Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-01Insurance brokers3231truetrue 11925887 2023-01-01 2023-12-31 11925887 2022-01-01 2022-12-31 11925887 2023-12-31 11925887 2022-12-31 11925887 c:Director3 2023-01-01 2023-12-31 11925887 d:OfficeEquipment 2023-01-01 2023-12-31 11925887 d:OfficeEquipment 2023-12-31 11925887 d:OfficeEquipment 2022-12-31 11925887 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11925887 d:ComputerEquipment 2023-01-01 2023-12-31 11925887 d:ComputerEquipment 2023-12-31 11925887 d:ComputerEquipment 2022-12-31 11925887 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11925887 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11925887 d:Goodwill 2023-01-01 2023-12-31 11925887 d:Goodwill 2023-12-31 11925887 d:Goodwill 2022-12-31 11925887 d:CurrentFinancialInstruments 2023-12-31 11925887 d:CurrentFinancialInstruments 2022-12-31 11925887 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11925887 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11925887 d:ShareCapital 2023-12-31 11925887 d:ShareCapital 2022-12-31 11925887 d:RetainedEarningsAccumulatedLosses 2023-12-31 11925887 d:RetainedEarningsAccumulatedLosses 2022-12-31 11925887 c:FRS102 2023-01-01 2023-12-31 11925887 c:Audited 2023-01-01 2023-12-31 11925887 c:FullAccounts 2023-01-01 2023-12-31 11925887 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11925887 d:WithinOneYear 2023-12-31 11925887 d:WithinOneYear 2022-12-31 11925887 d:BetweenOneFiveYears 2023-12-31 11925887 d:BetweenOneFiveYears 2022-12-31 11925887 d:MoreThanFiveYears 2023-12-31 11925887 d:MoreThanFiveYears 2022-12-31 11925887 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11925887 2 2023-01-01 2023-12-31 11925887 6 2023-01-01 2023-12-31 11925887 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 11925887 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11925887









Caunce O'Hara Insurance Brokers Limited









Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Caunce O'Hara Insurance Brokers Limited
Registered number: 11925887

Statement of Financial Position
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
378,776
757,552

Tangible assets
 5 
113,146
113,421

  
491,922
870,973

Current assets
  

Debtors: amounts falling due within one year
 7 
1,330,551
1,080,246

Cash at bank and in hand
 8 
1,817,281
2,530,216

  
3,147,832
3,610,462

Creditors: amounts falling due within one year
 9 
(2,513,163)
(2,588,302)

Net current assets
  
 
 
634,669
 
 
1,022,160

Total assets less current liabilities
  
1,126,591
1,893,133

Provisions for liabilities
  

Deferred tax
  
(7,817)
(16,662)

  
 
 
(7,817)
 
 
(16,662)

Net assets
  
1,118,774
1,876,471


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,118,674
1,876,371

  
1,118,774
1,876,471


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2024.




................................................
A Wells
Director

The notes on pages 3 to 13 form part of these financial statements.
Page 1

 
Caunce O'Hara Insurance Brokers Limited
Registered number: 11925887
    
Statement of Financial Position (continued)
As at 31 December 2023


Page 2

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

1.


General information

Caunce O'Hara Insurance Brokers Limited is a private company limited by shares, incorporated in England, registered number 11925887. The address of its registered office and principal place of business is 19 York Street, Manchester, England, M2 3BA. The principal activity is providing insurance and broker services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Revenue represents commission and fees earned on insurance business transacted during the account period.
Revenue is recognised in the period in which the right to the consideration has been established, and to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, insurance premium tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
-  the amount of revenue can be measured reliably;
-  it is probable that the Company will receive the consideration due under the contract;
-  the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-  the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
15% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

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

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 

Page 6

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk
Page 7

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 31).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
1,893,880



At 31 December 2023

1,893,880



Amortisation


At 1 January 2023
1,136,328


Charge for the year on owned assets
378,776



At 31 December 2023

1,515,104



Net book value



At 31 December 2023
378,776



At 31 December 2022
757,552


Goodwill was acquired as part of the transfer of trade and assets from the subsidiary COH Commercial Limited and is being amortised over a 5 year period.


Page 9

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
125,652
37,351
163,003


Additions
20,669
11,637
32,306



At 31 December 2023

146,321
48,988
195,309



Depreciation


At 1 January 2023
29,915
19,667
49,582


Charge for the year on owned assets
21,490
11,091
32,581



At 31 December 2023

51,405
30,758
82,163



Net book value



At 31 December 2023
94,916
18,230
113,146



At 31 December 2022
95,737
17,684
113,421

Page 10

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
2,779,639



At 31 December 2023

2,779,639



Impairment


At 1 January 2023
2,779,639



At 31 December 2023

2,779,639



Net book value



At 31 December 2023
-



At 31 December 2022
-


7.


Debtors

2023
2022
£
£


Trade debtors
1,235,560
1,006,666

Other debtors
59,761
44,949

Prepayments and accrued income
35,230
28,631

1,330,551
1,080,246



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,817,281
2,530,216


Included within Cash at bank and in hand are amounts totalling £1,255,072 (2022: £1,568,421) relating to insurance broking accounts.

Page 11

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Insurance creditors
1,888,874
2,118,788

Amounts owed to group undertakings
56,497
28,154

Corporation tax
169,375
137,726

Accruals and deferred income
398,417
303,634

2,513,163
2,588,302



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from the assets of the company in an independently administered fund. Contributions totalling £18,763 (2022: £8,526) were payable to the fund at the balance sheet date.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
50,278
33,519

Later than 1 year and not later than 5 years
318,426
251,389

Later than 5 years
201,111
335,185

569,815
620,093


12.


Transactions with directors

A director received advances of £58,763 during the year. This was the highest balance outstanding during the year. No interest has been charged on this balance, which is repayable on demand. £11,231 was repaid during the year, meaning the director owed the company £47,532 at the year end. 
Another director received advances of £7,719 during the year. The amount was repaid in full during the year.
Another director received advances of £2,968 during the year. £1,968 was repaid during the year, meaning the director owed the company £1,000 at the year end.

Page 12

 
Caunce O'Hara Insurance Brokers Limited
 
 
 
Notes to the Financial Statements
For the year ended 31 December 2023

13.


Controlling party

The immediate parent company and controlling party is COH Holdings Limited, by virtue of its 100% shareholding in the voting capital of the company. 
The financial statements of COH Holdings Limited are available to the public and can be obtained from Companies House.


14.
 

Provisions available for audits of small entities

In common with many other businesses of this size and nature, the auditor prepares and submits returns to the tax authorities and prepares the financial statements.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 13 August 2024 by Helen Besant Roberts (senior statutory auditor) on behalf of Hurst Accountants Limited.

 
Page 13