Company registration number 07182252 (England and Wales)
BRUNEL INSURANCE BROKERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BRUNEL INSURANCE BROKERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
BRUNEL INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
178,540
184,110
Investments
5
2,371,099
2,472,756
2,549,639
2,656,866
Current assets
Debtors
6
822,685
522,913
Cash at bank and in hand
510,487
369,898
1,333,172
892,811
Creditors: amounts falling due within one year
7
(1,095,622)
(1,158,742)
Net current assets/(liabilities)
237,550
(265,931)
Total assets less current liabilities
2,787,189
2,390,935
Creditors: amounts falling due after more than one year
8
(4,091,667)
(2,653,333)
Provisions for liabilities
(22,754)
Net liabilities
(1,304,478)
(285,152)
Capital and reserves
Called up share capital
9
67
67
Share premium account
923,006
923,006
Profit and loss reserves
(2,227,551)
(1,208,225)
Total equity
(1,304,478)
(285,152)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BRUNEL INSURANCE BROKERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2022 and are signed on its behalf by:
R A Lane
Director
Company Registration No. 07182252
BRUNEL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Brunel Insurance Brokers Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Temple Quay, Temple Back East, Bristol, BS1 6DZ.
1.1
Accounting convention
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 represents brokerage, fees and commission receivable on insurance business transacted. Revenue is recognised at the later of the effective date of the policy and the date that the policy is accepted by the customer. Adjustments to brokerage income arising from amendments to premiums are recognised as and when such adjustments are made.
1.3
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:
Leasehold improvements
10% per annum straight line
Computer equipment
25% per annum reducing balance
Fixtures, fittings & equipment
25% per annum reducing balance
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
.
1.4
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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.5
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.
BRUNEL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.
1.7
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.
1.8
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
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
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense to the profit and loss account, as they fall due.
1.11
Leases
BRUNEL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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
Judgements and key sources of estimation uncertainty
In the application of the company’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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 83
(2020 - 67).
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
16,660
213,095
229,755
Additions
32,811
15,556
48,367
At 31 December 2021
49,471
228,651
278,122
Depreciation and impairment
At 1 January 2021
1,666
43,979
45,645
Depreciation charged in the year
8,229
45,708
53,937
At 31 December 2021
9,895
89,687
99,582
Carrying amount
At 31 December 2021
39,576
138,964
178,540
At 31 December 2020
14,994
169,116
184,110
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
2,371,099
2,472,756
BRUNEL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
2,472,756
Valuation changes
(101,657)
At 31 December 2021
2,371,099
Carrying amount
At 31 December 2021
2,371,099
At 31 December 2020
2,472,756
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
434,256
240,768
Other debtors
388,429
282,145
822,685
522,913
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
197,541
61,323
Corporation tax
31,419
Other taxation and social security
171,486
80,073
Other creditors
726,595
985,927
1,095,622
1,158,742
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
4,091,667
2,653,333
Other creditors includes £3,900,000 of redeemable preference shares that are secured by way of a fixed and floating charge over the net assets of the company.
BRUNEL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
53,760
53,760
57
57
Ordinary A of 0.1p each
3,380
3,380
-
-
Ordinary B of 0.1p each
10,140
10,140
10
10
Ordinary C of 0.1p each
110
110
-
-
67,390
67,390
67
67
2021
2020
2021
2020
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
3,900,000
2,400,000
3,900,000
2,400,000
Preference shares classified as liabilities
3,900,000
2,400,000
The Ordinary shares confer the right to attend general meetings of the company and to ten votes per share, and also the right to participate in any dividend or other declaration of the company including on a winding up. The shares are not redeemable.
The Ordinary B shares confer the right to attend general meetings of the company and to 12 votes per share, and also the right to participate in any dividend or other declaration of the company including on a winding up. The shares are not redeemable.
The Ordinary C shares confer the right to attend general meetings of the company and to 1,000 votes per share. They have no right to participate in any dividend or other declaration of the company including on a winding up. The shares are not redeemable.
During the year, the company issued 1,500,000 4% secured redeemable preference shares of £1 each at par value. The preference shares shall be redeemed in full at any time before the date falling five years from 16th November 2020.
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Total lease commitments
1,392,147
1,853,642
BRUNEL INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
11
Directors' transactions
During the year, an interest free loan was advanced to to a director of the company, as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors loan
-
3,901
(3,901)
-
3,901
(3,901)
-
This loan had no fixed repayment terms and has been repaid during the year.