Grout Insurance Brokers Limited Company accounts

GROUT INSURANCE BROKERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05127052

Grout Insurance Brokers Limited

Unaudited Abridged Financial Statements

For the year ended

30 September 2018

Grout Insurance Brokers Limited

Abridged Financial Statements

Year ended 30 September 2018

Contents	Page

Officers and professional advisers	1

Directors' report	2

Abridged statement of income and retained earnings	3

Abridged statement of financial position	4

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	10

Grout Insurance Brokers Limited

Officers and Professional Advisers

The board of directors	D. Grout
	P. Grout
	S. Hickman

Registered office	132 Burnt Ash Road
	Lee
	London
	SE12 8PU

Accountants	R E Jones & Co
	Chartered accountant
	132 Burnt Ash Road
	Lee
	London
	SE12 8PU

Bankers	Barclays Bank PLC
	PO Box 95
	1 North End
	Croydon
	Surrey
	CR9 1RN

	Close Brothers Limited
	10 Crown Place
	London
	EC2A 4FT

Grout Insurance Brokers Limited

Directors' Report

Year ended 30 September 2018

The directors present their report and the unaudited abridged financial statements of the company for the year ended 30 September 2018 .

Directors

The directors who served the company during the year were as follows:

D. Grout
P. Grout
S. Hickman

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 19 November 2018 and signed on behalf of the board by:

D. Grout	P. Grout
Director	Director

S. Hickman
Director

Grout Insurance Brokers Limited

Abridged Statement of Income and Retained Earnings

Year ended 30 September 2018

	2018	2017
Note	£	£
Gross profit	681,331	634,820

Administrative expenses	279,784	257,423
	----------	----------
Operating profit	401,547	377,397

Other interest receivable and similar income		1,393	1,558
Interest payable and similar expenses		–	111
		----------	----------
Profit before taxation	5	402,940	378,844

Tax on profit	76,338	74,538
	----------	----------
Profit for the financial year and total comprehensive income	326,602	304,306
	----------	----------

Dividends paid and payable	( 300,000)	( 240,000)

Retained earnings at the start of the year	369,527	305,221
	----------	----------
Retained earnings at the end of the year	396,129	369,527
	----------	----------

All the activities of the company are from continuing operations.

Grout Insurance Brokers Limited

Abridged Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		7,968	5,630

Current assets

Debtors	41,041	48,789
Cash at bank and in hand	539,538	551,042
	----------	----------
	580,579	599,831

Creditors: amounts falling due within one year	192,318		235,834
	----------		----------
Net current assets		388,261	363,997
		----------	----------
Total assets less current liabilities		396,229	369,627
		----------	----------
Net assets		396,229	369,627
		----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	396,129	369,527
	----------	----------
Shareholders funds	396,229	369,627
	----------	----------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

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

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Grout Insurance Brokers Limited

Abridged Statement of Financial Position (continued)

30 September 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 19 November 2018 , and are signed on behalf of the board by:

D. Grout	P. Grout
Director	Director

S. Hickman
Director

Company registration number: 05127052

Grout Insurance Brokers Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 132 Burnt Ash Road, Lee, London, SE12 8PU.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.

Income tax

Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may arise.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2017: 10 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	1,842	1,876
	-------	-------

6. Tangible assets

	£
Cost
At 1 October 2017	49,150
Additions	4,180
	---------
At 30 September 2018	53,330
	---------
Depreciation
At 1 October 2017	43,520
Charge for the year	1,842
	---------
At 30 September 2018	45,362
	---------
Carrying amount
At 30 September 2018	7,968
	---------
At 30 September 2017	5,630
	---------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D. Grout	( 24,540)	24,350	( 190)
P. Grout	–	–	–
	---------	---------	----
	( 24,540)	24,350	( 190)
	---------	---------	----

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D. Grout	( 63,537)	38,997	( 24,540)
P. Grout	( 15,000)	15,000	–
	---------	---------	---------
	( 78,537)	53,997	( 24,540)
	---------	---------	---------

8. Related party transactions

There is no overall control of the company. Mrs Grout and Access Underwriting Limited each own 40% of the share capital.

Grout Insurance Brokers Limited

Management Information

Year ended 30 September 2018

The following pages do not form part of the abridged financial statements.

Grout Insurance Brokers Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Grout Insurance Brokers Limited

Year ended 30 September 2018

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 30 September 2018, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

R E Jones & Co Chartered accountant

132 Burnt Ash Road Lee London SE12 8PU

19 November 2018