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REGISTERED NUMBER:
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BROMWICH INSURANCE BUREAU LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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REGISTERED NUMBER:
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BROMWICH INSURANCE BUREAU LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 January 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Certified Accountants' Report | 7 |
BROMWICH INSURANCE BUREAU LIMITED |
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COMPANY INFORMATION |
for the year ended 31 January 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
100 Boldmere Road |
Sutton Coldfield |
West Midlands |
B73 5UB |
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BANKERS: |
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Wolverhampton Corporate Team |
PO Box 777 |
Wolverhampton |
WV1 1XJ |
BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436) |
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BALANCE SHEET |
31 January 2017 |
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31/1/17 | 31/1/16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 January 2017 |
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1. | STATUTORY INFORMATION |
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Bromwich Insurance Bureau Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Bromwich Insurance Bureau Limited as an |
individual company and do not contain consolidated financial information as the parent of a group. The |
company has taken the option under Section 398 of the Companies Act 2006 not to prepare |
consolidated financial statements. |
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Turnover |
Turnover represents brokerage commissions and fees which are taken to credit in proportion with the |
amount of the premium which has been paid. |
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Alterations in brokerage commissions and fees arising from return and additional premiums and |
adjustments are taken into account as and when they occur. |
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Turnover also includes management fees received from related undertakings. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses, is being written off |
over its estimated useful life of 10 years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life. |
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Fixtures and fittings | - 20% on cost |
Motor vehicles | - 25% on cost |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been |
enacted or substantively enacted by the balance sheet date. |
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BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet |
and depreciated using the above rates. |
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The interest element of these obligations is charged to the profit and loss account over the relevant |
period. The capital element of the future payment is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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Pension costs and other post-retirement benefits |
The company has made contributions to the director's and employees' personal pension schemes |
during the year. The company also operates a work place pension scheme in which all eligible |
employees are given the option to join. Contributions payable for the year are charged in the profit and |
loss account. |
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Fixed asset investments |
Investments in subsidiaries are stated at cost. |
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Investments in listed shares are stated at fair value with value adjustments being put through the |
income statement. Fair value is measured using the quoted share price at the balance sheet date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2016 |
and 31 January 2017 |
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AMORTISATION |
At 1 February 2016 |
and 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2017 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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Disposals |
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( |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 February 2016 |
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Revaluations |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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Cost or valuation at 31 January 2017 is represented by: |
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Other |
investments |
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Valuation in 2017 | 1,282 |
Cost | 1,995 |
3,277 |
BROMWICH INSURANCE BUREAU LIMITED (REGISTERED NUMBER: 00891436) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 January 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/17 | 31/1/16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors and prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/1/17 | 31/1/16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax payable |
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Social security & other taxes |
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Other creditors |
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Wages control | 21,493 | 21,419 |
Accrued expenses |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/1/17 | 31/1/16 |
£ | £ |
Within one year |
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Between one and five years |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/1/17 | 31/1/16 |
value: | £ | £ |
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Ordinary | £1 | 10,990 | 10,990 |
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11. | RELATED PARTY DISCLOSURES |
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During the year £15,000 (2016 : £15,000) was paid in management charges to the parent company. |
Also, £25,000 (2016 : £25,000) was received from a subsidiary for management recharges. |
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12. | CONTROLLING PARTY |
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There is no ultimate controlling party of the company. However, the day to day running of the company |
is controlled by K J Nuttall. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
BROMWICH INSURANCE BUREAU LIMITED |
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The following reproduces the text of the report prepared for the director and members in respect of |
the company's annual unaudited financial statements. In accordance with the Companies Act 2006, |
the company is only required to file a Balance Sheet. Readers are cautioned that the Income |
Statement and certain other primary statements and the Report of the Director are not required to be |
filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Bromwich Insurance Bureau Limited for the year ended 31 January 2017 which |
comprise the Income Statement, Balance Sheet and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the director of Bromwich Insurance Bureau Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bromwich Insurance Bureau Limited and state those matters that we have agreed to state to the director of Bromwich Insurance Bureau Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Bromwich Insurance Bureau 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 Bromwich Insurance Bureau Limited. You consider that Bromwich Insurance Bureau Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Bromwich Insurance Bureau 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. |
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Chartered Certified Accountants |
100 Boldmere Road |
Sutton Coldfield |
West Midlands |
B73 5UB |
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