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TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2023






TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED (REGISTERED NUMBER: 01748888)

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


TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: T.R. Lawrence
Mrs S Reynolds





REGISTERED OFFICE: Irongates
Elford Road
Comberford
Nr Tamworth
Staffordshire
B79 9BB





REGISTERED NUMBER: 01748888 (England and Wales)





ACCOUNTANTS: Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
B75 5BE

TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED (REGISTERED NUMBER: 01748888)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 1,068 2,142
Investment property 6 306,182 306,182
307,250 308,324

CURRENT ASSETS
Debtors 7 106,491 46,071
Cash at bank 375,892 358,016
482,383 404,087
CREDITORS
Amounts falling due within one year 8 (192,141 ) (133,733 )
NET CURRENT ASSETS 290,242 270,354
TOTAL ASSETS LESS CURRENT
LIABILITIES

597,492

578,678

PROVISIONS FOR LIABILITIES 9 (2,638 ) (2,638 )
NET ASSETS 594,854 576,040

CAPITAL AND RESERVES
Called up share capital 10 1,050 1,050
Retained earnings 593,804 574,990
SHAREHOLDERS' FUNDS 594,854 576,040

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.

TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED (REGISTERED NUMBER: 01748888)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





T.R. Lawrence - Director


TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED (REGISTERED NUMBER: 01748888)

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


1. STATUTORY INFORMATION

Timothy Lawrence Insurance Brokers Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Income from general insurance activities is recognised at the point where the insured is invoiced with the gross premium payable. Income from life and pension business is recognised when the commission becomes receivable.

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 - 10% on cost
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED (REGISTERED NUMBER: 01748888)

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


3. ACCOUNTING POLICIES - continued

Insurance broking debtors and creditors.
Insurance brokers usually act as agents in placing insurable risks of their clients with insurers and, as such, generally are not liable as principals for amounts arising from such transactions. Notwithstanding the legal relationships, debtors and creditors arising from insurance broking transactions are shown as assets and liabilities. This recognises that the insurance broker is entitled to retain the investment income on any cash flow arising from these transactions.

Debtors and creditors arising from a transaction between client and insurer (for example a premium or a claim) are recorded simultaneously. Consequently, there is a high correlation between the totals reported in respect of insurance broking debtors and insurance broking creditors.

The position of the insurance broker as an agent means that generally the credit risk is borne by the principals. There can be circumstances where the insurance broker acquires credit risk, through statute or through the act or omission of the insurance broker or one of the principals. There is much legal uncertainty surrounding the circumstances and the extent of such exposures and consequently they cannot be evaluated. However the total of insurance broking debtors appearing in the balance sheet is not an indication of credit risk.

It is the normal practice for insurance brokers to settle accounts with other intermediaries, clients, insurers and market settlement bureaux on a net basis. Thus, large changes in both insurance broking debtors and creditors can result from comparatively small cash settlements. For this reason the totals of insurance broking debtors and creditors give no indication of future cash flows.

The legal status of this practice of net settlement is uncertain and in the event of insolvency it is generally abandoned.

Financial Reporting Standard number 5 "Reporting the Substance of Transactions" requires that offset of assets and liabilities should be recognised in financial statements where, and only where, the offset would survive the insolvency of the other party. Accordingly, only such offsets have been recognised in calculating insurance broking debtors and creditors.

Indemnity commission provisions.
Indemnity commission provisions concern the clawback of commissions by insurance companies in the period following the inception of certain financial policies.

Indemnity commission provisions are provided in full in respect of commission clawbacks identified post year end.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED (REGISTERED NUMBER: 01748888)

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


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 17,117
DEPRECIATION
At 1 April 2022 14,975
Charge for year 1,074
At 31 March 2023 16,049
NET BOOK VALUE
At 31 March 2023 1,068
At 31 March 2022 2,142

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 306,182
NET BOOK VALUE
At 31 March 2023 306,182
At 31 March 2022 306,182

The investment property has been valued by the director as at 31 March 2023 on an open market valuation.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2017 1,382
Valuation in 2021 12,500
Cost 292,300
306,182

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 104,693 42,851
Other debtors 1,798 3,220
106,491 46,071

TIMOTHY LAWRENCE INSURANCE BROKERS
LIMITED (REGISTERED NUMBER: 01748888)

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


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 116,050 46,938
Taxation and social security 19,163 25,273
Other creditors 56,928 61,522
192,141 133,733

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 2,638 2,638

Deferred
tax
£   
Balance at 1 April 2022 2,638
Balance at 31 March 2023 2,638

10. CALLED UP SHARE CAPITAL

Allotted, called up and fully paid
2022 2021
£    £   
700 Ordinary of £1 each 700 700
50 'A' Ordinary of £1 each 50 50
50 'B' Ordinary of £1 each 50 50
250 'C' Ordinary of £1 each 250 250

1,050 1,050