Registered number
01404770
Hoyland Insurance Brokers Limited
Filleted Accounts
31 December 2023
Hoyland Insurance Brokers Limited
Registered number: 01404770
Balance Sheet
as at 31 December 2023
Notes 2023 2022
Fixed assets
Tangible assets 4 40,176 7,508
Investments 5 3,185 3,185
43,361 10,693
Current assets
Debtors 6 18,367 38,386
Cash at bank and in hand 98,649 74,522
117,016 112,908
Creditors: amounts falling due within one year 7 (114,276) (108,289)
Net current assets 2,740 4,619
Total assets less current liabilities 46,101 15,312
Creditors: amounts falling due after more than one year 8 (26,963) -
Provisions for liabilities (1,113) (1,427)
Net assets 18,025 13,885
Capital and reserves
Called up share capital 100 100
Profit and loss account 17,925 13,785
Shareholders' funds 18,025 13,885
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Camplin
Director
Approved by the board on 7 February 2024
Hoyland Insurance Brokers Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% - 25% reducing balance
Motor vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 6
3 Intangible fixed assets
Goodwill:
Cost
At 1 January 2023 10,405
At 31 December 2023 10,405
Amortisation
At 1 January 2023 10,405
At 31 December 2023 10,405
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
Cost
At 1 January 2023 67,942 - 67,942
Additions 1,397 42,385 43,782
Disposals (48,414) - (48,414)
At 31 December 2023 20,925 42,385 63,310
Depreciation
At 1 January 2023 60,434 - 60,434
Charge for the year 1,985 8,477 10,462
On disposals (47,762) - (47,762)
At 31 December 2023 14,657 8,477 23,134
Net book value
At 31 December 2023 6,268 33,908 40,176
At 31 December 2022 7,508 - 7,508
5 Investments
Other
investments
Cost
At 1 January 2023 3,185
At 31 December 2023 3,185
6 Debtors 2023 2022
Trade debtors 15,860 36,596
Other debtors 2,507 1,790
18,367 38,386
7 Creditors: amounts falling due within one year 2023 2022
Obligations under finance lease and hire purchase contracts 4,214 -
Trade creditors 88,396 90,890
Taxation and social security costs 15,990 13,307
Other creditors 5,676 4,092
114,276 108,289
8 Creditors: amounts falling due after one year 2023 2022
Obligations under finance lease and hire purchase contracts 26,963 -
9 Controlling party
The directors consider that there is no individual controlling party.
10 Other information
Hoyland Insurance Brokers Limited is a private company limited by shares and incorporated in England. Its registered office is:
140 West Street
Hoyland
Barnsley
South Yorkshire
S70 1BH
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