The directors present the strategic report for the year ended 31 March 2026.
Bridge Insurance Brokers Limited (Bridge) is a leading independent corporate insurance broker with offices in Manchester and London.
Established in 1970, we are a trusted business partner to our clients and a valued contributor to the insurance market, our long term success resulting from our client centric approach, strong management and a consistent focus on key strategic areas of the business, delivering growth both organically and through selective acquisition over the years.
Our vision for the future is to maintain this strategy, building on our USP as an Independent Broker in a consolidating market, whilst embracing new technologies to improve corporate efficiency, enhance the Bridge service offering to our clients and create new market and route to market opportunities.
In so doing, we know that success cannot be achieved without the trust in the people we employ and the support of the clients we serve, and the relationships we have developed with underwriters.
Committed to the highest standards, we are authorised and regulated by the Financial Conduct Authority (FCA) in respect of insurance mediation activities; Firm Reference Number 308815. We are also members of the British Insurance Brokers’ Association and are Chartered Insurance Brokers. Bridge is very highly regarded among local, national and international professional and business circles and enjoys an enviable reputation for technical excellence which sets us apart from our competitors.
Our clients value the high quality of our service and as a result many have long term relationships with us, allowing us to enjoy one of the highest retention rates in the industry.
Through offering professional advice, technical excellence, high quality service and commercial awareness, we look to contribute to the success, profitability and post-loss business continuity of our clients.
The Board are pleased to report net profit before tax of £640k for the year to March 26 delivered on Turnover of £19m and Gross Profit (after pay-aways) of £13.4m, reflecting a 5% operating return.
Year on year Turnover growth was pleasing at 5% despite the downward pressure of the soft market during the second half of the year; this growth being derived from our investments in London and Wholesale, ongoing strength in FlatGuard and International sectors and margin improvement across our general insurance lines. The ongoing headwinds of the soft market and associated downward pressure on earnings are expected to continue throughout 26/27.
Meanwhile costs grew by 6% in the year, with wage inflation, IT and shareholder / sale related costs being the main contributing factors as we maintained our steadfast focus on compliance, IT security and development in the ever changing regulatory and risk environment.
Within this, headcount remained flat, reflecting an 6% increase in income per head.
The Directors believe that the operating company moves into 2026/27 in good trading shape, as it announces its post year end sale to AJG on 15th April 26; and will have another successful year under their new ownership.
A summary of the operational financials for the period is detailed as follows accordingly:
| 2026 | 2025 | |
| £'000 | £'000 | |
Turnover |
| 19,008 | 18,142 |
Gross profit (net retained fees and commission) |
| 13,414 | 13,515 |
Net profit before tax |
| 468 | 1,052 |
The balance sheet on page 10 shows shareholders’ funds increasing in line with retained profits to £3,107,062 (2025: £3,176,450). | |||
| |||
Operational Statistics |
| 2026 | 2025 |
Headcount |
| 112 | 112 |
Income per head (£'000s) |
| 170 | 160 |
Retention rate % (non-scheme) |
| 93 | 87 |
The directors, management executive and senior employees are responsible on an ongoing basis for identifying and evaluating significant business and regulatory risks within their areas of responsibility, for developing suitable controls and for taking mitigating action where appropriate. They report regularly to the Board of Directors to enable them to review the potential impact of these risks.
The Board is satisfied that the major risks identified have been adequately mitigated where necessary.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies
which must fulfil credit rating criteria approved by the Board.
Compliance risk
There is a level of uncertainty around a rapidly changing regulatory environment, which is managed through
maintaining a robust governance structure and compliance framework.
IT risk
There is a general increase in cyber threats and risks facing any financial services business which is managed
through maintaining a robust IT security infrastructure, policy and procedural framework.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 March 2026.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £400,000. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Cobac Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We obtained an understanding of laws and regulations that affect the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.
Where considered necessary we enquired of those charged with governance, reviewed correspondence and reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.
We gained an understanding of the controls environment which includes the controls in place to prevent and detect fraud. We enquired of those charged with governance about any incidences of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.
We reviewed financial statements disclosures to assess compliance with relevant laws and regulations.
We enquired of those charged with governance about actual and potential litigation and claims.
We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £573,527 (2025 - £400,000 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Cobac Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.
The group consists of Cobac Holdings Limited and all of its subsidiaries.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures.
The consolidated group financial statements consist of the financial statements of the parent company Cobac Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the total amount of commission and fees earned in the year with reference to commencement date of the insurance policy taken out by clients and is stated before introducer payments, commission sharing arrangements and other payaways which are reflected in cost of sales. Turnover also includes overrider premiums, which are recognised on a receivable basis.
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 recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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.
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 group after deducting all of its 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.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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 leased asset are consumed.
Insurance transactions assets and liabilities
Funds received in respect of insurance transactions are held in a statutory trust client bank account, together with certain funds received under risk transfer agreements where permission exists to co-mingle the funds and treat them as client money. Client bank account balances, debtors in respect of these transactions and the matching insurer liabilities are reflected on the balance sheet and shown net of fees and commissions receivable, which are included in trade debtors. Details of these amounts are shown in the notes to the financial statements. Interest credited to client bank accounts is recognised and reflected as interest receivable in these financial statements where the company has the right to such interest in accordance with the terms of business agreed with clients and insurers.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The directors have reviewed the trading balances owing to the business from its customers and made adequate provision for any debts where it is considered probable that the amount will not be recovered. The amounts would otherwise have been recognised in trade debtors.
The directors have applied their knowledge of the operations of the business in determining a reasonable proportion of income to defer into future accounting periods.
The directors have reviewed the loan balances issued to related parties and made adequate provision where there is uncertainty around the recoverability of the balance. The amounts would otherwise be recognised in amounts due from related parties.
Exceptional items include an expense of £171,784 (2025: £621,248) in respect of a provision made against related party loans where it is deemed that the recoverability of the balance is uncertain in the year.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Other fixed asset investments represent the company's investment in 5% of the preference B shares of CHF 5,000 each of Brokerslink Management AG, a company incorporated in Switzerland.
Details of the company's subsidiaries at 31 March 2026 are as follows:
During the prior year, a provision was made against the debtor due after one year. See note 4 for more detail.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.
The following are the major deferred tax liabilities and assets recognised by the group and company:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
On April 15, 2026, the parent company sold its trading business as 100% share sale for an undisclosed sum. This transaction is classified as a non-adjusting post balance sheet event under FRS 102 Section 32. The sale does not impact the financial statements for the year ended March 31, 2026, as it occurred after the reporting period. The company continues to assess its ability to operate as a going concern following this sale. This note ensures transparency regarding the sale and its implications, adhering to the requirements of FRS 102.
In addition, the group advanced loans totalling £100,000 (2025: £96,000) to Bridge-Ipro Limited in the year. At the balance sheet date, £nil (2025: £nil) was owed to the company by Bridge-Ipro Limited in respect of the loan and is presented within other debtors, net of an impairment provision of £171,784 (2025: £529,333).