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REGISTERED NUMBER: 12508663 (England and Wales)















FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023

FOR

BALLANTYNE BROKERS LTD

BALLANTYNE BROKERS LTD (REGISTERED NUMBER: 12508663)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BALLANTYNE BROKERS LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023







DIRECTORS: R E C Ballantyne
S L Crabb
R P Spragg





SECRETARY: R E C Ballantyne





REGISTERED OFFICE: 18 King William Street
London
EC4N 7BP





REGISTERED NUMBER: 12508663 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

BALLANTYNE BROKERS LTD (REGISTERED NUMBER: 12508663)

BALANCE SHEET
30 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 4 239,412 194,427
Cash at bank 13,110 110,000
252,522 304,427
CREDITORS
Amounts falling due within one year 5 2,532,682 3,124,169
NET CURRENT LIABILITIES (2,280,160 ) (2,819,742 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,280,160

)

(2,819,742

)

CAPITAL AND RESERVES
Called up share capital 7 10 10
Retained earnings (2,280,170 ) (2,819,752 )
SHAREHOLDERS' FUNDS (2,280,160 ) (2,819,742 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 March 2025 and were signed on its behalf by:





R E C Ballantyne - Director


BALLANTYNE BROKERS LTD (REGISTERED NUMBER: 12508663)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

GOING CONCERN
We draw attention to the company's Balance Sheet, which indicates that the company's current liabilities exceed its total assets by £2,280,160.

Despite the challenging year and market conditions, the directors believe the future financial performance and cash flows of the company are forecast to significantly improve.

The company has secured several new contracts up to the date of signing these financial statements and has also reduced its overheads where possible. Furthermore, the directors have confirmed that they will financially support the company should the need arise and have also secured investment from third parties.

The financial statements have therefore been prepared under the going concern basis. After making enquiries, the directors are confident the company is a going concern and have adequate resources to continue in operational existence for the foreseeable future.

These events and conditions, as noted above, do indicate that a material uncertainty exists that may cast some doubt on the company's ability to continue as a going concern. However, having assessed the financial forecasts, sensitivities and possible mitigating actions alongside the support of its owners, the directors have concluded that the company has adequate resources to continue in operational existence for the next twelve months from the date of approval of these financial statements and therefore they continue to adopt the going concern basis in preparing these accounts. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the company were unable to continue as a going concern.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.

There are no critical judgements and estimates in the process of applying the Company's accounting policies during the year.

BALLANTYNE BROKERS LTD (REGISTERED NUMBER: 12508663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

TURNOVER
Commission
The Company acts as a broking intermediary on behalf of its clients. Broking may include negotiation and placement of insurance risks with underwriters on behalf of clients. Performance obligations may also include post-inception maintenance of policies including amendment, endorsement, renewals and claims. These services are performed in return for premium based commissions or service fees. Commission payments are earned net of premium payments and are recognised when clients are issued debit notes for premia. Fee income is recognised when clients are invoiced.

FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The Company has adopted the disclosure and presentation requirements of Sections 11 and 12 of FRS 102.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

BALLANTYNE BROKERS LTD (REGISTERED NUMBER: 12508663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Impairment of financial assets
Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Other financial liabilities
Other financial liabilities, including intercompany borrowing and other short-term monetary liabilities, are measured at cost.

TAXATION
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

BALLANTYNE BROKERS LTD (REGISTERED NUMBER: 12508663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
Pensions
All employees are eligible to become members of a group defined contribution pension scheme within three months service.

The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

HOLIDAY PAY ACCRUAL
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 10 (2022 - 13 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 114,802 115,879
VAT 107,629 -
Prepayments and accrued income 16,981 78,548
239,412 194,427

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 444,016 46,708
Amounts owed to group undertakings - 3,022,845
Taxation and social security 109,473 -
Other creditors 1,979,193 54,616
2,532,682 3,124,169

6. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Other loans 1,350,000 -

Please also refer to post balance sheet events note.

BALLANTYNE BROKERS LTD (REGISTERED NUMBER: 12508663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023


7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10 Ordinary £1 10 10

Ordinary shareholders are entitled to attend and vote at general meetings of the company with one vote per ordinary share held. Dividends shall be distributed among the holders of ordinary shares. Shares carry no right of redemption.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited

9. POST BALANCE SHEET EVENTS

During 2024 the outstanding loan was restructured and capital of approximately £100,000 was written off by the lender. A repayment plan was put in place whereby the loan would be fully repaid by September 2025.