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Registered number: 06452632










REES ASTLEY INSURANCE BROKERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
REES ASTLEY INSURANCE BROKERS LIMITED
REGISTERED NUMBER:06452632

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
45,510
80,475

Investments
 6 
3,342
3,342

  
48,852
83,817

Current assets
  

Debtors: amounts falling due within one year
 7 
54,061
73,556

Cash at bank and in hand
 8 
1,708,593
1,537,072

  
1,762,654
1,610,628

Creditors: amounts falling due within one year
 9 
(651,911)
(629,724)

Net current assets
  
 
 
1,110,743
 
 
980,904

Total assets less current liabilities
  
1,159,595
1,064,721

Provisions for liabilities
  

Deferred tax
 10 
(10,439)
(18,973)

  
 
 
(10,439)
 
 
(18,973)

Net assets
  
1,149,156
1,045,748


Capital and reserves
  

Called up share capital 
 11 
163
163

Capital redemption reserve
 12 
4
4

Profit and loss account
 12 
1,148,989
1,045,581

  
1,149,156
1,045,748


Page 1

 
REES ASTLEY INSURANCE BROKERS LIMITED
REGISTERED NUMBER:06452632
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 comprehensive income 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 September 2024.




S G Sadler
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Rees Astley Insurance Brokers Limited, 06452632, is a private company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at 29 North Parade, Aberystwyth, Ceredigion, SY23 2JN.
The principal activity of the Company is that of an insurance brokerage.

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

Revenue

Revenue is recognised 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, value added 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.

 
2.3

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.

 
2.4

Interest income

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

Page 3

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.

Page 4

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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:

Fixtures and fittings
-
10%
Office equipment
-
10-20%
Computer equipment
-
20%

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 5

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 34 (2022 - 33).

Page 6

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
53,301
63,532
161,243
278,076


Additions
1,332
16,039
-
17,371


Disposals
-
(32,762)
-
(32,762)



At 31 December 2023

54,633
46,809
161,243
262,685



Depreciation


At 1 January 2023
45,055
33,590
118,957
197,602


Charge for the year on owned assets
2,629
20,333
20,090
43,052


Disposals
-
(23,479)
-
(23,479)



At 31 December 2023

47,684
30,444
139,047
217,175



Net book value



At 31 December 2023
6,949
16,365
22,196
45,510



At 31 December 2022
8,246
29,943
42,286
80,475


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
3,342



At 31 December 2023
3,342




Page 7

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
7,096
36,166

Amounts owed by group undertakings
5,432
-

Other debtors
955
-

Prepayments and accrued income
40,578
37,390

54,061
73,556



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,708,593
1,537,072

1,708,593
1,537,072


Included within the bank balance are monies held on behalf of clients totaling £359,905 (2022: £462,290).


9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
398,828
486,181

Amounts owed to group undertakings
18,929
20,426

Other taxation and social security
131,235
107,836

Other creditors
64,803
-

Accruals and deferred income
38,116
15,281

651,911
629,724


Included within trade creditors are client insurance related liabilities of £359,905 (2022: £462,290).

Page 8

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(18,973)


Charged to profit or loss
8,534



At end of year
(10,439)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
10,439
18,973

10,439
18,973


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



163 (2022 - 163) Ordinary shares of £1.00 each
163
163



12.


Reserves

Capital redemption reserve

The capital redemption reserve represents shares repurchased and cancelled by the Company.

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £46,257 (2022: £45,007). Contributions of £nil were payable to the fund at the balance sheet date (2022: £nil). 

Page 9

 
REES ASTLEY INSURANCE BROKERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The Company is under the control of it's parent company, Rees Astley (Holdings) Limited, a company incorporated in England and Wales. The registered office of the parent company is 29 North Parade, Aberystwyth, Ceredigion, SY23 2JN.

 
Page 10