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Registered number: 01073357
Blythin And Brown (Insurance Brokers) Limited
Financial Statements
For The Year Ended 29 February 2024
Saul Fairholm Limited
12 Tentercroft Street
Lincoln
Lincolnshire
LN5 7DB
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01073357
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,270 13,259
11,270 13,259
CURRENT ASSETS
Stocks 5 1,253 1,253
Debtors 6 452,297 421,053
Cash at bank and in hand 111,289 106,692
564,839 528,998
Creditors: Amounts Falling Due Within One Year 7 (132,081 ) (110,305 )
NET CURRENT ASSETS (LIABILITIES) 432,758 418,693
TOTAL ASSETS LESS CURRENT LIABILITIES 444,028 431,952
Creditors: Amounts Falling Due After More Than One Year 8 (13,927 ) (26,024 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,615 ) (1,447 )
NET ASSETS 428,486 404,481
CAPITAL AND RESERVES
Called up share capital 9 505 505
Capital redemption reserve 898 898
Profit and Loss Account 427,083 403,078
SHAREHOLDERS' FUNDS 428,486 404,481
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J A Blythin
Director
26/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Blythin And Brown (Insurance Brokers) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01073357 . The registered office is The Point, Granite Way, Mountsorrel, Leicestershire, LE12 7TZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 15% reducing balance
2.5. Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
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.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. 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.
2.11. 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.
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2.12. Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 March 2023 74,503
As at 29 February 2024 74,503
Depreciation
As at 1 March 2023 61,244
Provided during the period 1,989
As at 29 February 2024 63,233
Net Book Value
As at 29 February 2024 11,270
As at 1 March 2023 13,259
5. Stocks
2024 2023
£ £
Stock 1,253 1,253
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 96,303 84,000
Prepayments and accrued income 12,162 10,164
Other debtors 343,832 326,889
452,297 421,053
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 373 -
Bank loans and overdrafts 11,386 10,539
Corporation tax 92,382 75,497
Other taxes and social security 6,846 7,276
Other creditors 2,302 -
Accruals and deferred income 18,792 16,993
132,081 110,305
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,927 26,024
13,927 26,024
Bank borrowings
Bounce back loan is denominated in £ with a nominal interest rate of 2.50%, and the final instalment is due on 28 May 2026. The carrying amount at year end is £25,313 (2023 - £36,563).
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 505 505
10. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
11. Ultimate Controlling Party
The company is controlled by Mr J A Blythin and Mr R Picton, by virtue of their interests in the issued share capital of the ultimate parent undertaking. In the opinion of the directors the ultimate parent company is The Blythin Lewis Picton Group Limited. Consolidation of the group results do not occur due to its small group status. The registered office for this company is The Point, Granite Way, Mountsorrel, Leicestershire, LE12 7TZ and is incorporated in the United Kingdom.
The financial statements for the ultimate parent company are available upon request from Companies House, Cardiff, CF4 3UZ.
12. Audit Information
The auditors report on the account of Blythin And Brown (Insurance Brokers) Limited for the year ended 29 February 2024 was unqualified
The auditor's report was signed by Richard Welsh (Senior Statutory Auditor) for and on behalf of Saul Fairholm Limited , Statutory Auditor
Saul Fairholm Limited
12 Tentercroft Street
Lincoln
Lincolnshire
LN5 7DB
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