| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 |
| FOR |
| J.B. BODA & CO. (UK) LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 |
| FOR |
| J.B. BODA & CO. (UK) LIMITED |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Statement of Comprehensive Income | 7 |
| Statement of Financial Position | 8 |
| Statement of Changes in Equity | 9 |
| Statement of Cash Flows | 10 |
| Notes to the Financial Statements | 11 |
| J.B. BODA & CO. (UK) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| 1 Doughty Street |
| London |
| WC1N 2PH |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| The directors present their strategic report for the year ended 31st March 2025. |
| THE COMPANY |
| J B Boda & Co. (UK) Ltd. is subsidiary of J B Boda Group, head quartered in Mumbai, India. It is a private company limited by shares, and is incorporated in England & Wales.The financial statements cover this company only, and have been prepared in GBP, and on the going concern basis. |
| PRINCIPAL ACTIVITY |
| The principal activity is that of reinsurance broking. The company's client base spreads across Asia, Africa, Caribbean and the Middle East, and its strategy continues to be the development of reinsurance business in these areas. |
| REVIEW OF BUSINESS |
| The company's key performance indicators are as follows: |
| 2025 | 2024 |
| £ | £ |
| Revenue | 2,824,863 | 2,627,964 |
| Expenses | 2,650,456 | 2,344,192 |
| Profit before tax | 199,366 | 310,837 |
| Net Assets | 3,531,027 | 3,475,161 |
| Dividends paid | 50,000 | 50,000 |
| Revenue per employee | 282,486 | 218,997 |
| Overall, revenue and expenses are in line with management's expectations. |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Business Interruption Risk |
| Risk of business interruption due to natural, terrorist or market events is ever present. Appropriate IT systems are in place to secure data and ensure uninterrupted service to clients. Our IT systems and support continue to live to our expectations which has enabled us to maintain business continuity as normal. |
| Liquidity Risk |
| Managing this risk means maintaining sufficient cash and availability of adequate funding resources at all times. This is done by regular checks by the management. |
| Procedures are in place to closely monitor approved banks and fees and commissions received are withdrawn based on client money calculation in accordance with Financial Conduct Authority client money rules (CASS 5). |
| J B Boda & Co. (UK) Ltd. is debt free and has adequate reserves that enables it to continue to smoothly operate as a going concern, both over short term as well medium term. |
| Currency Risk |
| As the company's expenses are in GBP but the majority of its income is in foreign currency (USD), it is exposed to exchange rate risk. In view of the small size of its business portfolio, the company does not deem it appropriate to use tools like 'forward contracts', 'derivatives' etc. to mitigate this risk. |
| Legal and Regulatory Risk |
| J B Boda & Co. (UK) Ltd. handles large number of complex reinsurance contracts and is exposed to the risk of involvement in legal disputes arising out of alleged errors and omissions and non-compliance with regulations. |
| Directors are satisfied that adequate procedures are in place to avoid errors and omissions, and any non- compliance issues arising. These risks are appropriately insured. |
| Future Developments |
| J. B. Boda & Co. (UK) Ltd. believes in its future as an independent broker providing service with integrity to its clients who value its role as a trusted partner for best advice and service. The Board continues its quest to expand in countries where the company's niche expertise can be brought into play and to increase territorial diversification. |
| ON BEHALF OF THE BOARD: |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| The directors present their report with the financial statements of the company for the year ended 31st March 2025. |
| DIVIDENDS |
| A final dividend of £50,000 was paid during the year (2024: £50,000) |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st April 2024 to the date of this report. |
| GOING CONCERN |
| The directors gave due consideration to the going concern and liquidity risk guidance issued by the Financial Reporting Council and have assessed the risks and uncertainties likely to affect the company. |
| Following their assessment, the Directors have a reasonable expectation that the company has adequate resources to enable it to continue in existence for a period of at least 12 months from the date the financial statements are authorised for issue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, the directors are required to: |
| - select suitable accounting policies and then apply them consistently; |
| - make judgements and accounting estimates that are reasonable and prudent; |
| -state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and |
| - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, PSJ Alexander & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| J.B. BODA & CO. (UK) LIMITED |
| Opinion |
| We have audited the financial statements of J.B. Boda & Co. (UK) Limited (the 'company') for the year ended 31st March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31st March 2025 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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 the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| 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 Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| J.B. BODA & CO. (UK) LIMITED |
| Responsibilities of directors |
| As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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. |
| Auditors' 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - | we reviewed the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations that have a direct effect on the financial statements; |
| - | we enquired with the management team concerning actual and potential litigation and claims; |
| - | we performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - | we reviewed correspondence with regulators for any instances of non-compliance with laws and regulations |
| - | we read minutes of meetings of those charged with governance; |
| - | we obtained an understanding of any provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
| - | we addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business |
| Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditors |
| 1 Doughty Street |
| London |
| WC1N 2PH |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| STATEMENT OF COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Administrative expenses |
| 174,407 | 284,559 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 199,366 | 311,614 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| STATEMENT OF FINANCIAL POSITION |
| 31ST MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 13 | ( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Share premium | 17 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1st April 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31st March 2024 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31st March 2025 |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| STATEMENT OF CASH FLOWS |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 21 |
| Interest element of hire purchase or finance lease rental payments paid |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year |
| Capital repayments in year | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| (Decrease)/increase in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year | 22 | 1,394,183 |
| Cash and cash equivalents at end of year | 22 | 1,318,454 | 1,738,152 |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| The Company is a private company limited by shares, registered in England and Wales and under the Companies Act 2006. The registered office address is New London House, 6 London Street, London EC3R 7LQ. |
| The principal activity of the company during the year was that of reinsurance broking. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. |
| The estimates and assumptions used in the accompanying financial statements are based upon management's evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. |
| Information about estimation uncertainties that may have a significant risk of resulting in a material adjustment within the next financial year are: |
| Tangible fixed assets - the residual values of the fixed assets (excluding land) are reviewed annually after considering the remaining life of the asset and projected disposal values. The estimation of the useful lives is based on historic performance as well as expectation about future use and, therefore, requires a degree of judgement to be applied. The depreciation rates represent management's current best estimate of the useful lives of the assets. A material change in these estimates may significantly impact the carrying values of these assets. |
| The company has had very little experience of bad debts due to the nature of its customers but its judgement that credit risk is low is also a significant estimate. |
| Turnover |
| Revenue consists of brokerage, commission and fees for the arrangement of insurance. |
| Commission revenue is recognised on the effective date that the insurance policy commences to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
| Representation fees are recognised rateably over the period in which the service is provided. |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Fixed asset investments |
| Fixed asset investments are carried at market value, based on the the value the shares are being traded on quoted exchanges. |
| Insurance broking assets |
| The company acts as agent in broking insurable risks of clients. In carrying out this act the Company holds balances on behalf of clients and insurance companies. The company co-mingles monies defined as belonging to clients and monies defined as belonging to insurer in segregated bank accounts that are subject to either a statutory or a non-statutory trust. |
| Notwithstanding the legal relationship with clients and insurance companies, the Company has followed the recognition criteria of FRS 102 by not recognising gross assets, gross creditors and cash relating to insurance business on its Statement of Financial Position. Instead these balances are disclosed in the notes to the accounts, and the Statement of Financial Position shows the Net insurance balances (note 11) payable to the Company. |
| Provisions |
| Provisions for dilapidation and reinstatement costs in respect to leased properties are recognised when the Company has a legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and a reliable estimate of the amount can be made. |
| The carrying amount of any provision is reviewed at each reporting date and adjusted to reflect management's current best estimate. Estimates are initially based on the appropriate reports from independent quantity surveyors and are annually revised to reflect inflationary and other changes by management. Changes in provisions are recognised in profit or loss for the period, except where they relate to the initial recognition of a related asset, in which case they are added to the carrying amount of the asset and depreciated over its useful life or the remaining lease term, whichever is shorter. |
| Going concern |
| The directors gave due consideration to the going concern and liquidity risk guidance issued by the Financial Reporting Council and have assessed the risks and uncertainties likely to affect the company. |
| Following their assessment, the Directors have a reasonable expectation that the company has adequate resources to enable it to continue in existence for a period of at least 12 months from the date the financial statements are authorised for issue. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| 2025 | 2024 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 2025 | 2024 |
| £ | £ |
| Caribbean | 864,394 | 846,471 |
| South Asia | 1,117,053 | 845,155 |
| Europe | 535,668 | 527,729 |
| Africa | 301,165 | 388,286 |
| Other markets | 6,583 | 20,323 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2025 | 2024 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2025 | 2024 |
| Broking related | 5 | 5 |
| Support staff | 5 | 7 |
| 2025 | 2024 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2025 | 2024 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2025 | 2024 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts or finance leases |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Auditors remuneration |
| Auditors' remuneration for non audit work |
| Foreign exchange differences |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2025 | 2024 |
| £ | £ |
| Hire purchase |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2025 | 2024 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred taxation |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2025 | 2024 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods |
| Deferred tax on timing differences | 82,500 | - |
| Total tax charge | 93,500 | 86,929 |
| 8. | DIVIDENDS |
| 2025 | 2024 |
| £ | £ |
| Ordinary shares of £1.00 each |
| Final |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 9. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and |
| leasehold | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1st April 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31st March 2025 |
| DEPRECIATION |
| At 1st April 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31st March 2025 |
| NET BOOK VALUE |
| At 31st March 2025 |
| At 31st March 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| Listed |
| investments |
| £ |
| COST |
| At 1st April 2024 |
| and 31st March 2025 |
| NET BOOK VALUE |
| At 31st March 2025 |
| At 31st March 2024 |
| 11. | DEBTORS |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: |
| Other debtors |
| Net Insurance Broking Assets | 910,611 | 804,579 |
| VAT |
| Accrued Income | 1,167,372 | 985,133 |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 11. | DEBTORS - continued |
| Net Insurance Broking Assets |
| 2025 | 2024 |
| £ | £ |
| Net Broking Debtors | 297,297 | 241,490 |
| Insurance bank balance | 3,101,272 | 2,734,128 |
| Total Insurance Broking Assets | 3,398,569 | 2,975,618 |
| Less: Insurance Broking Liabilities | (2,487,958 | ) | (2,171,039 | ) |
| Net Insurance Broking Assets | 910,611 | 804,579 |
| Insurance balances are held in Non-Statutory Trust accounts with the Company as Trustee. The assets and liabilities are the property of the Trust and are therefore not included within the Statement of Financial Position of the Company. |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Taxation |
| Other creditors |
| Accrued expenses |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other creditors |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 15. | PROVISIONS FOR LIABILITIES |
| 2025 | 2024 |
| £ | £ |
| Deferred taxation | 92,000 | 9,500 |
| Other provisions | 17,000 | - |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 15. | PROVISIONS FOR LIABILITIES - continued |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1st April 2024 |
| Provided during year |
| Balance at 31st March 2025 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary | £1.00 | 1,005,378 | 1,005,378 |
| 17. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1st April 2024 | 2,469,783 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31st March 2025 | 2,525,649 |
| 18. | PENSION COMMITMENTS |
| The company operates a defined contribution pension plan for its employees including directors. The amount recognised as an expense in the period is disclosed in Note 4. |
| 19. | RELATED PARTY DISCLOSURES |
| During the year, the company undertook the following transactions with other related undertakings with common directors and/or shareholders: |
| 2025 | 2024 |
| £ | £ |
| Brokerage income | 561,342 | 455,673 |
| Balance due to/from connected parties | (176,803 | ) | - |
| 20. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate parent company is J.B. Boda & Company (Pvt) Limited, which is registered in India. The controlling party is the J.B. Boda Family. |
| J.B. BODA & CO. (UK) LIMITED (REGISTERED NUMBER: 00564536) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2025 |
| 21. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2025 | 2024 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Gain on revaluation of fixed assets | - | (1,455 | ) |
| Finance costs | - | 777 |
| Finance income | (24,959 | ) | (15,877 | ) |
| 215,030 | 292,252 |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 22. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31st March 2025 |
| 31/3/25 | 1/4/24 |
| £ | £ |
| Cash and cash equivalents | 1,318,454 | 1,738,152 |
| Year ended 31st March 2024 |
| 31/3/24 | 1/4/23 |
| £ | £ |
| Cash and cash equivalents | 1,738,152 | 1,394,183 |
| 23. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/4/24 | Cash flow | At 31/3/25 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,738,152 | (419,698 | ) | 1,318,454 |
| 1,738,152 | ( |
) | 1,318,454 |
| Total | 1,738,152 | (419,698 | ) | 1,318,454 |