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Registration number: 06737067

Quartz Insurance Brokers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Quartz Insurance Brokers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Quartz Insurance Brokers Limited

Company Information

Directors

C Nicholson

J E Thompson

Registered office

16 Queen Square
Bristol
BS1 4NT

Registered number

06737067

Accountant

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Quartz Insurance Brokers Limited

(Registration number: 06737067)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,502

32,007

Current assets

 

Debtors

5

1,578,351

1,217,801

Cash at bank and in hand

 

2,031,655

2,518,720

 

3,610,006

3,736,521

Creditors: Amounts falling due within one year

6

(1,885,860)

(2,397,588)

Net current assets

 

1,724,146

1,338,933

Total assets less current liabilities

 

1,752,648

1,370,940

Creditors: Amounts falling due after more than one year

6

(611)

(1,127)

Provisions for liabilities

(7,126)

(8,002)

Net assets

 

1,744,911

1,361,811

Capital and reserves

 

Called up share capital

7

10,010

10,010

Profit and loss account

1,734,901

1,351,801

Total equity

 

1,744,911

1,361,811

 

Quartz Insurance Brokers Limited

(Registration number: 06737067)
Balance Sheet as at 31 December 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 16 July 2024 and signed on its behalf by:
 

.........................................

C Nicholson
Director

 

Quartz Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
16 Queen Square
Bristol
BS1 4NT

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Quartz Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 taxable income.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Short leasehold

Straight line over the life of the lease

Fixtures and fittings

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Quartz Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Quartz Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

Quartz Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible fixed assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

32,033

61,104

93,137

Additions

-

7,229

7,229

Disposals

-

(397)

(397)

At 31 December 2023

32,033

67,936

99,969

Depreciation

At 1 January 2023

11,100

50,030

61,130

Charge for the year

3,203

7,531

10,734

Eliminated on disposal

-

(397)

(397)

At 31 December 2023

14,303

57,164

71,467

Carrying amount

At 31 December 2023

17,730

10,772

28,502

At 31 December 2022

20,933

11,074

32,007

Assets acquired under a finance lease with NBV of £554 (2022: £1,107) are shown in Furniture, fittings and equipment.

5

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

585,275

1,158,780

Amounts owed by group undertakings

871,627

-

Prepayments

84,913

56,311

Other debtors

35,361

2,710

Directors' loan accounts

1,175

-

1,578,351

1,217,801

 

Quartz Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

2023
£

2022
£

Amounts falling due within one year

Trade creditors

1,635,379

2,158,507

Taxation and social security

45,584

48,154

Other creditors

2,419

9,080

Accruals

5,468

6,519

Corporation tax

196,306

174,239

Hire purchase and finance lease liabilities

516

419

Directors' loan accounts

188

670

1,885,860

2,397,588

2023
£

2022
£

Due after one year

Hire purchase and finance lease liabilities

611

1,127

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

7,050

7,050

7,050

7,050

Ordinary A shares of £1 each

10

10

10

10

Ordinary B shares of £1 each

400

400

400

400

Ordinary C1 shares of £1 each

1,275

1,275

1,275

1,275

Ordinary C2 shares of £1 each

1,275

1,275

1,275

1,275

 

10,010

10,010

10,010

10,010

8

Obligations under leases and hire purchase contracts

Operating leases

 

Quartz Insurance Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The total of future minimum lease payments is as follows:

2023
£

2022
£

214,225

318,155

The amount of non-cancellable operating lease payments recognised as an expense during the year was £78,474 (2022 - £53,492).

9

Related party transactions

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

J E Thompson

20

(1,195)

-

(1,175)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

J E Thompson

20

(500)

500

20

         
       

 

Within the advances to director balance for the year ended 31 December 2023, there is a £1,175 loan made by the company to this director, which will be repaid within 9 months of the year-end date.