REGISTERED NUMBER: 02673202 (England and Wales)

Bircroft Insurance Services Limited

Audited Financial Statements for the Year Ended 30th September 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D M E Cousins

J O Whittingham

REGISTERED OFFICE:

Gallagher, The Walbrook Building,

25 Walbrook,

London

EC4N 8AW

REGISTERED NUMBER:

02673202 (England and Wales)

AUDITORS:

Sheen Stickland

Chartered Accountants

Statutory Auditors

2 Oriel Court

Omega Park

Alton

Hampshire

GU34 2YT

FIXED ASSETS

Tangible assets

4

38,793

54,645

Investments

5

1

1

38,794

54,646

CURRENT ASSETS

Debtors

6

2,738,165

2,039,035

Cash at bank

7

1,298,475

2,233,086

4,036,640

4,272,121

CREDITORS

Amounts falling due within one year

8

3,519,459

3,906,701

NET CURRENT ASSETS

517,181

365,420

TOTAL ASSETS LESS CURRENT LIABILITIES

555,975

420,066

PROVISIONS FOR LIABILITIES

34,977

7,008

NET ASSETS

520,998

413,058

CAPITAL AND RESERVES

Called up share capital

10

250,000

250,000

Retained earnings

11

270,998

163,058

SHAREHOLDERS' FUNDS

520,998

413,058

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th August 2025 and were signed on its behalf by:

J O Whittingham - Director

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention presented in Sterling (£) and rounded to the nearest pound.

The financial statements are prepared on a basis other than going concern.

Turnover

Insurance commissions receivable are shown net of sub-agent commissions and are recognised on the later of the policy inception date and the completion of the process. Where there is an expectation of a future servicing requirement a proportionate element of income relating to the policy is deferred to cover the associated contractual obligation. If there is significant doubt as to whether the business will remain with the company for the full term of the insurance contract, the income arising is retained on the balance sheet and released to the profit and loss on a straight line basis over the life of the contract.

Profit shares are recognised, in the period to which they relate, when the contractual right to the income is established but only to the extent that a reliable estimate of the amount due can be made. Such estimates are made on a prudent basis to reflect the level of uncertainty involved.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Plant and machinery

-

25% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course. of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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.

Hire purchase and leasing commitments

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

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.

Debtors

Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired.

Creditors

Short term creditors ae measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at 30 September 2024. 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.

Client money

The company recognises client money as an asset and an associated liability to the client.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1st October 2023

113,796

312,410

426,206

Additions

-

3,102

3,102

At 30th September 2024

113,796

315,512

429,308

DEPRECIATION

At 1st October 2023

100,245

271,316

371,561

Charge for year

5,440

13,514

18,954

At 30th September 2024

105,685

284,830

390,515

NET BOOK VALUE

At 30th September 2024

8,111

30,682

38,793

At 30th September 2023

13,551

41,094

54,645

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st October 2023

and 30th September 2024

1

NET BOOK VALUE

At 30th September 2024

1

At 30th September 2023

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,581,180

1,892,159

Other debtors

10,333

11,799

Prepayments and accrued income

146,652

135,077

2,738,165

2,039,035

7.	CASH AT BANK

Included in the balance at year end are amounts totalling £1,091,840 (2023: £1,911,253) which are held on client accounts under a non-statutory trust agreement.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,269,097

3,447,631

Amounts owed to group undertakings

1

1

Tax

86,523

115,297

Social security and other taxes

97,943

42,165

Other creditors

-

64,558

Accruals and deferred income

65,895

237,049

3,519,459

3,906,701

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

151,026

234,996

Between one and five years

80,261

177,020

231,287

412,016

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

250,000

Ordinary Shares

1

250,000

250,000

11.

RESERVES

Retained

earnings

£

At 1st October 2023

163,058

Profit for the year

232,940

Dividends

(125,000

)

At 30th September 2024

270,998

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

We draw attention to the Events after the reporting period note 14 given on page 8 of the financial statements which explains that the directors intend to combine business operations within the parent company organisation following the year end. The company therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in the Events after the reporting period note. Our opinion is not modified in respect of this matter

The Report of the Auditors was unqualified.

David Sanders FCA (Senior Statutory Auditor)

for and on behalf of Sheen Stickland.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors of Arthur J. Gallagher & Co, a publically traded company registered in the United States of America, registration number 780509. The immediate parent and controlling entity in the UK is Gallagher Holdings (Uk) Limited registration number 05933192 (England & Wales).

14.	EVENTS AFTER THE REPORTING PERIOD

Bircroft Insurance Services Limited was acquired on 2/4/2025 by Gallagher Holdings (UK) Limited. It is the intention to hive up the assets of the company and trade and therefore the accounts are prepared on a basis other than going concern. A date for the transfer has not been finalised at the date of these financial statements approval. The directors considered the accounting treatment of items contained within the financial statements and as the trade will continue there are no material changes to items as a result.