Company registration number 04439084 (England and Wales)
C & C INSURANCE BROKERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
C & C INSURANCE BROKERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
C & C INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
4
-
0
44,301
Tangible assets
5
934,981
1,250,093
Investments
6
1,769,465
1,593,557
2,704,446
2,887,951
Current assets
Debtors
7
157,052
320,606
Cash at bank and in hand
2,231,798
2,600,884
2,388,850
2,921,490
Creditors: amounts falling due within one year
8
(2,422,345)
(2,013,910)
Net current (liabilities)/assets
(33,495)
907,580
Total assets less current liabilities
2,670,951
3,795,531
Creditors: amounts falling due after more than one year
9
(876,201)
(1,391,551)
Provisions for liabilities
(31,036)
(35,122)
Deferred income
(121,694)
(267,728)
Net assets
1,642,020
2,101,130
Capital and reserves
Called up share capital
126
125
Capital redemption reserve
1
1
Profit and loss reserves
1,641,893
2,101,004
Total equity
1,642,020
2,101,130

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

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
M Cooke
Director
Company Registration No. 04439084
C & C INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
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.

1.2
Turnover

Turnover represents brokerage and fees which are taken to credit when they become due under the terms of the agreements with the relevant insurance companies and in agreement with FCA regulations. Alterations in brokerage arising from return and additional premiums and adjustments are taken into account as and when these occur.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being written off evenly over its estimated useful life of 10 years. Goodwill from the acquisition of a business in 2014 is being written off evenly over it's estimated useful life of 5 years.

1.4
Tangible fixed assets

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

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

Freehold land and buildings
straight line over 50 years
Leasehold property and improvements
straight line over 10 years
Fixtures, fittings & equipment
15% and 25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

C & C INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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.

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.

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.

C & C INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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
Company information

C & C Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridge House, 80 Compstall Road, Romiley Stockport, Cheshire, SK6 4DE.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
113
106
C & C INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
1,221,516
Amortisation and impairment
At 1 September 2022
1,177,215
Amortisation charged for the year
44,301
At 31 August 2023
1,221,516
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
44,301
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
1,627,858
1,298,880
2,926,738
Additions
-
0
84,120
84,120
Disposals
(475,997)
(497,278)
(973,275)
At 31 August 2023
1,151,861
885,722
2,037,583
Depreciation and impairment
At 1 September 2022
709,918
966,727
1,676,645
Depreciation charged in the year
151,566
102,389
253,955
Eliminated in respect of disposals
(402,200)
(425,798)
(827,998)
At 31 August 2023
459,284
643,318
1,102,602
Carrying amount
At 31 August 2023
692,577
242,404
934,981
At 31 August 2022
917,940
332,153
1,250,093
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,441,934
1,295,325
Other investments other than loans
327,531
298,232
1,769,465
1,593,557
C & C INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
Other
Total
£
£
£
Cost or valuation
At 1 September 2022
1,295,325
298,232
1,593,557
Additions
146,609
29,299
175,908
At 31 August 2023
1,441,934
327,531
1,769,465
Carrying amount
At 31 August 2023
1,441,934
327,531
1,769,465
At 31 August 2022
1,295,325
298,232
1,593,557
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
86,574
103,273
Other debtors
6,070
139,112
Prepayments and accrued income
64,408
78,221
157,052
320,606
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
477,269
443,506
Trade creditors
179,528
88,202
Amounts owed to group undertakings and undertakings in which the company has a participating interest
851,165
536,290
Taxation and social security
740,402
631,494
Other creditors
173,981
314,418
2,422,345
2,013,910
C & C INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
833,325
1,312,083
Obligations under finance leases
42,876
79,468
876,201
1,391,551

Net obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.

The bank loan is secured by a fixed and floating charge over the company and all property and assets.

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