Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31052022-04-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04695368 2022-04-01 2023-03-31 04695368 2021-04-01 2022-03-31 04695368 2023-03-31 04695368 2022-03-31 04695368 c:Director1 2022-04-01 2023-03-31 04695368 d:CurrentFinancialInstruments 2023-03-31 04695368 d:CurrentFinancialInstruments 2022-03-31 04695368 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04695368 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04695368 d:ShareCapital 2023-03-31 04695368 d:ShareCapital 2022-03-31 04695368 d:RetainedEarningsAccumulatedLosses 2023-03-31 04695368 d:RetainedEarningsAccumulatedLosses 2022-03-31 04695368 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04695368 c:OrdinaryShareClass1 2023-03-31 04695368 c:OrdinaryShareClass1 2022-03-31 04695368 c:FRS102 2022-04-01 2023-03-31 04695368 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04695368 c:FullAccounts 2022-04-01 2023-03-31 04695368 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04695368 2 2022-04-01 2023-03-31 04695368 e:PoundSterling 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04695368









SIMON BROWN INSURANCES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SIMON BROWN INSURANCES LIMITED
REGISTERED NUMBER: 04695368

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
97,808
5,393

Cash at bank and in hand
  
90,261
70,245

  
188,069
75,638

Creditors: amounts falling due within one year
 5 
(103,108)
(53,291)

Net current assets
  
 
 
84,961
 
 
22,347

Total assets less current liabilities
  
84,961
22,347

  

Net assets
  
84,961
22,347


Capital and reserves
  

Called up share capital 
 6 
1,000
1,000

Profit and loss account
  
83,961
21,347

  
84,961
22,347


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 January 2024.




Mr S M Brown
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SIMON BROWN INSURANCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Simon Brown Insurances Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is 1 Woolpits Cottage, Woolpits Road, Great Saling, CM7 5EA. The Company is part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
During the year the company sold its customer base and assets. The company has ceased trading as a result.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2

 
SIMON BROWN INSURANCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially
Page 3

 
SIMON BROWN INSURANCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
SIMON BROWN INSURANCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 5).


4.


Debtors

2023
2022
£
£


Other debtors
92,718
2,935

Prepayments and accrued income
5,090
2,458

97,808
5,393



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
23,585
10,140

Amounts owed to group undertakings
31,650
12,899

Corporation tax
31,015
11,188

Other creditors
13,773
15,536

Accruals and deferred income
3,085
3,528

103,108
53,291



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 5

 
SIMON BROWN INSURANCES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £275,232 (2022 - £16,060). Contributions totalling £NIL (2022 - £88) were payable to the fund at the balance sheet date and are included in creditors.


8.


Related party transactions

During the year the Company operated a loan account with Simon Brown Holdings Limited, the parent company. The amount owed by the Company at the year end amounted to £31,650 (2022 - £12,899). The loan is interest free and repayable on demand. 
During the year the Company operated a loan account with the Director. The amount owed by the Company at the year end amounted to £630 (2022 - £630). The loan is interest free and repayable on demand. 


Page 6