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Registered number: 13146438










COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023




 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
REGISTERED NUMBER:13146438

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Unaudited 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
510
918

Investments
 5 
43,861
-

  
44,371
918

Current assets
  

Debtors: amounts falling due within one year
 6 
27,041
20,384

Cash at bank and in hand
 7 
42,954
9,002

  
69,995
29,386

Creditors: amounts falling due within one year
 8 
(106,079)
(24,415)

Net current (liabilities)/assets
  
 
 
(36,084)
 
 
4,971

Total assets less current liabilities
  
8,287
5,889

  

Net assets
  
8,287
5,889


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
(41,713)
(44,111)

  
8,287
5,889


Page 1

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
REGISTERED NUMBER:13146438
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit and loss account 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 30 September 2024.




R A Butcher
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Colnaghi Insurance Brokers Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 13146438. The address of the registered office is 26 Bury Street, London, SW1Y 6AL.

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

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Foreign currency translation

The Company's presentational currency and functional currency are GBP.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

Brokerage commission is recognised as revenue on the effective commencement or renewal dates of the related policies.
Introducer commission and other income is recognised to the extent that the company has obtained the right to consideration through its performance, this is typically when new business has placed or renewals have been negotiated.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

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.

Page 4

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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:

Computer equipment
-
33%

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

The company holds monies on behalf of clients and insurance underwriters in client monies bank accounts. The monies held in these bank accounts and the balances due to clients and underwriters are netted off and excluded from these financial statements. The total amount of client monies held in these accounts by the company as at 31 December 2023 was £Nil (2022: £Nil). The company also nets off and excludes from these financial statements amounts due from customers which are directly due to underwriters at the balance sheet date.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 6

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are
Page 7

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
1,224



At 31 December 2023

1,224



Depreciation


At 1 January 2023
306


Charge for the year on owned assets
408



At 31 December 2023

714



Net book value



At 31 December 2023
510



At 31 December 2022
918

Page 8

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
43,861



At 31 December 2023
43,861




Page 9

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
Unaudited 2022
£
£


Trade debtors
10,952
6,212

Amounts owed by group undertakings
-
14,172

Prepayments and accrued income
8,298
-

Deferred taxation
7,791
-

27,041
20,384



7.


Cash and cash equivalents

2023
Unaudited 2022
£
£

Cash at bank and in hand
42,954
9,002

42,954
9,002


The total amount of client monies held in the bank accounts by the company as at 31 December 2023 was £Nil (2022: £Nil).


8.


Creditors: Amounts falling due within one year

2023
Unaudited 2022
£
£

Trade creditors
-
1,077

Amounts owed to group undertakings
65,532
15,000

Other taxation and social security
10,727
4,721

Other creditors
740
740

Accruals and deferred income
29,080
2,877

106,079
24,415


Page 10

 
COLNAGHI INSURANCE BROKERS LTD (FORMERLY COLNAGHI ISERVICES LIMITED)
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


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 £6,000 (2022 - £2,500). Contributions totalling £740 (2022 - £740) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

The Company's immediate and ultimate parent undertaking is Colnaghi Holding Ltd. The results of the Company are included within the consolidated accounts of Colnaghi Holding Ltd which are available to the public and may be obtained from 26 Bury Street, London, England, SW1Y 6AL.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 September 2024 by Shilen Manek ACA FCCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.

 
Page 11