Company registration number 11376968 (England and Wales)
ACRES INSURANCE BROKERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ACRES INSURANCE BROKERS LTD
COMPANY INFORMATION
Directors
Mr M Davis
Mr N R Wellings
Mr N C Paske
Mr S Corton
Ms G Spencer
Mr R C G Parsons
Company number
11376968
Registered office
Bullymores Lodge
Grafton Road
Brigstock
Kettering
Northamptonshire
NN14 3NA
Accountants
Ellacotts LLP
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
NN15 6XR
ACRES INSURANCE BROKERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ACRES INSURANCE BROKERS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,780
11,628
Investments
4
150
130
16,930
11,758
Current assets
Debtors
5
382,658
244,852
Cash at bank and in hand
62,167
24,589
444,825
269,441
Creditors: amounts falling due within one year
6
(116,133)
(70,948)
Net current assets
328,692
198,493
Total assets less current liabilities
345,622
210,251
Creditors: amounts falling due after more than one year
7
(201,828)
(206,028)
Provisions for liabilities
(4,195)
(2,907)
Net assets
139,599
1,316
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
139,499
1,216
Total equity
139,599
1,316
ACRES INSURANCE BROKERS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 March 2025 and are signed on its behalf by:
Mr N R Wellings
Director
Company registration number 11376968 (England and Wales)
ACRES INSURANCE BROKERS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
(132,809)
(132,709)
Year ended 31 December 2023:
Profit and total comprehensive income
-
134,025
134,025
Balance at 31 December 2023
100
1,216
1,316
Year ended 31 December 2024:
Profit and total comprehensive income
-
171,797
171,797
Dividends
-
(33,514)
(33,514)
Balance at 31 December 2024
100
139,499
139,599
ACRES INSURANCE BROKERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Acres Insurance Brokers Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bullymores Lodge, Grafton Road, Brigstock, Kettering, Northamptonshire, NN14 3NA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Having reviewed the future trading and cash requirements of the company for at least 12 months from the date of signing these accounts the directors considers it appropriate to continue to prepare the accounts on a going concern basis.

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from commissions receivable is recognised at the point of inception of the contract when all of the following conditions are satisfied:

 

- the company has transferred the significant risks and rewards of the insurance contract to the insurer;

- the amount of commission can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Other income is only recognised as turnover when the right to consideration is achieved and is capable of reliable measurement.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
5 years straight line
Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ACRES INSURANCE BROKERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ACRES INSURANCE BROKERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
20
17
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
20,136
24,040
44,176
Additions
3,140
8,349
11,489
At 31 December 2024
23,276
32,389
55,665
Depreciation and impairment
At 1 January 2024
13,014
19,534
32,548
Depreciation charged in the year
2,854
3,483
6,337
At 31 December 2024
15,868
23,017
38,885
Carrying amount
At 31 December 2024
7,408
9,372
16,780
At 31 December 2023
7,122
4,506
11,628
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
150
130
ACRES INSURANCE BROKERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries and associates
£
Cost or valuation
At 1 January 2024
130
Valuation changes
20
At 31 December 2024
150
Carrying amount
At 31 December 2024
150
At 31 December 2023
130
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
138,679
110,019
Amounts owed by group undertakings
58,676
29,353
Other debtors
68,952
8,922
Prepayments and accrued income
116,351
96,558
382,658
244,852
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,472
4,472
Trade creditors
18,793
24,427
Corporation tax
57,510
2,539
Other taxation and social security
22,631
16,833
Other creditors
6,358
7,577
Accruals and deferred income
6,369
15,100
116,133
70,948
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Loans
201,828
206,028
ACRES INSURANCE BROKERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Included in amounts falling due over one year is a loan from Roger and Amanda Denton Limited for £200,000. This loan is secured by a a floating charge over the assets of the company .
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
4,195
2,907
2024
Movements in the year:
£
Liability at 1 January 2024
2,907
Charge to profit or loss
1,288
Liability at 31 December 2024
4,195

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases amounting to £16,093 (2023: £36,209).

2024
2023
£
£
16,093
36,209
ACRES INSURANCE BROKERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
11
Directors' transactions

The company made an advance to a director during the year, the amount outstanding

at the year end being £60,030 (2023 £nil) The advance made did not attract interest charges.

 

This advance was fully repaid as at 31 January 2025.

2024-12-312024-01-01falsefalsefalse11 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr M DavisMr N R WellingsMr N C PaskeMr S CortonMs G SpencerMr R C G Parsons113769682024-01-012024-12-3111376968bus:Director12024-01-012024-12-3111376968bus:Director22024-01-012024-12-3111376968bus:Director32024-01-012024-12-3111376968bus:Director42024-01-012024-12-3111376968bus:Director52024-01-012024-12-3111376968bus:Director62024-01-012024-12-3111376968bus:RegisteredOffice2024-01-012024-12-31113769682024-12-31113769682023-12-3111376968core:FurnitureFittings2024-12-3111376968core:ComputerEquipment2024-12-3111376968core:FurnitureFittings2023-12-3111376968core:ComputerEquipment2023-12-3111376968core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3111376968core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111376968core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3111376968core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3111376968core:CurrentFinancialInstruments2024-12-3111376968core:CurrentFinancialInstruments2023-12-3111376968core:ShareCapital2024-12-3111376968core:ShareCapital2023-12-3111376968core:RetainedEarningsAccumulatedLosses2024-12-3111376968core:RetainedEarningsAccumulatedLosses2023-12-3111376968core:ShareCapital2022-12-3111376968core:RetainedEarningsAccumulatedLosses2022-12-3111376968core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31113769682023-01-012023-12-3111376968core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3111376968core:FurnitureFittings2024-01-012024-12-3111376968core:ComputerEquipment2024-01-012024-12-3111376968core:FurnitureFittings2023-12-3111376968core:ComputerEquipment2023-12-31113769682023-12-3111376968core:Non-currentFinancialInstruments2024-12-3111376968core:Non-currentFinancialInstruments2023-12-3111376968bus:PrivateLimitedCompanyLtd2024-01-012024-12-3111376968bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3111376968bus:FRS1022024-01-012024-12-3111376968bus:AuditExemptWithAccountantsReport2024-01-012024-12-3111376968bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP