Company registration number 11777906 (England and Wales)
WILSON SMITH GROUP LONDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WILSON SMITH GROUP LONDON LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
WILSON SMITH GROUP LONDON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
16,965
16,965
Current assets
Debtors
4
3,616,770
3,638,110
Cash at bank and in hand
2,089,599
1,923,786
5,706,369
5,561,896
Creditors: amounts falling due within one year
6
(4,864,186)
(4,833,719)
Net current assets
842,183
728,177
Total assets less current liabilities
859,148
745,142
Creditors: amounts falling due after more than one year
7
(14,167)
(24,167)
Net assets
844,981
720,975
Capital and reserves
Called up share capital
8
10,000
10,000
Other reserves
308,886
308,886
Profit and loss reserves
526,095
402,089
Total equity
844,981
720,975

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

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 by the board of directors and authorised for issue on 25 April 2024 and are signed on its behalf by:
J Ambrose
Director
Company registration number 11777906 (England and Wales)
WILSON SMITH GROUP LONDON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
10,000
303,389
74,733
388,122
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
327,356
327,356
Transfers
-
5,497
-
0
5,497
Balance at 31 December 2022
10,000
308,886
402,089
720,975
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
124,006
124,006
Balance at 31 December 2023
10,000
308,886
526,095
844,981
WILSON SMITH GROUP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Wilson Smith Group London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 10 Philpot Lane, London, EC3M 8AA.

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Wilson Smith Group London Limited is a wholly owned subsidiary of Wilson Smith Group LLC and the results

of Wilson Smith Group London Limited are included in the consolidated financial statements of Wilson Smith

Group LLC which are available from 37-06 61st Street, Woodside, New York 11377, USA.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for insurance broking and

agent services provided in the normal course of business.

 

Commission from the sale of insurance policies is recognised in full when the significant risks and rewards of ownership of the goods have passed to the buyer (usually inception of the policy), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
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.

WILSON SMITH GROUP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
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.

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.

1.7
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.

1.8
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. 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.

WILSON SMITH GROUP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
Retirement benefits

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

1.11
Leases

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.

1.12
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.

1.13

Insurance broking assets and liabilities

The company acts as an agent in placing the insurance risks of clients and the company remains liable for the payment of premiums in respect of these policies. Notwithstanding the legal relationship with clients and underwriters, the company has followed general accepted accounting practise for insurance intermediaries by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment income on any cash flows arising from such transactions.

2
Employees

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

2023
2022
Number
Number
Total
12
8
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
16,965
16,965

The company owns 100% of the issued share capital of Wilson Smith Europe Insurance Brokers Limited, a company registered in Cyprus.

WILSON SMITH GROUP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Debtors
2023
2022
restated
Amounts falling due within one year:
£
£
Trade debtors
3,294,842
3,441,323
Amounts owed by group undertakings
184,817
126,663
Other debtors
19,739
1,331
3,499,398
3,569,317
2023
2022
restated
Amounts falling due after more than one year:
£
£
Other debtors
117,372
68,793
Total debtors
3,616,770
3,638,110

Included in trade debtors are amounts held on behalf of clients for £2,773,347 (2022 - £2,949,467).

 

The comparative figures have been restated to show the correct split of debtors due within one year and due after one year and to correctly disclose the amounts due from group companies that had been included in trade debtors.

5
Cash at bank and in hand

Included in cash at bank and in hand, are amounts held on behalf of insurers and third parties for £1,916,672

(2022 - £1,616,937).

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
4,690,235
4,523,096
Taxation and social security
33,483
91,962
Other creditors
130,468
208,661
4,864,186
4,833,719

The full trade creditors balance represent amounts held on behalf of insurance underwriters and third parties.

WILSON SMITH GROUP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,167
24,167
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £100 each
100
100
10,000
10,000
9
Other reserves

The capital contribution reserve represents amounts received from the parent company as an initial investment in the business.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Sarah Squires BEng FCA
Statutory Auditor:
MGI Midgley Snelling LLP
Date of audit report:
30 April 2024
11
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
£
£
446,002
261,415
12
Related party transactions

During the year, there were no consultancy fees (2022 - £24,500) paid to a company under common control.

WILSON SMITH GROUP LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
13
Parent company

The immediate parent company is Wilson Smith Group, LLC, a company registered in Texas, USA, by virtue of the fact that they own 100% of the issued share capital.

 

The ultimate parent company is BII Inc, a company registered in New York, USA. Their registered office is 37-06 61st Street, Woodside, NY 11377 and copies of the company’s consolidated financial statements may be obtained from this address. The largest and smallest group including the results of the company in its consolidation is BII Inc.

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