Registered number
04384194
Garratts Insurance Brokers Limited
Unaudited Filleted Accounts
31 July 2023
Garratts Insurance Brokers Limited
Registered number: 04384194
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,110 5,364
Investments 4 100 100
4,210 5,464
Current assets
Debtors 5 138,283 99,253
Cash at bank and in hand 175,323 170,345
313,606 269,598
Creditors: amounts falling due within one year 6 (217,112) (189,592)
Net current assets 96,494 80,006
Total assets less current liabilities 100,704 85,470
Creditors: amounts falling due after more than one year 7 (19,860) (23,316)
Provisions for liabilities (932) (732)
Net assets 79,912 61,422
Capital and reserves
Called up share capital 130 130
Profit and loss account 79,782 61,292
Shareholders' funds 79,912 61,422
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.
Mr RM Garratt
Director
Approved by the board on 16 January 2024
Garratts Insurance Brokers Limited
Notes to the Accounts
for the year ended 31 July 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
The company's turnover represents the amount of commission income from insurance brokerage during the year. Commission income is accounted for on the occasion of the net premium payment to the insurance company.
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:
Leasehold improvements 5% on cost
Computer equipment 25% on written down value
Fixtures & fittings 15% on written down value
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.
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 6 6
3 Tangible fixed assets
Leasehold improvements Computer equipment Fixtures & fittings Total
£ £ £ £
Cost
At 1 August 2022 15,108 61,381 12,249 88,738
Additions - 2,457 - 2,457
Disposals (15,108) - (6,125) (21,233)
At 31 July 2023 - 63,838 6,124 69,962
Depreciation
At 1 August 2022 13,599 59,446 10,329 83,374
Charge for the year - 1,097 144 1,241
On disposals (13,599) - (5,164) (18,763)
At 31 July 2023 - 60,543 5,309 65,852
Net book value
At 31 July 2023 - 3,295 815 4,110
At 31 July 2022 1,509 1,935 1,920 5,364
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 August 2022 100
At 31 July 2023 100
The Company's investments at the balance sheet date represent the entire shareholding in Garratt, Son & Flowerdew Limited, a company involved in insurance and surveying consultancy. Garratt, Son & Flowerdew Limited did not trade during the year ended 31 July 2023 and made neither a profit of a loss. At 31 July 2023 Garratt, Son & Flowerdew Limited had net liabilities of £224.
5 Debtors 2023 2022
£ £
Other debtors 138,283 99,253
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 174,753 156,063
Taxation and social security costs 37,416 29,790
Other creditors 4,943 3,739
217,112 189,592
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,860 23,316
8 Related party transactions
The company is controlled by the directors, Messrs RM Garratt and JM Grindley. During the year the directors, and/or associated family members received dividends as follows:
Mr RM Garratt Mr JM Grindley
£64,000 £64,000
All dividends are credited to the directors' loan accounts against which regular withdrawals are made. No interest is paid on the loan accounts. At 31 July 2023 the company owed Mr JM Grindley £1262. Mr RM Garratt owed £11298 to the company which was cleared by dividends declared after the year end.
Messrs Garratt and Grindley are also directors of Garratt, Son & Flowerdew Limited, a company which provide insurance related services to clients of Garratts Insurance Brokers Limited.
9 Other information
Garratts Insurance Brokers Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Cross Street
Preston
Lancs
PR1 3LT
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