Company No: 07184645 (England and Wales)

Contents

• Company Information
• Director's Report
• Accountants' Report
• Statement of Income and Retained Earnings
• Balance Sheet
• Notes to the Financial Statements
• Detailed Profit and Loss Account

DIRECTOR

Mr R J Gibson

REGISTERED OFFICE	88-89 High Street
	Winchester
	SO23 9AP
	United Kingdom

COMPANY NUMBER

07184645 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Hitchcock House
	Hilltop Park
	Devizes Road
	Salisbury
	Wiltshire SP3 4UF

The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2026.

PRINCIPAL ACTIVITIES

The principal activity of the Company during the financial year was that of insurance broker.

DIRECTOR

The director, who served during the financial year and to the date of this report except as noted, was as follows:

Mr R J Gibson

This Director's Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.

Approved and signed by:

Mr R J Gibson Director

88-89 High Street
Winchester
SO23 9AP
United Kingdom

03 June 2026

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of City Broking Limited for the financial year ended 31 March 2026 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes 1 to 10 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 at www.icaew.com/regulation.

This report is made solely to the Director of City Broking Limited, as a body, in accordance with the terms of our engagement letter dated 11 August 2025. Our work has been undertaken solely to prepare for your approval the financial statements of City Broking Limited and state those matters that we have agreed to state to the director of City Broking Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City Broking Limited and its Director as a body for our work or for this report.

It is your duty to ensure that City Broking Limited 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 City Broking Limited. You consider that City Broking Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of City Broking Limited. 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.

Francis Clark LLP
Chartered Accountants

Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF

03 June 2026

	Note	2026		2025
		£		£
Turnover		1,010,394		1,262,030
Administrative expenses		( 1,026,640)		( 1,182,525)
Operating (loss)/profit		( 16,246)		79,505
Interest receivable and similar income		157,269		147,732
Profit before taxation		141,023		227,237
Tax on profit		( 8,424)		( 26,103)
Profit for the financial year		132,599		201,134
Retained earnings at the beginning of financial year		5,217,848		5,061,714
Profit for the financial year		132,599		201,134
Dividends declared and paid		( 45,000)		( 45,000)
Retained earnings at the end of financial year		5,305,447		5,217,848

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	5	232,898		246,614
		232,898		246,614
Current assets
Debtors	6	34,199		51,537
Cash at bank and in hand		5,282,651		5,237,244
		5,316,850		5,288,781
Creditors: amounts falling due within one year	7	( 110,990)		( 180,770)
Net current assets		5,205,860		5,108,011
Total assets less current liabilities		5,438,758		5,354,625
Provision for liabilities		( 33,311)		( 36,777)
Net assets		5,405,447		5,317,848
Capital and reserves
Called-up share capital	8	100		100
Share premium account		99,900		99,900
Profit and loss account		5,305,447		5,217,848
Total shareholder's funds		5,405,447		5,317,848

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A – small entities.

The financial statements of City Broking Limited (registered number: 07184645) were approved and authorised for issue by the Director on 03 June 2026. They were signed on its behalf by:

Mr R J Gibson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

City Broking Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 88-89 High Street, Winchester, SO23 9AP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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

When cash inflows are deferred and represent a financing agreement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	15 % reducing balance
Office equipment	15 % reducing balance
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

At the 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset(or cash-generating unit) is estimated to be less than its carrying amount , the carrying amount of the asset(or cash-generating unit), is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and a 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.

Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	15		18

3. Tax on profit

	2026		2025
	£		£
Current tax on profit
UK corporation tax	37,721		57,594
Over provision in previous years	( 25,831)		( 30,885)
Total current tax	11,890		26,709
Deferred tax
Origination and reversal of timing differences	( 3,466)		( 606)
Total deferred tax	( 3,466)		( 606)
Total tax on profit	8,424		26,103

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2025	1,000,000		1,000,000
At 31 March 2026	1,000,000		1,000,000
Accumulated amortisation
At 01 April 2025	1,000,000		1,000,000
At 31 March 2026	1,000,000		1,000,000
Net book value
At 31 March 2026	0		0
At 31 March 2025	0		0

5. Tangible assets

	Land and buildings		Plant and machinery		Office equipment		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 April 2025	241,888		33,517		209,910		20,488		505,803
At 31 March 2026	241,888		33,517		209,910		20,488		505,803
Accumulated depreciation
At 01 April 2025	54,431		22,173		162,097		20,488		259,189
Charge for the financial year	4,841		1,703		7,172		0		13,716
At 31 March 2026	59,272		23,876		169,269		20,488		272,905
Net book value
At 31 March 2026	182,616		9,641		40,641		0		232,898
At 31 March 2025	187,457		11,344		47,813		0		246,614

6. Debtors

	2026		2025
	£		£
Trade debtors	26,817		39,238
Other debtors	7,382		12,299
	34,199		51,537

7. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	15,097		21,119
Taxation and social security	51,622		69,013
Other creditors	44,271		90,638
	110,990		180,770

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Retirement benefit schemes

Defined contribution schemes

	2026		2025
	£		£
Charge to profit or loss in respect of defined contribution schemes	17,831		12,833

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independent administered fund.

10. Related Party Transactions

	2026		2025
	£		£
Advances	16,642		20,423
Repayments	(16,642)		(20,423)
	0		0

The outstanding loans are subject to interest at the HMRC official rate, unsecured, and repayable on demand.

	2026		2025
	£		£
Turnover
Sales	1,003,977		1,261,447
Rental revenue	6,417		583
	1,010,394		1,262,030
Administrative expenses
Wages and salaries	( 587,119)		( 660,285)
Pensions	( 17,831)		( 13,433)
Director's salary	( 10,000)		( 10,000)
Director's pension	( 60,000)		( 60,000)
Staff training and welfare	( 5,564)		( 3,423)
Travel and subsistence	( 2,582)		( 1,133)
General office	( 17,608)		( 21,874)
Rent	( 103,672)		( 103,287)
Light and heat	( 10,362)		( 10,751)
Cleaning	( 5,569)		( 6,091)
Computer expenses	( 59,700)		( 69,046)
Internet, telephone and fax	( 15,855)		( 18,836)
Printing, postage and stationery	( 12,986)		( 19,921)
Bank charges	( 29,193)		( 39,350)
Insurance	( 5,475)		( 9,372)
Depreciation	( 13,715)		( 14,042)
Motor expenses	( 6,033)		( 6,690)
Repairs and maintenance	( 5,468)		( 12,840)
Accountancy fees	( 7,774)		( 7,159)
Legal and professional fees	( 4,283)		( 22,943)
Advertising and PR	( 42,450)		( 67,877)
Staff entertainment	( 1,195)		( 2,343)
Client entertainment	( 1,607)		( 1,829)
Sundry expenses	( 599)		0
	(1,026,640)		(1,182,525)
Operating (loss)/profit	( 16,246)		79,505
Interest receivable and similar income
Other interest receivable	157,269		147,732
Profit before taxation	141,023		227,237