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COMPANY REGISTRATION NUMBER: 06329355
A.D.F. Insurance Brokers Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
A.D.F. Insurance Brokers Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
3,111
2,297
Current assets
Debtors
6
700,967
530,420
Cash at bank and in hand
437,147
376,013
------------
---------
1,138,114
906,433
Creditors: amounts falling due within one year
1,100,797
872,325
------------
---------
Net current assets
37,317
34,108
--------
--------
Total assets less current liabilities
40,428
36,405
--------
--------
Net assets
40,428
36,405
--------
--------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
30,428
26,405
--------
--------
Shareholders funds
40,428
36,405
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
A.D.F. Insurance Brokers Limited
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr A D Flavell
Director
Company registration number: 06329355
A.D.F. Insurance Brokers Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Creative Industries Centre, Wolverhampton Science Park, Wolverhampton, WV10 9TG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
Turnover is stated as brokerage and commission earned in the year. Credit for brokerage and commission is taken at the inception of the policy.
(c) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
25% straight line
(f) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(g) Defined contribution plans
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
£
Cost
At 1 January 2023
16,500
Additions
2,484
--------
At 31 December 2023
18,984
--------
Depreciation
At 1 January 2023
14,203
Charge for the year
1,670
--------
At 31 December 2023
15,873
--------
Carrying amount
At 31 December 2023
3,111
--------
At 31 December 2022
2,297
--------
6. Debtors
Debtors include amounts of £– (2022: £3,655) falling due after more than one year.
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
17,958
Later than 1 year and not later than 5 years
22,448
----
--------
40,406
----
--------
8. Director's advances, credits and guarantees
The following director has loans from the company on which interest was charged at 2% per annum during the year. Interest of £727 (2022 £203) was charged during the year. The balance included in debtors at the year end is as follows:
2023 2022
£ £
A D Flavell (43,775) (40,231)