KGJ Insurance Brokers (Stourbridge) Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 00948748 (England and Wales)

KGJ INSURANCE BROKERS (STOURBRIDGE) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr J B Donnelly

Mr A R Passey

Mr S L Pearson

Mr M H Wood

SECRETARY:

Mr M H Wood

REGISTERED OFFICE:

2/4 Hagley Road

Stourbridge

West Midlands

DY8 1QG

REGISTERED NUMBER:

00948748 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KGJ Insurance Brokers (Stourbridge) Ltd for the year ended 30 April 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of KGJ Insurance Brokers (Stourbridge) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KGJ Insurance Brokers (Stourbridge) Ltd and state those matters that we have agreed to state to the Board of Directors of KGJ Insurance Brokers (Stourbridge) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KGJ Insurance Brokers (Stourbridge) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that KGJ Insurance Brokers (Stourbridge) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KGJ Insurance Brokers (Stourbridge) Ltd. You consider that KGJ Insurance Brokers (Stourbridge) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KGJ Insurance Brokers (Stourbridge) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

15 July 2025

FIXED ASSETS

Intangible assets

4

9,475

18,950

Tangible assets

5

38,603

44,022

Investments

6

256,985

237,106

305,063

300,078

CURRENT ASSETS

Debtors

7

409,077

368,117

Cash at bank and in hand

146,542

116,457

555,619

484,574

CREDITORS

Amounts falling due within one year

8

452,120

385,840

NET CURRENT ASSETS

103,499

98,734

TOTAL ASSETS LESS CURRENT
LIABILITIES

408,562

398,812

PROVISIONS FOR LIABILITIES

23,557

33,610

NET ASSETS

385,005

365,202

CAPITAL AND RESERVES

Called up share capital

1,000

Share premium

9,900

Capital redemption reserve

332

Retained earnings

373,773

353,970

SHAREHOLDERS' FUNDS

385,005

365,202

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2025 and were signed on its behalf by:

Mr M H Wood - Director

1.	STATUTORY INFORMATION

KGJ Insurance Brokers (Stourbridge) Ltd 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents commission and brokerage earned on insurance placed with insurance companies for the general public during the year.

Commission and fees, less an appropriate provision for anticipated future rebates, are based on premiums received and paid to the insurance companies. They are recognised in the profit and loss account at the date of the transaction.

Goodwill

Acquired goodwill has been written off in equal annual installments over its estimated useful life of 3 years.

Intangible assets

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

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

COST

At 1 May 2024

and 30 April 2025

151,690

28,425

180,115

AMORTISATION

At 1 May 2024

151,690

9,475

161,165

Amortisation for year

-

9,475

At 30 April 2025

151,690

18,950

170,640

NET BOOK VALUE

At 30 April 2025

-

9,475

At 30 April 2024

-

18,950

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 May 2024

88,343

145,290

4,842

238,475

Additions

-

5,274

At 30 April 2025

88,343

145,290

10,116

243,749

DEPRECIATION

At 1 May 2024

79,527

110,489

4,437

194,453

Charge for year

1,324

8,701

668

10,693

At 30 April 2025

80,851

119,190

5,105

205,146

NET BOOK VALUE

At 30 April 2025

7,492

26,100

5,011

38,603

At 30 April 2024

8,816

34,801

405

44,022

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 May 2024

237,106

Additions

73,728

Disposals

(34,822

)

Revaluations

(19,027

)

At 30 April 2025

256,985

NET BOOK VALUE

At 30 April 2025

256,985

At 30 April 2024

237,106

Cost or valuation at 30 April 2025 is represented by:

Other

investments

£

Valuation in 2025

(19,027

)

Valuation in 2024

1,739

Valuation in 2023

(6,640

)

Valuation in 2022

(23,156

)

Valuation in 2021

93,234

Cost

210,835

256,985

Listed investments

Included within investments are listed investments totalling £252,485. These are carried at market value as at the balance sheet date.

Unlisted investments

Included within investments are unlisted investments of £4,500. The directors consider that the carrying amount of financial assets carried at amortised cost in the financial statements is approximate to their fair value.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

402,074

361,845

Other debtors

7,003

6,272

409,077

368,117

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

349,320

322,417

Amounts owed to group undertakings

6,376

-

Taxation and social security

34,374

33,756

Other creditors

62,050

29,667

452,120

385,840

9.	PARENT COMPANY

The parent company is Wood Properties 2014 Limited, registered in England and Wales. The registered office address is 2/4 Hagley Road, Stourbridge, West Midlands, DY8 1 QG.