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REGISTERED NUMBER: 02673202 (England and Wales)















Bircroft Insurance Services Limited

Audited Financial Statements for the Year Ended 30th September 2023






Bircroft Insurance Services Limited (Registered number: 02673202)

Contents of the Financial Statements
for the Year Ended 30th September 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Bircroft Insurance Services Limited

Company Information
for the Year Ended 30th September 2023







DIRECTORS: D L Birchenall
S D Bird
D G Gordon
I R Lee
S D Popat
S Thakrar





REGISTERED OFFICE: Alpha House
24a Lime Street
London
EC3M 7HJ





REGISTERED NUMBER: 02673202 (England and Wales)





AUDITORS: Sheen Stickland
Chartered Accountants
Statutory Auditors
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Bircroft Insurance Services Limited (Registered number: 02673202)

Balance Sheet
30th September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 54,645 32,874
Investments 5 1 1
54,646 32,875

CURRENT ASSETS
Debtors 6 2,039,035 1,893,596
Cash at bank 7 2,233,086 2,202,392
4,272,121 4,095,988
CREDITORS
Amounts falling due within one year 8 3,906,701 3,679,373
NET CURRENT ASSETS 365,420 416,615
TOTAL ASSETS LESS CURRENT
LIABILITIES

420,066

449,490

PROVISIONS FOR LIABILITIES 7,008 -
NET ASSETS 413,058 449,490

CAPITAL AND RESERVES
Called up share capital 10 250,000 250,000
Retained earnings 11 163,058 199,490
SHAREHOLDERS' FUNDS 413,058 449,490

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th April 2024 and were signed on its behalf by:




I R Lee - Director



S D Bird - Director


Bircroft Insurance Services Limited (Registered number: 02673202)

Notes to the Financial Statements
for the Year Ended 30th September 2023


1. STATUTORY INFORMATION

Bircroft Insurance Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention presented in Sterling (£) and rounded to the nearest pound.

Turnover
Insurance commissions receivable are shown net of sub-agent commissions and are recognised on the later of the policy inception date and the completion of the process. Where there is an expectation of a future servicing requirement a proportionate element of income relating to the policy is deferred to cover the associated contractual obligation. If there is significant doubt as to whether the business will remain with the company for the full term of the insurance contract, the income arising is retained on the balance sheet and released to the profit and loss on a straight line basis over the life of the contract.

Profit shares are recognised, in the period to which they relate, when the contractual right to the income is established but only to the extent that a reliable estimate of the amount due can be made. Such estimates are made on a prudent basis to reflect the level of uncertainty involved.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 25% on cost and 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Bircroft Insurance Services Limited (Registered number: 02673202)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Bircroft Insurance Services Limited (Registered number: 02673202)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

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

Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at 30 September 2023. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Client money
The company recognises client money as an asset and an associated liability to the client.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

Bircroft Insurance Services Limited (Registered number: 02673202)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1st October 2022 108,396 278,747 387,143
Additions 5,400 33,663 39,063
At 30th September 2023 113,796 312,410 426,206
DEPRECIATION
At 1st October 2022 94,873 259,396 354,269
Charge for year 5,372 11,920 17,292
At 30th September 2023 100,245 271,316 371,561
NET BOOK VALUE
At 30th September 2023 13,551 41,094 54,645
At 30th September 2022 13,523 19,351 32,874

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st October 2022
and 30th September 2023 1
NET BOOK VALUE
At 30th September 2023 1
At 30th September 2022 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,892,159 1,755,830
Other debtors 11,799 6,258
Prepayments and accrued income 135,077 131,508
2,039,035 1,893,596

7. CASH AT BANK

Included in the balance at year end are amounts totalling £1,911,253 (2022: £1,913,598) which are held on client accounts under a non-statutory trust agreement.

Bircroft Insurance Services Limited (Registered number: 02673202)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,447,631 3,310,279
Amounts owed to group undertakings 1 1
Tax 115,297 93,834
Social security and other taxes 42,165 42,062
Other creditors 64,558 -
Accruals and deferred income 237,049 233,197
3,906,701 3,679,373

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 234,996 209,287
Between one and five years 177,020 285,682
412,016 494,969

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary Shares 1 250,000 250,000

11. RESERVES
Retained
earnings
£   

At 1st October 2022 199,490
Profit for the year 413,568
Dividends (450,000 )
At 30th September 2023 163,058

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Sanders FCA (Senior Statutory Auditor)
for and on behalf of Sheen Stickland

13. ULTIMATE CONTROLLING PARTY

The Directors consider there to be no party which has a controlling interest in Bircroft Insurance Services Limited.