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REGISTERED NUMBER: 01997775 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 3


BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 197,027 223,433
Tangible assets 6 82,172 42,365
279,199 265,798

CURRENT ASSETS
Debtors 7 389,660 285,509
Cash at bank and in hand 2,358,399 1,567,053
2,748,059 1,852,562
CREDITORS
Amounts falling due within one year 8 631,500 279,916
NET CURRENT ASSETS 2,116,559 1,572,646
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,395,758

1,838,444

PROVISIONS FOR LIABILITIES 17,671 7,297
NET ASSETS 2,378,087 1,831,147

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Share premium 669,000 669,000
Retained earnings 1,706,587 1,159,647
SHAREHOLDERS' FUNDS 2,378,087 1,831,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





M D Wells - Director


BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Brian Johnston & Co (Insurance Brokers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01997775

Registered office: 1-3 Linkfield Corner
Redhill
Surrey
RH1 1BL

The presentation currency of the financial statements is the Pound Sterling (£).


All amounts in the financial statements have been rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Brian Johnston & Co (Insurance Brokers) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
- Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

- Intangible fixed assets
Intangible fixed assets, are amortised over their useful life taking into account the probable future economic benefits, where appropriate. The economic useful lives of the assets and probable future economic benefits are assessed annually and may vary depending on a number of factors.

- Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover represents commissions receivable on insurance brokerage and net invoiced values of services rendered.

Credit for brokerage and commissions earned are taken into the profit and loss account at the time that the appropriate cover/debit note is sent to the client in respect of general business.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33.33% on cost, 25% on cost and 15% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, which include loans to fellow group companies and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently recognised at amortised cost.

Basic financial liabilities, including trade and other creditors and accruals are initially recognised at transaction price and are subsequently recognised at amortised cost.

The company has no financial assets or financial liabilities measured at fair value.

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 entity after deducting all of its financial liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives, which is 3 years.

The expected useful economic life of development costs are estimated based on business plans which set out the development plan and time to market for the associated project.

If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximately to ownership (finance leases), the assets are treated as if they has been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to profit or loss over the shorter of estimated useful economic life and the term of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to profit or loss over the term of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

Rentals paid under operating leases are charged to profit and 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 for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Recognition of debtors and creditors.
Assets and liabilities directly arising from insurance broking transactions are netted off reflecting the legal substance of the transaction. No credit is extended to customers by advance payment of the premium to the insurance company and client money is held in a trust account.

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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 27 ) .

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 536,212
Additions 84,828
At 31 December 2023 621,040
AMORTISATION
At 1 January 2023 312,779
Charge for year 111,234
At 31 December 2023 424,013
NET BOOK VALUE
At 31 December 2023 197,027
At 31 December 2022 223,433

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 508,830
Additions 66,775
At 31 December 2023 575,605
DEPRECIATION
At 1 January 2023 466,465
Charge for year 26,968
At 31 December 2023 493,433
NET BOOK VALUE
At 31 December 2023 82,172
At 31 December 2022 42,365

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 358,906 240,935
Other debtors 30,754 44,574
389,660 285,509

BRIAN JOHNSTON & CO (INSURANCE BROKERS)
LIMITED (REGISTERED NUMBER: 01997775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 3,045 30,375
Amounts owed to group undertakings - 23,862
Taxation and social security 136,197 120,110
Other creditors 492,258 105,569
631,500 279,916

9. LEASING AGREEMENTS
At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £123,704 (2022: £53,114).

10. RELATED PARTY DISCLOSURES

During the year the company reimbursed expenses totalling £1,185,370 (2022: £567,926) and received repayments totalling £1,100,000 (2022: £400,000) from a company 94% owned by Brian Johnston & Co. (Insurance Services) Limited. At the balance sheet date this company owed £326,304 (2022: £240,935) to Brian Johnston & Co. (Insurance Brokers) Limited.

11. ULTIMATE PARENT COMPANY

Brian Johnston & Co. (Insurance Services) Limited, a company registered in England and Wales, is regarded by the directors as being the company's parent and ultimate parent company. The registered office of Brian Johnston & Co. (Insurance Services) Limited is 1-3 Linkfield Corner Redhill Surrey RH1 1BL.