REGISTERED NUMBER: 06937112 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

HISL Brokers Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P S Kerner

S J Maclean

R J Tee

SECRETARY:

Avantis Services Limited

REGISTERED OFFICE:

124 City Road

London

EC1V 2NX

REGISTERED NUMBER:

06937112 (England and Wales)

CURRENT ASSETS

Debtors

4

1,455,469

2,107,401

Cash at bank

1,119,138

1,513,191

2,574,607

3,620,592

CREDITORS

Amounts falling due within one year

5

2,279,155

3,269,062

NET CURRENT ASSETS

295,452

351,530

TOTAL ASSETS LESS CURRENT LIABILITIES

295,452

351,530

CAPITAL AND RESERVES

Called up share capital

200,000

200,000

Retained earnings

95,452

151,530

295,452

351,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2025 and were signed on its behalf by:

R J Tee - Director

1.	STATUTORY INFORMATION

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

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

The Directors consider that the Company has adequate resources to enable it to operate for a period of at least 12 months from the date of signing these financial statements. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year mainly relates to trade and other receivables.

The Directors have used historic recoverability as a basis for its estimates and assumptions of the future recovery of the trade and other receivables due at the end of the reporting period. The Directors also note that the trade and other receivables have directly attributable trade and other payables which would reduce the net material impact to the Company as the result of any adjustment.

Income recognition

Income is measured at fair value of the consideration received or receivable and represents the amount receivable for services rendered. net of returns, discounts and rebates allowed by the Company.

The Company recognises revenue when (a) the amount of revenue can be measured reliably; (b) it is probable that the economic benefits associated with the transaction will flow to the entity, (c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; and (d) the costs incurred for the transaction and the cost to complete transaction cab be measured reliably.

Income consists principally of insurance brokerage commissions and is recognised in the Statement of Comprehensive income on an accrual basis.

Financial instruments

Financial assets

Basic financial assets, including debtors, cash and cash equivalents, are initially recognised at fair value plus directly related incremental transaction costs.

Trade and other receivables relate to amounts owed fo the brokering insurance. Trade and other receivables are classified as becoming due and receivable within one year if receipt is due within one year or less. If not, they are presented as becoming due and receivable after more than one year.

Such assets are subsequently measured at amortised costs less impairment.

At the end of each reporting period,financial assets measured at amortised cost are assessed for objective evidence of impairment. The impairment losses are the difference between the carrying amount and the present value. The impairment losses are recognised as impairment of financial instruments in the Statement of Comprehensive Income.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the assets are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the assets has been transferred to another party who has the practical ability to unilaterally sell the assets to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including creditors, trade and other payables, amounts owed to affiliated undertakings and other creditors are initially recognised at transaction price.

Creditors, trade and other payables are obligations to pay for client insurance contracts and broking introduction commissions. Creditors, trade and other payables are classified as becoming due and payable within one year if payment is due within one year or less. If not, they are presented as becoming due and payable after more than one year. Basic financial liabilities are subsequently measured at amortised cost.

Debt instruments initially measured at present value of future cashflows and subsequently measured at amortised cost using effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Due from clients & agents

1,309,387

2,040,539

Amounts owed by group undertakings

42,258

-

Other debtors

103,824

66,862

1,455,469

2,107,401

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

38,601

22,669

Due to insurers & introducers

2,097,330

3,141,100

Amounts owed to group undertakings

-

37,105

Other creditors

143,224

68,188

2,279,155

3,269,062

6.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Amounts owed to group undertakings are interest free and repayable on demand.