Company Registration No. 06451557 (England and Wales)
UK & GLOBAL INSURANCE BROKERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
UK & GLOBAL INSURANCE BROKERS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. J. D. Garratt
Secretary
Ms. R. B. Walsh
Company number
06451557
Registered office
7 Weyman Road
Blackheath
London
SE3 8RS
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
UK & GLOBAL INSURANCE BROKERS LIMITED
CONTENTS
Page
Company information
1
Director's report
2 - 4
Statement of income and retained earnings
5
Balance sheet
6 - 7
Notes to the financial statements
8 - 15
Schedule of administrative expenses
UK & GLOBAL INSURANCE BROKERS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

The director presents his annual report and financial statements for the year ended 30 June 2023.

Principal Activity & Business Review

The principal activity throughout the period was that of Insurance Broking and Risk Management Consultancy services, to Corporate Client with turnovers of between £5m and £100m, including the provision of reviews of contracts in which our clients are involved.

 

UK & Global Insurance Brokers’ purpose / differential, in comparison other Insurance Brokers, includes the following:

 

- we operate as a niche provider of high quality advice and services to Corporate clients in the

Middle Market sector who specifically wish to receive a high level of output, in a range of

services, from their Professional Advisers.

 

- provision of a wider range of services, those which are valued by Corporate clients in the sectors

in which we operate, in comparison with other Insurance Brokers which includes the following:

 

i) Surveys / we undertake our own surveys which assists in negotiations with Insurers

ii) Contract Reviews / this service is hugely valued by our clients and focusses primarily on the

Insurance & Indemnity clause within the Terms & Conditions of individual contracts

iii) We provide in-house Training seminars for clients in respect of ‘Understanding your Insurance

Programme’ and ‘Undertaking Contract Reviews’ to assist the client’s Senior Managers /

Directors

iv) Business Risk Analysis / we assist our client’s boards with their broader assessment of Risk

including the creation / review of Risk Registers

 

- engaging only experienced, specialist consultants in relation to the surveys, contract reviews and

business risk analysis.

 

We are delighted to report that we achieved another good financial performance in the 2022-23 financial year which was also our fourteenth consecutive year of consistent, solid performance through our stated aim of developing successful, long-term relationships with our clients.

 

Income

Income of £424,784 was achieved during the 2022-23 period (£424,784 v £395,774 in 2021-22).

 

We are delighted to have achieved another solid, profitable performance during the 2022-23 financial year.

 

In addition, the 2022-23 period has produced the highest level of net Income since our incorporation in 2008.

 

The appointment to the new clients has been achieved primarily as a result of our long-established practice of receiving introductions to new clients from Associates /​ Introducers and company directors who have previously appointed UK & Global.

 

 

UK & GLOBAL INSURANCE BROKERS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

Networking

UK & Global has, since 2008, established a productive Marketing network through which Introductions to new Prospects are received.

We believe that we understand ‘what works for UK & Global’ and we will continue to invest in networking and corporate entertaining events which provide the most return.

 

In addition, over the last 14 months, we have been holding monthly ‘Broker in the Brasserie’ events, in different towns and cities, at which local Introducers /​ Business Associates /​ Clients /​ Prospects are invited to drop in during the morning to chat about potential Business opportunities with which UK & Global may be able to assist.

 

The monthly ’Broker in the Brasserie’ events allow informal discussions to be held about potential Income opportunities and also maintain UK & Global’s marketing presence in each of the regions.

 

Marketing / New Client Acquisitions

The main activities, through which UK & Global gain new clients, include the following:

 

- Introductions from previous contacts who move into new positions

 

These tend to be from Managing / Finance directors who trust UK & Global Insurance Brokers and wish to maintain the relationship within their new companies.

 

- Introductions from trusted Professional Associates (solicitors, accountants, business consultants)

who, through their relationships, provide warm Introductions

 

UK & Global has developed a hard earned reputation for providing a consistently high quality of advice and service and we find that Professional Associates, within our business communities, are very happy to introduce UK & Global to their clients.

 

- Prospect Database

 

UK & Global has also established a Prospect database, focusing on the industries and geographical areas in which UK & Global is best established, to enable opportunities to be worked on in addition to the recommendations generated from our networking relationships.

 

This enables UK & Global to gain appointments to new Corporate clients each year to increase our net Income, and, to replace clients who may be lost.

 

We consider that we are experienced in establishing UK & Global's differential, in comparison with a client's existing Broker, when invited by a prospective client to put forward formal proposals.

Our approach assists us to spend our time, and resources, most effectively as we are more easily able to establish with which clients we are most likely to be successful.

UK & GLOBAL INSURANCE BROKERS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -

Additional Achievements of the 2022-23 period:

-    Very high level of Gross Profit (£415,668 v £391,188 in 2021-22)

-    Ongoing improvement of our web-based Claims Facility for our Clients

-    Continuation of the high number of Clients who have appointed UK & Global on 3 year Client Service     Agreements

 

Acquisitions

It is not our current intention to actively pursue Acquisitions but informal relationships are maintained with established M&A Advisers.

 

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr. J. D. Garratt
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr. J. D. Garratt
Director
23 February 2024
UK & GLOBAL INSURANCE BROKERS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2023
2022
Notes
£
£
Turnover
424,784
395,774
Cost of sales
(9,115)
(4,586)
Gross profit
415,669
391,188
Administrative expenses
(243,218)
(223,667)
Operating profit
172,451
167,521
Interest receivable and similar income
3
19
6
Interest payable and similar expenses
(17,296)
(11,945)
Profit before taxation
155,174
155,582
Tax on profit
(34,773)
(32,697)
Profit for the financial year
120,401
122,885
Retained earnings brought forward
104,316
57,431
Dividends
(95,000)
(76,000)
Retained earnings carried forward
129,717
104,316
The notes on pages 8 to 15 form part of these financial statements
UK & GLOBAL INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,873
11,724
Current assets
Debtors
5
585,552
208,780
Cash at bank and in hand
235,666
54,210
821,218
262,990
Creditors: amounts falling due within one year
6
(578,708)
(105,497)
Net current assets
242,510
157,493
Total assets less current liabilities
256,383
169,217
Creditors: amounts falling due after more than one year
7
(123,889)
(63,987)
Provisions for liabilities
(2,677)
(814)
Net assets
129,817
104,416
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
129,717
104,316
Total equity
129,817
104,416

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

UK & GLOBAL INSURANCE BROKERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 7 -
The financial statements were approved and signed by the director and authorised for issue on 23 February 2024
Mr. J. D. Garratt
Director
Company Registration No. 06451557
The notes on pages 8 to 15 form part of these financial statements
UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
1
Accounting policies
Company information

UK & Global Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Weyman Road, Blackheath, London, SE3 8RS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of [XXXXX]. These consolidated financial statements are available from its registered office, [XXXXXX].

1.2
Going concern

The director hatrues prepared the financial statements on the basis the company is a going concern. In making this assessment he has considered the working capital requirements and projected profits and cash flows for a period extending at least twelve months beyond the approval of the accounts.

UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 9 -
1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 10 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including the director, but excluding non-executive director and secretary) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Interest receivable and similar income
2023
2022
£
£
Interest receivable and similar income includes the following:
Interest on cash and cash equivalent
19
6
UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 July 2022
36,617
Additions
4,333
At 30 June 2023
40,950
Depreciation and impairment
At 1 July 2022
24,893
Depreciation charged in the year
2,184
At 30 June 2023
27,077
Carrying amount
At 30 June 2023
13,873
At 30 June 2022
11,724
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
377,458
14,738
Other debtors
208,094
194,042
585,552
208,780
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
51,720
46,793
Trade creditors
486,076
10,769
Taxation and social security
35,618
41,592
Other creditors
5,294
6,343
578,708
105,497
UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
123,889
63,987
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
2,677
814
2023
Movements in the year:
£
Liability at 1 July 2022
814
Charge to profit or loss
1,863
Liability at 30 June 2023
2,677
9
Financial commitments, guarantees and contingent liabilities

There were no contingent liabilities at 30 June 2023 (2022: £nil).

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,649
680
UK & GLOBAL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
11
Capital commitments

There were no capital commitments at 30 June 2023 (2022: £nil).

12
Directors' transactions

During the year advances totalling £127,180 (2022: £162,854 ) was made to the director. By the reporting date £99,668(2022: £90,670 ) was repaid by way of dividends and salaries. At 30 June 2023 £120,705 (2022: £93,193) was owed to the company. This was repaid by way of dividends and salaries after the balance sheet date.

 

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