as a liability.

In certain circumstances, with approval at a senior level, the company may advance premiums to insurers and refunds or claims to clients prior to collection and these advances are also reflected as part of insurance broking receivables. Net insurance balances set out below therefore represent such advances made, together with fees and commissions earned on insurance transactions and either uncollected or not withdrawn from insurance trust bank accounts at the balance sheet date.

2023 2022
£    £   

Insurance broking receivables 706,555 697,042
Insurance trust accounts 205,981 186,340
Insurance broking payables (912,536 ) (883,382 )
NIL NIL