TIMOTHY LAWRENCE INSURANCE BROKERS |
LIMITED |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Computer equipment | - |
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 |
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 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors |
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 |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 2,638 | 2,638 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Balance at 31 March 2023 |
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 |