Company registration number 04433854 (England and Wales)
NEIL WILLIES INSURANCE BROKERS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
NEIL WILLIES INSURANCE BROKERS LIMITED
COMPANY INFORMATION
Director
Mr NR Willies
Company number
04433854
Registered office
Swan House
20 High Street
Studley
Warks
B80 7HJ
Accountants
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Swan House
20 High Street
Studley
Warks
B80 7HJ
Bankers
National Westminster Bank Plc
Church Green House
Church Green East
Redditch
B98 8DG
NEIL WILLIES INSURANCE BROKERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
NEIL WILLIES INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
6,523
Tangible assets
4
8,963
13,333
8,963
19,856
Current assets
Debtors
5
446,199
968,266
Cash at bank and in hand
178,668
158,692
624,867
1,126,958
Creditors: amounts falling due within one year
6
(219,598)
(443,427)
Net current assets
405,269
683,531
Total assets less current liabilities
414,232
703,387
Provisions for liabilities
(2,241)
(2,246)
Net assets
411,991
701,141
Capital and reserves
Called up share capital
7
126
126
Share premium account
37,494
37,494
Profit and loss reserves
374,371
663,521
Total equity
411,991
701,141

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 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.

The financial statements were approved and signed by the director and authorised for issue on 14 March 2024
Mr NR Willies
Director
Company Registration No. 04433854
NEIL WILLIES INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Neil Willies Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Swan House, 20 High Street, Studley, Warks, B80 7HJ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including 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. These policies have been consistently applied to all years presented unless otherwise stated.

 

1.2
Turnover
Turnover represents brokerage and fees receivable.

Income relating to insurance broking is recognised at the later of the policy inception date or when the policy placement has been completed and confirmed.

Income from brokerage and fees on adjustment premiums, binding authorities and treaties are recognised on a periodic basis when consideration due is confirmed by third parties.

Other fees receivable are recognised in the period to which they relate or when they can be measured with reasonable certainty.

Due to the long term nature of services provided by the company to its clients, deferral of income has been made to cover the servicing costs of claims on long tail business.
1.3
Intangible fixed assets - goodwill

Goodwill is initially recognised at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is written off on a straight line basis over their estimated useful economic life of 5 years. A provision is made for any impairment.

1.4
Tangible fixed assets

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

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

Fixtures, fittings & equipment
25% of net book value
NEIL WILLIES INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
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, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.6
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. 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.

 

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.

1.8
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

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

1.9
Retirement benefits

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

NEIL WILLIES INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
177,530
Amortisation and impairment
At 1 February 2023
171,007
Amortisation charged for the year
6,523
At 31 January 2024
177,530
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
6,523
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
72,628
Additions
359
Disposals
(13,211)
At 31 January 2024
59,776
Depreciation and impairment
At 1 February 2023
59,295
Depreciation charged in the year
2,889
Eliminated in respect of disposals
(11,371)
At 31 January 2024
50,813
Carrying amount
At 31 January 2024
8,963
At 31 January 2023
13,333
NEIL WILLIES INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year
£
£
Trade debtors
197,411
361,552
Corporation tax recoverable
17,333
2,257
Amounts owed by group undertakings
181,594
391,515
Other debtors
5,315
163,260
Prepayments and accrued income
44,546
49,682
446,199
968,266
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
189,768
343,435
Corporation tax
9,206
78,899
Other taxation and social security
5,191
4,546
Other creditors
23
1,059
Accruals and deferred income
15,410
15,488
219,598
443,427
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
126
126
126
126
8
Operating lease commitments

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

2024
2023
£
£
21,959
44,545
NEIL WILLIES INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
51,358
16,404
(65,289)
2,473
51,358
16,404
(65,289)
2,473
11
Parent company

The company is a wholly owned subsidiary of Broom Investments Limited, a company registered in England and Wales.

 

The registered address of Broom Investments Limited is the same as the company's registered office address as given in the company information page of these financial statements.

 

The ultimate parent undertaking is Neil Willies and Company Limited, a company registered in England and Wales. The ultimate controlling party is N R Willies due to his majority shareholding in Neil Willies and Company Limited.

 

 

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