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REGISTERED NUMBER: 00891436 (England and Wales)






BROMWICH INSURANCE BUREAU LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BROMWICH INSURANCE BUREAU LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTOR: K J Nuttall





SECRETARY: M Nuttall





REGISTERED OFFICE: 7 High Bullen
Upper High Street
Wednesbury
West Midlands
WS10 7HQ





REGISTERED NUMBER: 00891436 (England and Wales)





ACCOUNTANTS: Weatherer Bailey Bragg
Chartered Accountants
100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

BALANCE SHEET
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 28,246 31,356
Investments 6 17,096 1,502
45,342 32,858

CURRENT ASSETS
Debtors 7 182,670 157,697
Cash at bank and in hand 284,526 268,967
467,196 426,664
CREDITORS
Amounts falling due within one year 8 336,799 256,949
NET CURRENT ASSETS 130,397 169,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

175,739

202,573

CREDITORS
Amounts falling due after more than one
year

9

-

(601

)

PROVISIONS FOR LIABILITIES (4,714 ) (5,161 )
NET ASSETS 171,025 196,811

CAPITAL AND RESERVES
Called up share capital 11 10,990 10,990
Retained earnings 160,035 185,821
SHAREHOLDERS' FUNDS 171,025 196,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

BALANCE SHEET - continued
31 January 2024


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 director and authorised for issue on 3 April 2024 and were signed by:





K J Nuttall - Director


BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024

1. STATUTORY INFORMATION

Bromwich Insurance Bureau 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.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Bromwich Insurance Bureau Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents brokerage commissions and fees, which are recognised in the period in which the transaction takes place.

Alterations in brokerage commissions and fees arising from return and additional premiums and adjustments are taken into account as and when they occur.

Turnover also includes management fees received from related undertakings.

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.

Goodwill, being the amount paid in connection with the acquisition of businesses, is being written off over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.


BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated using the above rates.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.


Pension costs and other post-retirement benefits
The company has made contributions to the director's and employees' personal pension schemes during the year. The company also operates a work place pension scheme in which all eligible employees are given the option to join. Contributions payable for the year are charged in the profit and loss account.

Fixed asset investments
Investments in subsidiaries are stated at cost.

Investments in listed shares are stated at fair value with value adjustments being put through the income statement. Fair value is measured using the quoted share price at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 204,300
AMORTISATION
At 1 February 2023
and 31 January 2024 204,300
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2023 68,418 37,100 105,518
Additions 757 29,125 29,882
Disposals (44,120 ) (37,100 ) (81,220 )
At 31 January 2024 25,055 29,125 54,180
DEPRECIATION
At 1 February 2023 57,931 16,231 74,162
Charge for year 3,636 7,281 10,917
Eliminated on disposal (42,914 ) (16,231 ) (59,145 )
At 31 January 2024 18,653 7,281 25,934
NET BOOK VALUE
At 31 January 2024 6,402 21,844 28,246
At 31 January 2023 10,487 20,869 31,356

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 37,100
Disposals (37,100 )
At 31 January 2024 -
DEPRECIATION
At 1 February 2023 16,231
Eliminated on disposal (16,231 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 20,869

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

6. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 1,451 51 1,502
Additions - 30,150 30,150
Revaluations 544 - 544
Impairments - (15,100 ) (15,100 )
At 31 January 2024 1,995 15,101 17,096
NET BOOK VALUE
At 31 January 2024 1,995 15,101 17,096
At 31 January 2023 1,451 51 1,502

Cost or valuation at 31 January 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2017 1,282 - 1,282
Valuation in 2018 (1,592 ) - (1,592 )
Valuation in 2019 330 - 330
Valuation in 2020 (731 ) - (731 )
Valuation in 2021 (487 ) - (487 )
Valuation in 2022 296 - 296
Valuation in 2023 409 - 409
Valuation in 2024 544 - 544
Cost 1,944 15,101 17,045
1,995 15,101 17,096

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade debtors 115,216 103,083
Amounts owed by group undertakings 57,111 44,469
Other debtors and prepayments 10,343 10,145
182,670 157,697

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Hire purchase contracts (see note 10) - 3,489
Trade creditors 163,870 126,451
Amounts owed to group undertakings 107,321 48,025
Social security & other taxes 8,207 8,448
Other creditors 19,436 29,156
Wages control 22,426 25,716
Accrued expenses 15,539 15,664
336,799 256,949

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/24 31/1/23
£    £   
Hire purchase contracts (see note 10) - 601

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/1/24 31/1/23
£    £   
Net obligations repayable:
Within one year - 3,489
Between one and five years - 601
- 4,090

Non-cancellable operating leases
31/1/24 31/1/23
£    £   
Within one year 16,000 16,000
Between one and five years 16,000 16,000
In more than five years 40,333 56,333
72,333 88,333

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/24 31/1/23
value: £    £   
10,990 Ordinary £1 10,990 10,990

12. RELATED PARTY DISCLOSURES

During the year £15,000 (2023 : £15,000) was paid in management charges to the parent company. Also, £18,750 (2023 : £25,000) was received from a subsidiary for management recharges.

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024

13. PARENT COMPANY

Bromwich Insurance Consultants Limited is the parent company. The address can be found on the company information page.