Silverfin false 31/03/2023 01/04/2022 31/03/2023 R J Gibson 10/03/2010 01 October 2023 The principal activity of the Company during the financial year was that of insurance broker. 07184645 2023-03-31 07184645 bus:Director1 2023-03-31 07184645 2022-03-31 07184645 core:CurrentFinancialInstruments 2023-03-31 07184645 core:CurrentFinancialInstruments 2022-03-31 07184645 core:ShareCapital 2023-03-31 07184645 core:ShareCapital 2022-03-31 07184645 core:SharePremium 2023-03-31 07184645 core:SharePremium 2022-03-31 07184645 core:RetainedEarningsAccumulatedLosses 2023-03-31 07184645 core:RetainedEarningsAccumulatedLosses 2022-03-31 07184645 core:Goodwill 2022-03-31 07184645 core:Goodwill 2023-03-31 07184645 core:LandBuildings 2022-03-31 07184645 core:PlantMachinery 2022-03-31 07184645 core:OfficeEquipment 2022-03-31 07184645 core:ComputerEquipment 2022-03-31 07184645 core:LandBuildings 2023-03-31 07184645 core:PlantMachinery 2023-03-31 07184645 core:OfficeEquipment 2023-03-31 07184645 core:ComputerEquipment 2023-03-31 07184645 2022-04-01 2023-03-31 07184645 bus:FullAccounts 2022-04-01 2023-03-31 07184645 bus:SmallEntities 2022-04-01 2023-03-31 07184645 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07184645 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07184645 bus:Director1 2022-04-01 2023-03-31 07184645 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 07184645 core:Goodwill 2022-04-01 2023-03-31 07184645 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 07184645 core:PlantMachinery 2022-04-01 2023-03-31 07184645 core:OfficeEquipment 2022-04-01 2023-03-31 07184645 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 07184645 2021-04-01 2022-03-31 07184645 core:LandBuildings 2022-04-01 2023-03-31 07184645 core:ComputerEquipment 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 07184645 (England and Wales)

CITY BROKING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

CITY BROKING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

CITY BROKING LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
CITY BROKING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR R J Gibson
REGISTERED OFFICE 88-89 High Street
Winchester
SO23 9AP
United Kingdom
COMPANY NUMBER 07184645 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
CITY BROKING LIMITED

BALANCE SHEET

As at 31 March 2023
CITY BROKING LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 265,241 281,930
265,241 281,930
Current assets
Debtors 5 23,104 24,149
Cash at bank and in hand 5,209,326 4,925,568
5,232,430 4,949,717
Creditors: amounts falling due within one year 6 ( 300,301) ( 287,516)
Net current assets 4,932,129 4,662,201
Total assets less current liabilities 5,197,370 4,944,131
Provision for liabilities ( 40,824) ( 42,960)
Net assets 5,156,546 4,901,171
Capital and reserves
Called-up share capital 100 100
Share premium account 99,900 99,900
Profit and loss account 5,056,546 4,801,171
Total shareholder's funds 5,156,546 4,901,171

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of City Broking Limited (registered number: 07184645) were approved and authorised for issue by the Director on 01 October 2023. They were signed on its behalf by:

R J Gibson
Director
CITY BROKING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
CITY BROKING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

City Broking Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 88-89 High Street, Winchester, SO23 9AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of the business, and is shown net of VAT and other sales related taxes. Their fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing agreement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

At the each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss(if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset(or cash-generating unit) is estimated to be less than its carrying amount , the carrying amount of the asset(or cash-generating unit), is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and a expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 29 29

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 1,000,000 1,000,000
At 31 March 2023 1,000,000 1,000,000
Accumulated amortisation
At 01 April 2022 1,000,000 1,000,000
At 31 March 2023 1,000,000 1,000,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2022 241,888 26,517 205,328 20,488 494,221
Additions 0 0 599 0 599
At 31 March 2023 241,888 26,517 205,927 20,488 494,820
Accumulated depreciation
At 01 April 2022 39,918 19,444 133,704 19,225 212,291
Charge for the financial year 4,838 1,061 10,757 632 17,288
At 31 March 2023 44,756 20,505 144,461 19,857 229,579
Net book value
At 31 March 2023 197,132 6,012 61,466 631 265,241
At 31 March 2022 201,970 7,073 71,624 1,263 281,930

5. Debtors

2023 2022
£ £
Other debtors 23,104 24,149

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 67,372 61,738
Taxation and social security 100,560 102,705
Other creditors 132,369 123,073
300,301 287,516

7. Related party transactions

Transactions with the entity's director

During the year the company paid rent of £50,000 to R Gibson , who is both a shareholder and the company director.

8. Retirement benefit schemes

Defined contribution schemes

2023 2022
£ £
Charge to profit or loss in respect of defined contribution schemes 33,352 56,556

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independent administered fund.