REGISTERED NUMBER: |
BROMWICH INSURANCE BUREAU LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 February 2023 |
Disposals | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Eliminated on disposal | ( |
) |
At 31 January 2024 |
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 |
6. | FIXED ASSET INVESTMENTS |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 | 1,502 |
Additions | 30,150 |
Revaluations | 544 |
Impairments | ( |
) | (15,100 | ) |
At 31 January 2024 | 17,096 |
NET BOOK VALUE |
At 31 January 2024 | 17,096 |
At 31 January 2023 | 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 |
Amounts owed by group undertakings |
Other debtors and prepayments |
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) |
Trade creditors |
Amounts owed to group undertakings |
Social security & other taxes |
Other creditors |
Wages control | 22,426 | 25,716 |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Hire purchase contracts (see note 10) |
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 |
Between one and five years |
Non-cancellable | operating leases |
31/1/24 | 31/1/23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/1/24 | 31/1/23 |
value: | £ | £ |
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. |