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Registration number: 03072861

Concorde Insurance Brokers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Concorde Insurance Brokers Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Concorde Insurance Brokers Ltd

Company Information

Directors

Mr I J Penfold

Mr J Holloway

Company secretary

Mrs S J Smith

Registered office

96 Winchester Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2GJ

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Concorde Insurance Brokers Ltd

(Registration number: 03072861)
Balance Sheet as at 31 March 2024

Note

As at
31 March
2024
£

As at
31 March
2023
£

Current assets

 

Debtors

4

375,774

46,844

Cash at bank and in hand

 

-

358,887

 

375,774

405,731

Creditors: Amounts falling due within one year

5

(349,234)

(373,568)

Total assets less current liabilities

 

26,540

32,163

Provisions for liabilities

(23,418)

(30,000)

Net assets

 

3,122

2,163

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

2,122

1,163

Shareholders' funds

 

3,122

2,163

For the financial year ending 31 March 2024 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr I J Penfold
Director

 

Concorde Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
96 Winchester Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2GJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Revenue recognition

The turnover and profit before taxation is attributable to the Commissions and profits due from the principal
activity of the Insurance Brokerage.

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Concorde Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

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.

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.

In line with FCA guidelines, any client monies or client debtors as at the Balance Sheet date for which
risk transfer to the underwriter has already taken place are netted off against the underwriting liability.
Only non-risk transfer debtors are shown as an asset in the Balance Sheet. This shows the substance of the transaction as well as the strict legal form.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Client monies and underwriting liabilities

In line with FCA guidelines, any client monies held as at the Balance Sheet date for which risk transfer to the underwriter has already taken place are netted off against the underwriting liability. This shows the substance of the transaction as well as the strict legal form.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 5).

4

Debtors

As at
31 March
2024
£

As at
31 March
2023
£

Trade debtors

-

19,623

Other debtors

375,774

27,221

375,774

46,844

 

Concorde Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Creditors

Creditors: amounts falling due within one year

As at
31 March
2024
£

As at
31 March
2023
£

Due within one year

Trade creditors

-

435

Taxation and social security

-

28,071

Accruals and deferred income

-

3,001

Other creditors

349,234

342,061

349,234

373,568

6

Share capital

Allotted, called up and fully paid shares

 

As at
31 March
2024

As at
31 March
2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £15,000).

8

Parent and ultimate parent undertaking

The company's immediate parent is Concorde Risk Services Ltd, incorporated in England, which is controlled by Fowler Penfold Group Ltd, incorporated in England.

 The ultimate controlling party is Mr I Penfold, by virtue of the fact that he controls Fowler Penfold Group Ltd.