REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2020 |
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FOR |
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CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD |
CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD (REGISTERED NUMBER: 04444257) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Kingfisher House |
11 Hoffmanns Way |
Chelmsford |
Essex |
CM1 1GU |
CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD (REGISTERED NUMBER: 04444257) |
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BALANCE SHEET |
31 OCTOBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand | 7 |
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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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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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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. |
CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD (REGISTERED NUMBER: 04444257) |
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BALANCE SHEET - continued |
31 OCTOBER 2020 |
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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 and authorised for issue on
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CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD (REGISTERED NUMBER: 04444257) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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1. | STATUTORY INFORMATION |
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Clifford Brown & Grimsey Insurance Brokers Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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Amounts in these financial statements are rounded to the nearest pound. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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. |
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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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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There were no judgment or material estimation uncertainties affecting the reported financial performance in the current or prior year. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised when the amount of revenue can be measured reliably, when it is probably that future economic benefits will flow to the entity and when specific criteria have been met. |
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Brokerage commission |
The company's policy with regard to general commission is that commission is taken on the date the |
premium from the client is received, subject to ensuring that there is no duplication or omission of |
renewal commission. |
CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD (REGISTERED NUMBER: 04444257) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Taxation |
Taxation for the year comprises current 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 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 have been enacted or substantively enacted by the balance sheet date. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 November 2019 |
and 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
and 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD (REGISTERED NUMBER: 04444257) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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7. | CASH AT BANK AND IN HAND |
2020 | 2019 |
£ | £ |
Office deposit account |
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Office fixed deposit account | 208 | 207 |
Office account | 194,537 | 128,622 |
Client account | 26,863 | 44,922 |
Client deposit account | 81,176 | 43,353 |
Cash in hand |
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Cash at bank includes £108,039 (2019: £88,274) in respect of client money which is not the property of the company. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 10) |
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Trade creditors |
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Amounts owed to group parent |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans (see note 10) |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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CLIFFORD BROWN & GRIMSEY INSURANCE |
BROKERS LTD (REGISTERED NUMBER: 04444257) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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10. | LOANS - continued |
2020 | 2019 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 1,166 | - |
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11. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 2,000 | 2,000 |
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13. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions payable to the fund at the year end by the company and included in other creditors are 2020: £187 (2019: £266). |
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31.10.20 | 31.10.19 |
£ | £ |
Contributions payable by the company for the year | 45,372 | 44,048 |
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14. | RELATED PARTY DISCLOSURES |
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31.10.19 | 31.10.18 |
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Purchases from a related party | 15,803 | 15,800 |
Net amount due from/(to) related party | 148,000 | 148,000 |
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The amounts shown above concern transactions with another company in which A.K Brown is a director and has a controlling interest. |
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15. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Clifford Brown & Grimsey Limited, which was incorporated in England and Wales, and does not prepare group accounts. The parent company holds 100% of the issued share capital of this company. |
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The ultimate controlling party is considered to be Mr A K Brown. |