Company registration number 04493658 (England and Wales)
Connect Insurance Brokers Limited
Unaudited financial statements
For the year ended 31 August 2025
Connect Insurance Brokers Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Connect Insurance Brokers Limited
Statement of financial position
As at 31 August 2025
31 August 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
159,824
151,715
Investments
5
3,762
3,762
163,586
155,477
Current assets
Debtors
6
2,093,022
2,486,086
Cash at bank and in hand
641,227
652,084
2,734,249
3,138,170
Creditors: amounts falling due within one year
7
(2,526,347)
(2,866,230)
Net current assets
207,902
271,940
Total assets less current liabilities
371,488
427,417
Provisions for liabilities
(8,800)
(8,300)
Net assets
362,688
419,117
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
362,684
419,113
Total equity
362,688
419,117
Connect Insurance Brokers Limited
Statement of financial position (continued)
As at 31 August 2025
31 August 2025
- 2 -

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 December 2025 and are signed on its behalf by:
Mr W K S Gilroy
Director
Company registration number 04493658 (England and Wales)
Connect Insurance Brokers Limited
Notes to the financial statements
For the year ended 31 August 2025
- 3 -
1
Accounting policies
Company information

Connect Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, Foundry Street, Hanley, Stoke on Trent, Staffordshire, England, ST1 5HE.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed. Usually, turnover from the sale of services is recognised over the period in which the insurance contact is in force.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised over the past 20 years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Fully amortised
Connect Insurance Brokers Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets 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:

Freehold land and buildings
2% on cost
Office furniture and equipment
20% on reducing balance and 33% on cost

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 credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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.

Connect Insurance Brokers Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
1
Accounting policies
(Continued)
- 5 -
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 and bank, 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 paymen ts 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. A m ounts 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.

1.10
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.

1.11
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

1.12
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 stock or fixed assets.

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

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.

Connect Insurance Brokers Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
1
Accounting policies
(Continued)
- 6 -
1.13
Retirement benefits

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

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

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

2025
2024
Number
Number
Total
21
21
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 September 2024 and 31 August 2025
460,000
26,880
486,880
Amortisation and impairment
At 1 September 2024 and 31 August 2025
460,000
26,880
486,880
Carrying amount
At 31 August 2025
-
0
-
0
-
0
At 31 August 2024
-
0
-
0
-
0
Connect Insurance Brokers Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Office furniture and equipment
Total
£
£
£
Cost
At 1 September 2024
159,392
318,365
477,757
Additions
-
0
19,991
19,991
At 31 August 2025
159,392
338,356
497,748
Depreciation and impairment
At 1 September 2024
40,783
285,259
326,042
Depreciation charged in the year
3,188
8,694
11,882
At 31 August 2025
43,971
293,953
337,924
Carrying amount
At 31 August 2025
115,421
44,403
159,824
At 31 August 2024
118,609
33,106
151,715
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
3,762
3,762
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,069,494
2,463,699
Other debtors
23,528
22,387
2,093,022
2,486,086
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
-
0
2,778
Trade creditors
2,510,615
2,721,826
Taxation and social security
12,818
136,398
Other creditors
2,914
5,228
2,526,347
2,866,230
Connect Insurance Brokers Limited
Notes to the financial statements (continued)
For the year ended 31 August 2025
- 8 -
8
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2023
2024
£
£
Adjustments to prior year
Deferred income
-
(170,702)
Equity as previously reported
321,182
589,819
Equity as adjusted
321,182
419,117
Analysis of the effect upon equity
Profit and loss reserves
-
(170,702)
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Deferred income
(170,702)
Profit as previously reported
388,637
Profit as adjusted
217,935
Notes to reconciliation

The prior period adjustment relates to an overstatement in revenue of £170,702, due to a material error in sales cut off recognition. This has had a direct reduction on both the gross profit and net profit figures for the year.

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