Company registration number 04791109 (England and Wales)
BMG INSURANCE BROKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BMG INSURANCE BROKERS LIMITED
COMPANY INFORMATION
Directors
Mr A G Wood
Mr P S Wells
Mr N W J Andrews
Ms BJ Curtis
DJ Wojtyczka
Secretary
Mr P S Wells
Company number
04791109
Registered office
69 Leadenhall Street
City of London
London
England
EC3A 2BG
Auditor
Lawrence Grant LLP
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
BMG INSURANCE BROKERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 10
Income statement
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
BMG INSURANCE BROKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

 

The principal activity of the company continued to be that of an insurance and reinsurance broker at Lloyd’s of London, combining traditional insurance broking with management of underwriting authorities of which the parent Company is the coverholder.

Review of the business

The results for the year and financial position of the company are as shown in the annexed financial statements.

 

BMG Insurance Brokers Limited is registered to act as a Lloyds Broker operating as a wholesale broker, mainly dealing in equine and other overseas insurance.

 

2024 was a transitional year, following the retirement of Simon Hall as a director of the company, and the loss of the pet insurance business, the company is now focusing on equine and other insurances with a mainly overseas client base. During the last quarter of 2024 the company has some new lines of business, which will have a positive impact on the results in 2025.

 

BMG Insurance Brokers Limited is now a fully wholly owned subsidiary of Kastor Holdings Ltd part of ZIM Integrated Shipping Services Limited.

 

The company operates as an equal opportunities employer. Regardless of religion, ethnic origin or physical disability suitable training and career development enables an employee to progress within the company and the group.

 

The results indicate that the company made a loss of £235,474 compared to a loss of £145,781 in 2023.

Principal risks and uncertainties

The principal risks and uncertainties include the identification and assessment of new business opportunities and the monitoring of the impact of lost business, effect of exchange rate differences and control of expenses.

 

The company continued, within the given time scales, to meet the Financial Conduct Authority targets and deadlines. The cost in time, effort and additional expenses continues to be absorbed in the day to day running of the company.

 

The company has systems in place whereby all Insurance Carriers are approved by the company prior to any risk being placed with them and approved security is regularly revisited, likewise due diligence is conducted on all new clients. In accordance with the regulations, Terms of Business Agreements are in place with Insurance Carriers.

 

The company's financial position is such that there are more than sufficient reserves available to finance current operations and any expansion opportunities which may arise. The company has interest bearing accounts and approved investments and currently does not need financing facilities.

Key performance indicators

The key financial performance indicators (KPIs) are reviewed on a regular basis and include the following:

 

Comparison of actual income to budget

Review of new and lost business

Levels of overhead expenses

Cash flow positions during the year

BMG INSURANCE BROKERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr N W J Andrews
Director
5 February 2025
BMG INSURANCE BROKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of an insurance and reinsurance broker at Lloyd’s of London, combining traditional insurance broking with management of underwriting authorities of which the parent Company is the coverholder.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S A Hall
(Resigned 28 February 2024)
Mr A G Wood
Mr P S Wells
Mr N W J Andrews
Ms BJ Curtis
Mr C Edwards
(Resigned 22 April 2024)
DJ Wojtyczka
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

 

The company's current policy concerning the payment of trade creditors is to:

 

Trade creditors of the company at the year end were equivalent to 30 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Auditor

The auditor, Lawrence Grant LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

BMG INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

BMG INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Risk management

The company's exposure and policies relating to financial risk, price risk, credit risk, liquidity risk and cash flow risk are disclosed below:

 

Financial risk management

The company's activities expose it to a variety of financial risks: liquidity risk, market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), and credit risk.

 

Risk management is carried out by the Finance Director under policies approved by the board of directors. The board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

 

Liquidity risk

The ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company's short, medium and long term funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate

reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

 

An analysis of the company's financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity date is detailed below. The amounts disclosed are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

 

At 31 December 2024:

 

Payable within one month or on demand

Social security and other taxes - £13,764 (2023: £16,944)

 

Payable in more than one month but not exceeding 12 months

Insurance broking creditors - £334,780 (2023: £2,204,050)

Trade creditors - £432 (2023: £22,691)

Amounts owed to group - £217,297 (2023: £107,653)

Accruals and deferred income - £73,798 (2023: £61,715)

Other payables - £2,625 (2023: £Nil)

 

Interest rate risk

Cash and cash equivalents are exposed to interest rate risk. Deposits at banks attract a variable average interest rate of 0.1%.

 

The company manages interest rate risk by monitoring interest rates on a regular basis.

 

Sensitivity analysis

At 31 December 2024, if interest rates relevant to the current account at that date had been 1.0% lower/higher, with all other variables held constant, net loss of the company for the year would have been £957 lower/higher, arising mainly as a result of lower/higher interest income on cash deposits at banks.

BMG INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

Credit risk

Credit risk consists mainly of cash and cash equivalents, trade debtors and receivables from related entities. The company only deposits cash with major banks with high quality credit standing.

 

The company does not consider significant credit risk to arise from its receivables from related entities.

 

The counter parties include high net worth companies and highly regulated entities. Historically, the default rate has been zero.

 

The company's maximum exposure to credit risk at 31 December 2024 is represented by the carrying amounts of cash and cash equivalents at that date.

2024

£

Financial instrument

Trade debtors                  26,350    

Prepayments                  43,505

Deposits              334,780    

Cash and cash equivalents      95,659

 

Foreign exchange risk

The company operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Euro, US Dollar and Pound Sterling. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities.

 

Price risk

The company did not hold any major investments during the year ended 31 December 2024 and is therefore not exposed to price risk.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr N W J Andrews
Director
5 February 2025
BMG INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BMG INSURANCE BROKERS LIMITED
- 7 -
Opinion

We have audited the financial statements of BMG Insurance Brokers Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BMG INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BMG INSURANCE BROKERS LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BMG INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BMG INSURANCE BROKERS LIMITED (CONTINUED)
- 9 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

 

 

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

 

The areas that we identified as being susceptible to misstatement through fraud were:

 

 

We did not identify any matters relating to non-compliance with laws and regulation or relating to fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

BMG INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BMG INSURANCE BROKERS LIMITED (CONTINUED)
- 10 -
P G Levy (Senior Statutory Auditor)
For and on behalf of Lawrence Grant LLP, Statutory Auditor
Chartered Accountants
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom
6 February 2025
BMG INSURANCE BROKERS LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
Revenue
4
632,364
891,552
Gross profit
632,364
891,552
Administrative expenses
(934,341)
(1,075,109)
Operating loss
5
(301,977)
(183,557)
Investment revenues
8
822
811
Finance costs
9
(7,651)
(839)
Loss before taxation
(308,806)
(183,585)
Income tax income
10
73,332
37,804
Loss and total comprehensive income for the year
(235,474)
(145,781)
BMG INSURANCE BROKERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
Non-current assets
Property, plant and equipment
11
-
0
542
Deferred tax asset
16
153,520
80,323
153,520
80,865
Current assets
Trade and other receivables
12
492,465
2,440,698
Cash and cash equivalents
95,659
50,215
588,124
2,490,913
Current liabilities
Trade and other payables
15
642,696
2,413,053
Borrowings
14
-
0
10,000
642,696
2,423,053
Net current (liabilities)/assets
(54,572)
67,860
Non-current liabilities
Borrowings
14
200,000
14,167
Deferred tax liabilities
16
-
0
136
200,000
14,303
Net (liabilities)/assets
(101,052)
134,422
Equity
Called up share capital
18
459,984
459,984
Retained earnings
(561,036)
(325,562)
Total equity
(101,052)
134,422

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

The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
Mr N W J Andrews
Director
Company registration number 04791109 (England and Wales)
BMG INSURANCE BROKERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 January 2023
459,984
(179,781)
280,203
Year ended 31 December 2023:
Loss and total comprehensive income
-
(145,781)
(145,781)
Balance at 31 December 2023
459,984
(325,562)
134,422
Year ended 31 December 2024:
Loss and total comprehensive income
-
(235,474)
(235,474)
Balance at 31 December 2024
459,984
(561,036)
(101,052)
BMG INSURANCE BROKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(123,559)
(233,906)
Interest paid
(7,651)
(839)
Income taxes (paid)/refunded
(1)
26,150
Net cash outflow from operating activities
(131,211)
(208,595)
Investing activities
Interest received
822
811
Net cash generated from investing activities
822
811
Financing activities
Repayment of borrowings
200,000
-
0
Repayment of bank loans
(24,167)
(10,000)
Net cash generated from/(used in) financing activities
175,833
(10,000)
Net increase/(decrease) in cash and cash equivalents
45,444
(217,784)
Cash and cash equivalents at beginning of year
50,215
267,999
Cash and cash equivalents at end of year
95,659
50,215
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

BMG Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 69 Leadenhall Street, City of London, London, England, EC3A 2BG. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

 

The accounting policies adopted by the company for all periods presented are in compliance with the IFRS.

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

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. This will depend on the continued support of the parent and fellow group undertakings. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is measured as per the revenue recognition model under IFRS 15. Management identifies the commission contracts with the underwriters, entity's performance obligations in respect of the insurance agreements, commission rates agreed with the underwriters. allocation of the commission income to the written insurance agreements and portion of the revenue attributable to the satisfaction of claims.

 

Management recognizes the commission income when the specific performance obligations are satisfied at the fair value of the consideration received or receivable that represents the amounts receivable for the performance obligations satisfied in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax.

 

Revenue represents commissions receivable and brokerage fees earned less commissions payable. Part of the revenue is recognized at the time of satisfaction of the performance obligations in respect of the writing of the insurance contracts and issuance of the debit notes. Such performance obligation is considered as satisfied when the insurance contract has been approved by the underwriters.

 

Portion of the commission income is attributable to the settlement of the claims and where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

 

Interest is recognized, in the statement of profit and loss, using the effective interest rate method.

1.4
Property, plant and equipment

Property, plant and equipment 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, fittings and equipment
20% straight line basis
Computer equipment
33% straight line basis
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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 recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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 extent 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents 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
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

For trade receivables, the simplified approach permitted by IFRS 9 is applied, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
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 inventories or non-current assets.

 

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

 

The expected cost of bonus payments is recognised as an expense when there is a legal or constructive obligation to make such payments as a result of past performance.

 

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

In the company's financial statements, a foreign currency transaction is recorded, on initial recognition in Pound Sterling, by applying to the foreign currency amount the spot exchange rate between the functional currency and foreign currency at the date of the transaction.

 

At each statement of financial position date:

- foreign currency monetary items are translated using the closing rate;

- non monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and

- non monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

 

Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period are recognised in profit or loss in the period in which they arise.

 

Cash flows in the company arising from transactions in a foreign currency are recorded in Pound Sterling by applying to the foreign currency amount the exchange rate between the Pound Sterling and the foreign currency at the date of the cash flow.

2
Adoption of new and revised standards and changes in accounting policies

In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:

 

The following amendments are effective for the period beginning 1 January 2024:

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 20 -

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases)

 

On 22 September 2022, the IASB issued amendments to IFRS 16 —Lease Liability in a Sale and Leaseback (the Amendments).

 

Prior to the Amendments, IFRS 16 did not contain specific measurement requirements for lease liabilities that may contain variable lease payments arising in a sale and leaseback transaction. In applying the subsequent measurement requirements of lease liabilities to a sale and leaseback transaction, the Amendments require a seller-lessee to determine ‘lease payments’ or ‘revised lease payments’ in a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use retained by the seller-lessee.

 

These amendments had no effect on the financial statements of the company.

Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants (Amendments to IAS 1)

 

The IASB issued amendments to IAS 1 in January 2020 Classification of Liabilities as Current or Non-current and subsequently, in October 2022 Non-current Liabilities with Covenants.

 

The amendments clarify the following:

 

These amendments have no effect on the classification or disclosure of any items in the financial statements of the company.

Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures)

 

On 25 May 2023, the IASB issued Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures.

 

The amendments require entities to provide certain specific disclosures (qualitative and quantitative) related to supplier finance arrangements. The amendments also provide guidance on characteristics of supplier finance arrangements.

 

These amendments have no effect on the disclosures of any items in the financial statements of the company.

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Adoption of new and revised standards and changes in accounting policies
(Continued)
- 21 -

New standards, interpretations and amendments not yet effective

 

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the company has decided not to adopt early.

 

 

The following amendments are effective for the period beginning 1 January 2025:

 

 

The following amendments are effective for the annual reporting period beginning 1 January 2026:

 

 

The following standards and amendments are effective for the annual reporting period beginning 1 January 2027:

 

 

The company is currently assessing the impact of these new accounting standards and amendments.

 

IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-defined performance measures.

 

The company does not expect to be eligible to apply IFRS 19.

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
3
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

 

The following are the critical judgements, apart from those involving estimations (useful lives of property, plant and equipment), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

 

Revenue recognition

 

Revenue represents commissions receivable and brokerage fees earned less commissions payable. It is recognised at the time of issue of debit notes. These are issued once the insurance contract has been approved by the underwriters. Where claims are ongoing, a proportion of the revenue relating to those claims is carried forward until the claims are settled.

 

Revenue comprises the amounts for goods and services provided in the normal course of business, net of trade discounts and volume rebates, and insurance premium tax. Revenues earned by the company are recognised on the following bases:

 

Sale of goods and services

Sales of goods and services are recognised when significant risks and rewards of ownership of the goods and services have been transferred to the customer, which is usually when the company has sold goods or provided services to the customer, the customer has accepted the goods and services and collectability of the related receivable is reasonably assured.

 

Finance income

Finance income includes interest which is recognised based on an accruals basis.

 

Finance costs

Interest expense and other borrowing costs are charged to the statement of profit or loss as incurred.

 

4
Revenue

Segmental reporting

The revenue and profit before taxation are attributable to the one principal activity of the company. The analysis of revenue by geographical market is given below:

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Revenue
(Continued)
- 23 -
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
-
338,555
Europe
191,223
122,688
Americas
237,170
318,693
Rest of the World
203,971
111,616
632,364
891,552
5
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Depreciation of property, plant and equipment
542
1,059
6
Employees

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

2024
2023
Number
Number
Management
5
4
Claims and administration
3
4
Total
8
8

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
499,786
586,264
Social security costs
56,839
60,294
Pension costs
77,769
35,683
634,394
682,241
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
249,500
335,000
Company pension contributions to defined contribution schemes
36,925
21,251
286,425
356,251
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
160,000
145,000
Company pension contributions to defined contribution schemes
19,173
17,375

The company's key management personnel are considered to be the directors.

8
Investment income
2024
2023
£
£
Interest income
Financial instruments measured at amortised cost:
Other interest income on financial assets
822
811
Income above relates to assets held at amortised cost, unless stated otherwise.
9
Finance costs
2024
2023
£
£
Interest on bank overdrafts and loans
1,207
839
Other interest payable
6,444
-
0
Total interest expense
7,651
839
10
Income tax expense
2024
2023
£
£
Deferred tax
Origination and reversal of temporary differences
(73,332)
(37,804)
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Income tax expense
(Continued)
- 25 -

The charge for the year can be reconciled to the loss per the income statement as follows:

2024
2023
£
£
Loss before taxation
(308,806)
(183,585)
Expected tax credit based on a corporation tax rate of 25.00% (2023: 25.00%)
(77,202)
(45,896)
Effect of expenses not deductible in determining taxable profit
5,274
2,121
Unutilised tax losses carried forward
71,792
24,155
Group relief
-
0
19,355
Capital allowances in excess of depreciation
136
265
Deferred tax
(73,332)
(37,804)
Taxation credit for the year
(73,332)
(37,804)
11
Property, plant and equipment
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023 and 1 January 2024
5,032
18,275
23,307
At 31 December 2024
5,032
18,275
23,307
Accumulated depreciation and impairment
At 1 January 2023
5,032
16,674
21,706
Charge for the year
-
0
1,059
1,059
At 31 December 2023
5,032
17,733
22,765
Charge for the year
-
0
542
542
At 31 December 2024
5,032
18,275
23,307
Carrying amount
At 31 December 2024
-
-
-
0
At 31 December 2023
-
542
542
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
12
Trade and other receivables
2024
2023
£
£
Trade receivables
26,351
137,113
VAT recoverable
73
-
0
Amounts owed by fellow group undertakings
72,837
-
0
Other receivables
349,699
2,204,050
Prepayments
43,505
99,535
492,465
2,440,698

Included in other receivables are deposits of £334,780 (2023: £2,204,050) which relate to funds held in non statutory client money trust bank accounts. The funds in these accounts cannot be used for office purposes. In accordance with the Financial Conduct Authority regulations, the company must withdraw, within twenty five business days, any brokerage income which is included in those funds.

13
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

14
Borrowings
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Borrowings held at amortised cost:
Bank loans
-
10,000
-
14,167
Loans from parent undertaking
-
-
200,000
-
-
0
10,000
200,000
14,167

The loan was a bounce back loan on standard bounce back loan terms and repayable within 5 years.

15
Trade and other payables
2024
2023
£
£
Trade payables
335,212
2,226,741
Amount owed to parent undertaking
4,989
48,376
Amounts owed to fellow group undertakings
212,308
59,277
Accruals
73,798
61,715
Social security and other taxation
13,764
16,944
Other payables
2,625
-
642,696
2,413,053
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Trade and other payables
(Continued)
- 27 -

Trade payables and accruals principally comprise amounts outstanding for trade purchases, insurance broking creditors and ongoing costs. The company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

 

The directors consider that the carrying amount of trade payables approximates to their fair value.

Other receivables and trade creditors include £334,780 (2023: £2,204,050) held in insurers’ trust bank accounts, which is not available to the Company for working capital purposes.

16
Deferred taxation
Liabilities
Assets
2024
2023
2024
2023
£
£
£
£
Deferred tax balances
-
0
136
153,520
80,323
Deferred tax assets are expected to be recovered after more than one year.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
Tax losses
Total
£
£
£
Liability at 1 January 2023
304
-
0
304
Asset at 1 January 2023
-
0
(42,687)
(42,687)
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(168)
(37,636)
(37,804)
Liability at 1 January 2024
136
-
0
136
Asset at 1 January 2024
-
0
(80,323)
(80,323)
Deferred tax movements in current year
Charge/(credit) to profit or loss
(136)
(73,197)
(73,333)
Asset at 31 December 2024
-
0
(153,520)
(153,520)
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,769
35,683

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £Nil (2023: £Nil) were payable to the schemes at the balance sheet date.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
459,984
459,984
459,984
459,984
19
Capital risk management

The company is not subject to any externally imposed capital requirements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20
Related party transactions
BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Related party transactions
(Continued)
- 29 -

1. Transactions with the immediate parent company, Kastor Holdings Limited, were as follows:

 

a. An amount of £4,989 (2023: £48,376) was payable to the parent company at the year end and is included in amount owed to parent undertaking in trade and other payables..

b. A loan amount of £200,000 (2023: £Nil) was due to the parent company and is included in borrowings under non-current liabilities. The loan is a 7 year interest only loan with interest charged at 5% and capital repayable at the end of the loan term. Interest of £6,443 (2023: £Nil) was payable on this loan during the year.

 

2. Transactions with fellow group companies (in the Kastor Holdings Limited group) were as follows:

 

a. During the year, the Company earned commission in the sum of £Nil (2023: £163,015) from a fellow group company. There was an outstanding balance at the year end of £Nil (2023: £37,584) due to the Company. This amount is included in trade receivables.

b. During the year an amount of £105,525 (2023: £Nil) was paid to other group companies in respect of staffing and overhead costs.

c. The Company paid £Nil (2023: £35,553) to a fellow group company for consultancy services.

d. The Company paid £Nil (2023: £30,000) to a fellow group company for office workspace rent.

e. An amount of £212,308 (2023: £59,277) was payable to these companies at the year end and is included in amounts owed to fellow group undertakings in trade and other payables.

f. Management fees of £5,100 (2023: £3,470) were paid to a fellow group company during the year.

g. An amount of £72,836 (2023: £Nil) was receivable from these companies at the year end and is included in amounts owed to fellow group undertakings in trade and other receivables.

21
Controlling party

For the year under review, the immediate parent undertaking was Kastor Holdings Limited, a company registered in the United Kingdom.

 

The ultimate parent company was Zim Integrated Shipping Services Ltd, a company registered in Israel.

 

The smallest group for which BMG Insurance Brokers Limited is a member for which group financial statements are prepared is Kastor Holdings Limited, whose copies can be obtained from 69 Leadenhall Street, City of London, London, England, EC3A 2BG.

 

The largest group for which BMG Insurance Brokers Limited is a member for which group financial statements are prepared is Zim Integrated Shipping Services Ltd, whose copies can be obtained from 9 Andrei Sakharov Street, P.O. Box 15067, Matam, Haifa 3190500, Israel.

 

BMG INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
22
Cash absorbed by operations
2024
2023
£
£
Loss for the year before taxation
(308,806)
(183,585)
Adjustments for:
Finance costs
7,651
839
Investment income
(822)
(811)
Depreciation and impairment of property, plant and equipment
542
1,059
Movements in working capital:
Decrease/(increase) in trade and other receivables
1,948,306
(1,336,333)
(Decrease)/increase in trade and other payables
(1,770,430)
1,284,925
Cash absorbed by operations
(123,559)
(233,906)
23
Analysis of changes in net funds/(debt)
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
50,215
45,444
95,659
Borrowings excluding overdrafts
(24,167)
(175,833)
(200,000)
26,048
(130,389)
(104,341)
1 January 2023
Cash flows
31 December 2023
Prior year:
£
£
£
Cash at bank and in hand
267,999
(217,784)
50,215
Borrowings excluding overdrafts
(34,167)
10,000
(24,167)
233,832
(207,784)
26,048
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