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Registration number: OC377265

Jackson Insurance Brokers LLP

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Jackson Insurance Brokers LLP

Contents

Financial Statements

1 to 4

Balance Sheet

1

Notes to the Financial Statements

2

 

Jackson Insurance Brokers LLP

(Registration number: OC377265)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

313

880

Current assets

 

Debtors

5

49,640

143,549

Cash and short-term deposits

 

90,086

38,361

 

139,726

181,910

Creditors: Amounts falling due within one year

6

(74,019)

(120,416)

Net current assets

 

65,707

61,494

Net assets attributable to members

 

66,020

62,374

Represented by:

 

Loans and other debts due to members

 

Other amounts

7

42,384

11,429

Members’ other interests

 

Other reserves

 

23,636

50,945

   

66,020

62,374

Total members' interests

 

Loans and other debts due to members

 

42,384

11,429

Equity

 

23,636

50,945

   

66,020

62,374

For the year ending 31 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Jackson Insurance Brokers LLP (registered number OC377265) were approved by the Board and authorised for issue on 12 July 2023. They were signed on behalf of the limited liability partnership by:

.........................................
Mr Noel Preston
Designated member

 

Jackson Insurance Brokers LLP

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Jackson Insurance Brokers LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

 

Jackson Insurance Brokers LLP

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

1

Accounting policies (continued)

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

3 year straight line basis

Office equipment

3 year straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2

Profit for the year before members' remuneration and profit shares

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation

567

857

3

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2022 - 1).

 

Jackson Insurance Brokers LLP

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

4

Tangible fixed assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost

At 1 April 2022

3,399

8,145

11,544

At 31 March 2023

3,399

8,145

11,544

Depreciation

At 1 April 2022

3,399

7,265

10,664

Charge for the year

-

567

567

At 31 March 2023

3,399

7,832

11,231

Net book value

At 31 March 2023

-

313

313

At 31 March 2022

-

880

880

5

Debtors

2023
 £

2022
 £

Trade debtors

44,743

137,753

Other debtors

-

1

Prepayments and accrued income

4,897

5,795

Total current trade and other debtors

49,640

143,549

6

Creditors: Amounts falling due within one year

2023
 £

2022
 £

Trade creditors

32,520

113,746

Other creditors

40,000

533

Accruals and deferred income

1,499

3,250

Taxation and social security

-

2,887

74,019

120,416

7

Analysis of other amounts

2023
 £

2022
 £

Money advanced to the LLP by the members by way of loan

-

28,795

Money owed to (from) members in respect of profits

49,355

(4,912)

Surplus/(deficit) on former partners capital account

(6,971)

(12,454)

42,384

11,429