Company Registration No. 03697314 (England and Wales)
REICH INSURANCE BROKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
REICH INSURANCE BROKERS LIMITED
COMPANY INFORMATION
Directors
Mr S P Taylor
Mr D A Lopian
Secretary
Mr S P Taylor
Company number
03697314
Registered office
Medal House
197 Chapel Street
MANCHESTER
M3 5EQ
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Medal House
197 Chapel Street
MANCHESTER
M3 5EQ
REICH INSURANCE BROKERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
REICH INSURANCE BROKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present the strategic report for the year ended 31 March 2021.
Fair review of the business
The directors are satisfied with the results of the business for the year under review.
The Key financial and other performance indicators for the year are:
2021 2020
Turnover £13,298,004 £10,445,257
Operating Profit £4,279,956 £2,566,962
EBITDA £5,170,526 £3,741,138
Profit and loss reserves £21,495,985 £18,149,096
Current ratio 2.91 2.05
Turnover: Total staff costs (times) 2.2 1.81
The directors are pleased to report an increase in turnover (commission income) during the year under review. Notwithstanding the Coronavirus pandemic the company has been able to increase both turnover and profitability against the results for 2020 with a mixture of new business, excellent retention and prudent monitoring of costs.
The current ratio above indicates that the company can pay its liabilities as they fall due over the coming year.
|
Principal risks and uncertainties
The principal risks associated with the company's business are actuarial market factors which in turn affect the optimum insurance premiums the company can secure for its clientele. In order to mitigate this, Reich Insurance Brokers Limited deal with a broad range of insurance companies from whom the best insurance cover rates can be secured for specific types of business and client. In this way the company remains fully competitive. The success is by also actively cultivating its excellent relationships in the wider insurance market.
The company is not currently undertaking a program of significant capital expenditure.
Covid-19
The financial statements cover a period of one year ending more than a year since the pandemic began. The company has continued to increase turnover and profit throughout and the directors envisage no Going Concern issues as a result of the pandemic.
The nature of the company's business is not capital intensive and no impairment to its tangible fixed assets has arisen.
With regards the company's goodwill the directors are satisfied that there is no further impairment to its carrying value as a result of the pandemic as there has been no customer base loss due to Covid 19 hardship.
Following the undertaking of a thorough review of client debtor balances the directors are satisfied that no bad debts should arise for the year under review.
Investments are included at market value at the balance sheet date and the directors do not not consider that Covid 19 necessitates any provisions against these values.
REICH INSURANCE BROKERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
The company undertook only very minor staff furlough measures at the commencement of the pandemic which quickly ceased. There have been no redundancies due to the pandemic. The company has undertaken a program of remote working from March 2020 to safeguard its staff and therefore ensure it is able to continually service its clients.
Mr S P Taylor
Director
5 November 2021
REICH INSURANCE BROKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activity of the company continued to be that of insurance consultants.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £240,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S P Taylor
Mr D A Lopian
Mr A Tidey
(Resigned 27 July 2020)
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
Lopian Gross Barnett & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
REICH INSURANCE BROKERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
On behalf of the board
Mr S P Taylor
Director
5 November 2021
REICH INSURANCE BROKERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 company and of the profit or loss of the company 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
REICH INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REICH INSURANCE BROKERS LIMITED
- 6 -
Opinion
We have audited the financial statements of Reich Insurance Brokers Limited (the 'company') for the year ended 31 March 2021 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
REICH INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REICH INSURANCE BROKERS LIMITED
- 7 -
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'
r
eport 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
REICH INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REICH INSURANCE BROKERS LIMITED
- 8 -
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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
:
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.
REICH INSURANCE BROKERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REICH INSURANCE BROKERS LIMITED
- 9 -
This report is made solely to the 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 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 company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Jason Selig BA ACA CTA DChA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
8 November 2021
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
REICH INSURANCE BROKERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
2021
2020
Notes
£
£
Turnover
3
13,298,004
10,445,257
Administrative expenses
(9,298,458)
(9,794,042)
Other operating income
280,410
1,915,747
Operating profit
4
4,279,956
2,566,962
Interest receivable and similar income
8
10,287
40,610
Interest payable and similar expenses
9
(8,643)
(4,270)
Fair value adjustments
10
200,483
(88,743)
Profit before taxation
4,482,083
2,514,559
Tax on profit
11
(895,194)
(670,602)
Profit for the financial year
3,586,889
1,843,957
The profit and loss account has been prepared on the basis that all operations are continuing operations.
REICH INSURANCE BROKERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
- 11 -
2021
2020
£
£
Profit for the year
3,586,889
1,843,957
Other comprehensive income
-
-
Total comprehensive income for the year
3,586,889
1,843,957
REICH INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 12 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
14
7,993,460
8,740,549
Other intangible assets
14
51,855
74,772
Total intangible assets
8,045,315
8,815,321
Tangible assets
15
763,250
760,496
Investment properties
16
183,000
265,148
Investments
17
1,762,917
1,345,669
10,754,482
11,186,634
Current assets
Debtors
18
8,386,972
7,219,619
Cash at bank and in hand
8,516,582
6,951,476
16,903,554
14,171,095
Creditors: amounts falling due within one year
19
(5,814,095)
(6,903,411)
Net current assets
11,089,459
7,267,684
Total assets less current liabilities
21,843,941
18,454,318
Provisions for liabilities
Deferred tax liability
22
47,556
4,822
(47,556)
(4,822)
Net assets
21,796,385
18,449,496
Capital and reserves
Called up share capital
24
300,400
300,400
Profit and loss reserves
21,495,985
18,149,096
Total equity
21,796,385
18,449,496
The financial statements were approved by the board of directors and authorised for issue on 5 November 2021 and are signed on its behalf by:
Mr S P Taylor
Mr D A Lopian
Director
Director
Company Registration No. 03697314
REICH INSURANCE BROKERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2019
286,000
16,595,139
16,881,139
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
1,843,957
1,843,957
Issue of share capital
24
14,400
-
14,400
Dividends
12
-
(290,000)
(290,000)
Balance at 31 March 2020
300,400
18,149,096
18,449,496
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
3,586,889
3,586,889
Dividends
12
-
(240,000)
(240,000)
Balance at 31 March 2021
300,400
21,495,985
21,796,385
REICH INSURANCE BROKERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
- 14 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,921,671
12,476,120
Interest paid
(8,643)
(4,270)
Income taxes paid
(765,007)
(697,000)
Net cash inflow from operating activities
2,148,021
11,774,850
Investing activities
Purchase of intangible assets
(8,379,496)
Purchase of tangible fixed assets
(230,993)
(632,684)
Proceeds on disposal of tangible fixed assets
79,321
23,612
Purchase of investment property
(265,148)
Proceeds on disposal of investments
14,590
Purchase of investments
(149,208)
(855,369)
Receipts arising from loans made
337,429
Interest received
9,782
40,225
Dividends received
505
385
Net cash used in investing activities
(276,003)
(9,731,046)
Financing activities
Payment of finance leases obligations
-
1,511
Dividends paid
(240,000)
(290,000)
Net cash used in financing activities
(240,000)
(288,489)
Net increase in cash and cash equivalents
1,632,018
1,755,315
Cash and cash equivalents at beginning of year
6,884,564
5,129,249
Cash and cash equivalents at end of year
8,516,582
6,884,564
Relating to:
Cash at bank and in hand
8,516,582
6,951,476
Bank overdrafts included in creditors payable within one year
(66,912)
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 15 -
1
Accounting policies
Company information
Reich Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 197 Chapel Street, Manchester, M3 5EQ.
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.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Financial Statements have been drawn up on the Going Concern basis.
1.3
Turnover
Turnover comprises commissions and fees receivable from insurance brokerage based on amounts due on policies with effective dates up to the balance sheet date, net of insurance premium tax. Turnover also includes further income streams from insurance companies accounted for on a receipts basis in view of the uncertainty as to amount and eventual date of receipt.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 - 20 years.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Development costs
Evenly over 5 years
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 16 -
1.7
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
Evenly over lease term of 15 years
Fixtures and fittings
20% reducing balance
Computers
33% reducing balance
Motor vehicles
25% 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
.
1.8
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.9
Fixed asset investments
Fixed asset investments relate to listed and unlisted investments and an Employee Benefit Trust Bond. These fixed asset investments are held at fair value at the balance sheet date with the value reviewed at each reporting period end. Any changes in fair value are recognised within the profit and loss account.
The value of any assets held by the Trust which have not been unconditionally transferred to the beneficiaries is included within current assets, subject to any provision required for a permanent diminution in their value.
1.10
Impairment of fixed assets
At 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.
1.11
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.
1.12
Financial instruments
Basic financial assets
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.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
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.
Basic financial 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
paymen
ts 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. A
m
ounts 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.13
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.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 18 -
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.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
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 lease
s
asset are consumed.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 19 -
1.18
Government grants
Grant income relates to furlough income under Coronavirus Job Retention Scheme and interest payments being covered by the government on Coronavirus Business Interruption Loan Scheme.
Under the Furlough scheme, cash payments were made to compensate for part of the wages, associated national insurance and employer contributions of employees who have been placed on furlough.
This grant income has been recognised under the performance model whereby entitlement to the grant only passes to the company when relevant employees are placed on furlough. Grant income is recognised on a straight line basis over the furlough period for each employee.
Grants received before the recognition criteria are satisfied is recognised as a liability.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
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
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Insurance Brokerage
13,298,004
10,445,257
2021
2020
£
£
Other significant revenue
Interest income
9,782
40,225
Dividends received
505
385
Grants received
19,270
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
3
Turnover and other revenue
(Continued)
- 20 -
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom and Europe
13,298,004
10,445,257
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
967
25,827
Research and development costs
85,196
88,850
Government grants
(19,270)
Fees payable to the company's auditor for the audit of the company's financial statements
76,200
80,000
Depreciation of owned tangible fixed assets
154,281
160,928
Profit on disposal of tangible fixed assets
(5,371)
(2,416)
Amortisation of intangible assets
741,660
1,009,189
Impairment of intangible assets
6,475
Operating lease charges
249,291
249,146
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
76,200
80,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was 110
(2020 - 104).
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
5,830,044
5,587,142
Pension costs
207,004
186,168
6,037,048
5,773,310
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 21 -
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
552,970
616,273
Company pension contributions to defined contribution schemes
19,603
19,603
572,573
635,876
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
306,513
250,120
Company pension contributions to defined contribution schemes
9,802
9,802
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
2,394
47,674
Other interest income
7,388
(7,449)
Total interest revenue
9,782
40,225
Other income from investments
Dividends received
505
385
Total income
10,287
40,610
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
2,394
47,674
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 22 -
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2
Other interest on financial liabilities
301
-
303
Other finance costs:
Interest on finance leases and hire purchase contracts
461
1,015
Other interest
8,182
2,952
8,643
4,270
10
Amounts written off investments
2021
2020
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
280,325
(75,018)
Other gains/(losses)
Gain on disposal of investments held at fair value
2,306
-
Gain on disposal of fixed asset investments
675
Amounts written back to/(written off) current loans
-
(14,400)
Other gains and losses
(82,148)
(14,400)
200,483
(103,143)
11
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
852,460
728,762
Adjustments in respect of prior periods
(35,204)
Total current tax
852,460
693,558
Deferred tax
Origination and reversal of timing differences
42,734
(22,956)
Total tax charge
895,194
670,602
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
11
Taxation
(Continued)
- 23 -
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:
2021
2020
£
£
Profit before taxation
4,482,083
2,514,559
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
851,596
477,766
Tax effect of expenses that are not deductible in determining taxable profit
36,648
Gains not taxable
(459)
Permanent capital allowances in excess of depreciation
12,365
13,235
Amortisation on assets not qualifying for tax allowances
136,561
187,392
Effect of revaluations of investments
(37,654)
14,253
Under/(over) provided in prior years
(35,204)
Deferred tax adjustments in respect of prior years
42,734
(22,956)
Dividend income
(96)
(73)
Other adjustments
(110,312)
Taxation charge for the year
895,194
670,602
12
Dividends
2021
2020
£
£
Interim paid
240,000
290,000
13
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2021
2020
Notes
£
£
In respect of:
Fixed asset investments
17
82,148
14,400
Recognised in:
Amounts written off investments
82,148
14,400
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 24 -
14
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 April 2020
10,976,518
114,586
11,091,104
Other changes
(28,346)
(28,346)
At 31 March 2021
10,948,172
114,586
11,062,758
Amortisation and impairment
At 1 April 2020
2,235,969
39,814
2,275,783
Amortisation charged for the year
718,743
22,917
741,660
At 31 March 2021
2,954,712
62,731
3,017,443
Carrying amount
At 31 March 2021
7,993,460
51,855
8,045,315
At 31 March 2020
8,740,549
74,772
8,815,321
Other Intangible fixed assets above relate to development and set up costs in relation to a Customer Relationship Management (CRM) project. The company has undertaken this project, which is ongoing, with the view of enhancing its ability to provide a more complete service to its client base.
15
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2020
471,106
239,580
217,429
172,887
1,101,002
Additions
2,575
44,893
183,525
230,993
Disposals
(118,954)
(118,954)
At 31 March 2021
471,106
242,155
262,322
237,458
1,213,041
Depreciation and impairment
At 1 April 2020
85,141
108,085
99,364
47,916
340,506
Depreciation charged in the year
31,407
26,814
53,776
42,284
154,281
Eliminated in respect of disposals
(44,996)
(44,996)
At 31 March 2021
116,548
134,899
153,140
45,204
449,791
Carrying amount
At 31 March 2021
354,558
107,256
109,182
192,254
763,250
At 31 March 2020
385,965
131,495
118,065
124,971
760,496
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 25 -
16
Investment property
2021
£
Fair value
At 1 April 2020
265,148
Net gains or losses through fair value adjustments
(82,148)
At 31 March 2021
183,000
I
nvestment property comprises a 5% equity share in an investment in Irvine LP. The acquisition was
completed on 21 February 2020 and the fair value of the investment property has been arrived at on the
basis of cost at acquisition. The directors are satisfied that the market value at 31 March 202
1
was
representative of the fair value on acquisition.
17
Fixed asset investments
2021
2020
£
£
Listed investments
1,720,317
1,303,069
Unlisted investments
42,600
42,600
1,762,917
1,345,669
Listed
investments
included above:
Listed investments carrying amount
1,720,317
1,303,069
Fixed asset investments revalued
Included in the value of investments are listed investments of £1,720,317 (2020 - £1,303,069). These investments comprise stock exchange listed equities valued at £319,484 (2020 - £111,835) and listed Employee Benefit Trust Bonds (EBTs) valued at £1,400,833 (2020 - £1,191,234).
During the year to 31 March 2020 further contributions to the bonds were made in the amount of £75,000. (Nil - 31 March 2021).
The original EBT was established on 1 April 2010. In relation to the assets of the EBT there are the following restrictions: (1) The Trustees shall not cause any part of the income or capital of the trust to become payable to or applicable for the benefit of an excepted person of the Company, (2) The Trustees shall not apply any part of the Trust Fund directly or indirectly towards the acquisition of any interest in the company, (3) The Trustees shall not infringe the rule against perpetuities.
Fixed asset investments not carried at market value
Included in the value of investments above are unlisted investments at cost of £42,500 which in the director's opinion reflect the fair value at 31 March 2021 and 31 March 2020.
Following the group reorganisation Reich Insurance Brokers Limited holds an investment in Reich Brokers (a dormant company from 31 March 2020) of £100. This is included in the values above.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
17
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2020
1,345,669
Valuation changes
417,248
At 31 March 2021
1,762,917
Carrying amount
At 31 March 2021
1,762,917
At 31 March 2020
1,345,669
18
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
4,913,043
4,337,534
Corporation tax recoverable
41,245
Amounts owed by group undertakings
2,894,484
2,426,032
Other debtors
202,470
218,010
Prepayments and accrued income
237,232
238,043
8,288,474
7,219,619
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
98,498
Total debtors
8,386,972
7,219,619
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 27 -
19
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
20
66,912
Obligations under finance leases
21
1,511
Trade creditors
18,671
9,256
Amounts owed to group undertakings
100
100
Corporation tax
472,772
344,074
Other taxation and social security
183,024
152,386
Other creditors
4,922,313
6,125,549
Accruals and deferred income
217,215
203,623
5,814,095
6,903,411
20
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
66,912
Payable within one year
66,912
21
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
1,511
Finance lease payments represent rentals payable by the company 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 average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 28 -
22
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
9,903
18,842
Revaluations
37,653
(14,020)
47,556
4,822
2021
Movements in the year:
£
Liability at 1 April 2020
4,822
Charge to profit or loss
42,734
Liability at 31 March 2021
47,556
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
23
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
207,004
186,168
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 independently administered fund.
24
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
300,000
300,000
300,000
300,000
Ordinary B of £1 each
400
400
400
400
300,400
300,400
300,400
300,400
The company issued 14,400 A ordinary £1 shares on 11 October 2019 to Reich Group Limited in consideration for the transfer of 20 A Ordinary £1 shares and 80 B Ordinary £1 shares in the share capital of Reich Brokers previously held in that proportion respectively by Calsite Company and Medal House Company.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 29 -
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
38,151
2,191
Between two and five years
2,916
75,742
In over five years
1,650,000
1,815,000
1,691,067
1,892,933
26
Events after the reporting date
There were no events after the reporting period end which require disclosure at the balance sheet date.
27
Related party transactions
At 31 March 2021 the company owed £910 to S Taylor and £12,644 to D Lopian. (At 31 March 2020 the company owed £18,543 to S Taylor and owed £699 to D Lopian.)
28
Ultimate controlling party
The ultimate parent company which owns 100% of the issued share capital is Reich Group Limited, a company incorporated in England and Wales. The registered office of Reich Group Limited is 1st floor, Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS. Effective from 1 April 2019 following the group reorganisation, this company is owned 50% by Calsite Company and 50% by Medal House Company. These companies are incorporated in England and Wales and are unlimited companies. Reich Insurance Brokers Limited is ultimately owned equally by S Taylor and D Lopian.
REICH INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 30 -
29
Cash generated from operations
2021
2020
£
£
Profit for the year after tax
3,586,889
1,843,957
Adjustments for:
Taxation charged
895,194
670,602
Finance costs
8,643
4,270
Investment income
(10,287)
(40,610)
Gain on disposal of tangible fixed assets
(5,371)
(2,416)
Amortisation and impairment of intangible assets
741,660
1,009,189
Depreciation and impairment of tangible fixed assets
154,281
160,928
Gain on sale of investments
-
(675)
Amounts written off investments
(200,483)
89,418
Movements in working capital:
(Increase)/decrease in debtors
(1,126,108)
10,714,803
Decrease in creditors
(1,122,747)
(1,973,346)
Cash generated from operations
2,921,671
12,476,120
30
Analysis of changes in net funds
1 April 2020
Cash flows
31 March 2021
£
£
£
Cash at bank and in hand
6,951,476
1,565,106
8,516,582
Bank overdrafts
(66,912)
66,912
6,884,564
1,632,018
8,516,582
Obligations under finance leases
(1,511)
1,511
-
6,883,053
1,633,529
8,516,582
31
Response to Covid-19
The Directors have closely monitored the Government guidance in response to the Covid-19 Pandemic and have implemented measures in line with Governmental guidelines.
The only assistance sought during the period was by way of income relating to Coronavirus Job Retention Scheme as employees were furloughed shortly following the commencement of the pandemic. As at the balance sheet date there were no employees on furlough.
The directors have reviewed the position at date of signing and consider there have been no impacts of Covid-19 which require disclosure other than those already disclosed within the accounts.
2021-03-31
2020-04-01
false
CCH Software
CCH Accounts Production 2021.300
Mr D A Lopian
Mr A Tidey
Mr A Tidey
Mr S P Taylor
03697314
2020-04-01
2021-03-31
03697314
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core:Non-currentFinancialInstruments
core:ListedExchangeTraded
2020-03-31
03697314
core:Non-currentFinancialInstruments
core:UnlistedNon-exchangeTraded
2021-03-31
03697314
core:Non-currentFinancialInstruments
core:UnlistedNon-exchangeTraded
2020-03-31
03697314
core:Non-currentFinancialInstruments
2021-03-31
03697314
core:Non-currentFinancialInstruments
2020-03-31
03697314
core:BetweenTwoFiveYears
2021-03-31
03697314
core:BetweenTwoFiveYears
2020-03-31
03697314
core:MoreThanFiveYears
2021-03-31
03697314
core:MoreThanFiveYears
2020-03-31
03697314
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
03697314
bus:FRS102
2020-04-01
2021-03-31
03697314
bus:Audited
2020-04-01
2021-03-31
03697314
bus:FullAccounts
2020-04-01
2021-03-31
xbrli:pure
xbrli:shares
iso4217:GBP