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REGISTERED NUMBER: 00891436 (England and Wales)






BROMWICH INSURANCE BUREAU LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 FEBRUARY 2024 TO 27 OCTOBER 2024






BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)






CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 February 2024 to 27 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BROMWICH INSURANCE BUREAU LIMITED

COMPANY INFORMATION
for the period 1 February 2024 to 27 October 2024







DIRECTOR: K J Nuttall





REGISTERED OFFICE: 7 High Bullen
Upper High Street
Wednesbury
West Midlands
WS10 7HQ





REGISTERED NUMBER: 00891436 (England and Wales)





ACCOUNTANTS: Weatherer Bailey Bragg
Chartered Accountants
100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

BALANCE SHEET
27 October 2024

27/10/24 31/1/24
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 28,246
Investments 6 - 17,096
- 45,342

CURRENT ASSETS
Debtors 7 - 182,670
Cash at bank and in hand - 284,526
- 467,196
CREDITORS
Amounts falling due within one year 8 - 336,799
NET CURRENT ASSETS - 130,397
TOTAL ASSETS LESS CURRENT
LIABILITIES

-

175,739

PROVISIONS FOR LIABILITIES - 4,714
NET ASSETS - 171,025

CAPITAL AND RESERVES
Called up share capital 10 - 10,990
Retained earnings - 160,035
SHAREHOLDERS' FUNDS - 171,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 27 October 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 27 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

BALANCE SHEET - continued
27 October 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:





K J Nuttall - Director


BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 February 2024 to 27 October 2024

1. STATUTORY INFORMATION

Bromwich Insurance Bureau Limited 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.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The 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 on a liquidation basis of accounting as the company is in the process of voluntary liquidation, which commenced on 28 October 2024.

The appointment of the liquidators was made on 28 October 2024. The company has appointed Gerald Irwin, who is responsible for overseeing the liquidation process. The liquidators’ duties include realizing the company’s assets and settling its liabilities.

As such, the going concern assumption is not applicable. The carrying amounts of assets and liabilities have been adjusted to reflect their estimated realizable amounts in liquidation. The company’s liabilities will be settled in accordance with the liquidation process, and assets will be disposed of as part of the liquidation. The financial statements have been prepared based on the assumption that the company’s affairs will be wound up and its assets liquidated in an orderly manner.

Preparation of consolidated financial statements
The financial statements contain information about Bromwich Insurance Bureau Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents brokerage commissions and fees, which are recognised in the period in which the transaction takes place.

Alterations in brokerage commissions and fees arising from return and additional premiums and adjustments are taken into account as and when they occur.

Turnover also includes management fees received from related undertakings.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill, being the amount paid in connection with the acquisition of businesses, is being written off over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.


BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 February 2024 to 27 October 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated using the above rates.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.


Pension costs and other post-retirement benefits
The company has made contributions to the director's and employees' personal pension schemes during the year. The company also operates a work place pension scheme in which all eligible employees are given the option to join. Contributions payable for the year are charged in the profit and loss account.

Fixed asset investments
Investments in subsidiaries are stated at cost.

Investments in listed shares are stated at fair value with value adjustments being put through the income statement. Fair value is measured using the quoted share price at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 (2024 - 15 ) .

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 February 2024 to 27 October 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2024 204,300
Disposals (204,300 )
At 27 October 2024 -
AMORTISATION
At 1 February 2024 204,300
Eliminated on disposal (204,300 )
At 27 October 2024 -
NET BOOK VALUE
At 27 October 2024 -
At 31 January 2024 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 February 2024 25,055 29,125 54,180
Disposals (25,055 ) (29,125 ) (54,180 )
At 27 October 2024 - - -
DEPRECIATION
At 1 February 2024 18,653 7,281 25,934
Charge for period 2,568 4,095 6,663
Eliminated on disposal (21,221 ) (11,376 ) (32,597 )
At 27 October 2024 - - -
NET BOOK VALUE
At 27 October 2024 - - -
At 31 January 2024 6,402 21,844 28,246

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 February 2024 to 27 October 2024

6. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 February 2024 1,995 15,101 17,096
Disposals (1,770 ) - (1,770 )
Revaluations (225 ) - (225 )
Impairments - (15,101 ) (15,101 )
At 27 October 2024 - - -
NET BOOK VALUE
At 27 October 2024 - - -
At 31 January 2024 1,995 15,101 17,096

Cost or valuation at 27 October 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2017 1,282 - 1,282
Valuation in 2018 (1,592 ) - (1,592 )
Valuation in 2019 330 - 330
Valuation in 2020 (731 ) - (731 )
Valuation in 2021 (487 ) - (487 )
Valuation in 2022 296 - 296
Valuation in 2023 409 - 409
Valuation in 2024 544 (15,100 ) (14,556 )
Valuation in 2024 (1,995 ) (15,101 ) (17,096 )
Cost 1,944 30,201 32,145

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27/10/24 31/1/24
£    £   
Trade debtors - 115,216
Amounts owed by group undertakings - 57,111
Other debtors and prepayments - 10,343
- 182,670

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27/10/24 31/1/24
£    £   
Trade creditors - 163,870
Amounts owed to group undertakings - 107,321
Social security & other taxes - 8,207
Other creditors - 19,436
Wages control - 22,426
Accrued expenses - 15,539
- 336,799

BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 February 2024 to 27 October 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
27/10/24 31/1/24
£    £   
Within one year - 16,000
Between one and five years - 16,000
In more than five years - 40,333
- 72,333

As part of the liquidation process, the company is terminating its operating lease for the office premises located at 7 High Bullen, Upper High Street, Wednesbury, West Midlands WS10 7HQ. There were no penalties or early termination costs to be settled during the liquidation process.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 27/10/24 31/1/24
value: £    £   
10,990 Ordinary £1 - 10,990

11. RELATED PARTY DISCLOSURES

During the year £NIL (2024 : £15,000) was paid in management charges to the parent company. Also, £NIL (2024 : £18,750) was received from a subsidiary for management recharges.

12. PARENT COMPANY

Bromwich Insurance Consultants Limited is the parent company. The address can be found on the company information page.