IRIS Accounts Production v24.2.0.383 SC472097 Board of Directors Board of Directors 1.6.23 31.5.24 31.5.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4720972023-05-31SC4720972024-05-31SC4720972023-06-012024-05-31SC4720972022-05-31SC4720972022-06-012023-05-31SC4720972023-05-31SC472097ns15:Scotland2023-06-012024-05-31SC472097ns14:PoundSterling2023-06-012024-05-31SC472097ns10:Director12023-06-012024-05-31SC472097ns10:Director22023-06-012024-05-31SC472097ns10:PrivateLimitedCompanyLtd2023-06-012024-05-31SC472097ns10:SmallEntities2023-06-012024-05-31SC472097ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-31SC472097ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-31SC472097ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-31SC472097ns10:FullAccounts2023-06-012024-05-31SC472097ns10:RegisteredOffice2023-06-012024-05-31SC472097ns5:CurrentFinancialInstruments2024-05-31SC472097ns5:CurrentFinancialInstruments2023-05-31SC472097ns5:Non-currentFinancialInstruments2024-05-31SC472097ns5:Non-currentFinancialInstruments2023-05-31SC472097ns5:ShareCapital2024-05-31SC472097ns5:ShareCapital2023-05-31SC472097ns5:RetainedEarningsAccumulatedLosses2024-05-31SC472097ns5:RetainedEarningsAccumulatedLosses2023-05-31SC472097ns5:FurnitureFittings2023-06-012024-05-31SC472097ns5:ComputerEquipment2023-06-012024-05-31SC472097ns5:FurnitureFittings2023-05-31SC472097ns5:ComputerEquipment2023-05-31SC472097ns5:FurnitureFittings2024-05-31SC472097ns5:ComputerEquipment2024-05-31SC472097ns5:FurnitureFittings2023-05-31SC472097ns5:ComputerEquipment2023-05-31SC472097ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-31SC472097ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-31SC472097ns5:WithinOneYear2024-05-31SC472097ns5:WithinOneYear2023-05-31SC472097ns5:BetweenOneFiveYears2024-05-31SC472097ns5:BetweenOneFiveYears2023-05-31SC472097ns5:AllPeriods2024-05-31SC472097ns5:AllPeriods2023-05-31SC472097ns5:Secured2024-05-31SC472097ns5:Secured2023-05-31
REGISTERED NUMBER: SC472097 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Blue Rock Insurance Brokers Ltd

Blue Rock Insurance Brokers Ltd (Registered number: SC472097)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Blue Rock Insurance Brokers Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: J J McQuaid
T B Yorke





REGISTERED OFFICE: Low Green House
20 Alloway Place
Ayr
Ayrshire
KA7 2AA





REGISTERED NUMBER: SC472097 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Blue Rock Insurance Brokers Ltd (Registered number: SC472097)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,149 29,179

CURRENT ASSETS
Debtors 5 97,994 64,342
Cash at bank 242,626 348,868
340,620 413,210
CREDITORS
Amounts falling due within one year 6 258,243 239,120
NET CURRENT ASSETS 82,377 174,090
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,526

203,269

CREDITORS
Amounts falling due after more than one
year

7

(17,500

)

(27,395

)

PROVISIONS FOR LIABILITIES (7,090 ) (6,736 )
NET ASSETS 87,936 169,138

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 87,935 169,137
SHAREHOLDERS' FUNDS 87,936 169,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Blue Rock Insurance Brokers Ltd (Registered number: SC472097)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:




T B Yorke - Director



J J McQuaid - Director


Blue Rock Insurance Brokers Ltd (Registered number: SC472097)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Blue Rock Insurance Brokers Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors review the business's requirements on a regular basis to ensure there are adequate resources to meet its commitments as they fall due. This includes projecting income streams and related costs one year in advance. Taking account of this review and of current resources, the directors are of the view that commitments can be met and as such the accounts have been prepared on a going concern basis.

Turnover/revenue recognition
Turnover represents brokerage and fees associated with placing insurance and reinsurance contracts. It is stated net of broker network fees. The company recognises commission income and fees when the insurance premium has been paid and net commission and fees calculated as shown due by the broker network.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment, fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Blue Rock Insurance Brokers Ltd (Registered number: SC472097)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Grants received
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception, and bank overdrafts. They are subject to insignificant risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities.

Blue Rock Insurance Brokers Ltd (Registered number: SC472097)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Equipment,
fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023 23,779 43,669 67,448
Additions - 8,378 8,378
At 31 May 2024 23,779 52,047 75,826
DEPRECIATION
At 1 June 2023 16,658 21,611 38,269
Charge for year 1,580 5,828 7,408
At 31 May 2024 18,238 27,439 45,677
NET BOOK VALUE
At 31 May 2024 5,541 24,608 30,149
At 31 May 2023 7,121 22,058 29,179

Blue Rock Insurance Brokers Ltd (Registered number: SC472097)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 89,202 57,493
Other debtors 8,792 6,849
97,994 64,342

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Amounts owed to group undertakings 139,557 114,117
Taxation and social security 96,490 95,902
Other creditors 12,196 19,101
258,243 239,120

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 17,500 27,395

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 19,068 19,180
Between one and five years 31,874 33,818
50,942 52,998

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 27,500 37,395

The bank loan is secured under the Government's Bounce Back loan scheme with interest charged at a commercial rate of interest.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Blue Rock Insurance Brokers Ltd (Registered number: SC472097)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. ULTIMATE CONTROLLING PARTY

The company is controlled equally by the two directors and by virtue of their shareholding in Blue Rock Insurance Brokers (Holdings) Ltd.