REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
HISL Brokers Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
HISL Brokers Limited |
HISL Brokers Limited (Registered number: 06937112) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
HISL Brokers Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HISL Brokers Limited (Registered number: 06937112) |
Statement of Financial Position |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their 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. |
HISL Brokers Limited (Registered number: 06937112) |
Statement of Financial Position - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HISL Brokers Limited (Registered number: 06937112) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
HISL Brokers Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Directors consider that the Company has adequate resources to enable it to operate for a period of at least 12 months from the date of signing these financial statements. For this reason they continue to adopt the going concern basis in preparing the financial statements. |
Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year mainly relates to trade and other receivables. |
The Directors have used historic recoverability as a basis for its estimates and assumptions of the future recovery of the trade and other receivables due at the end of the reporting period. The Directors also note that the trade and other receivables have directly attributable trade and other payables which would reduce the net material impact to the Company as the result of any adjustment. |
HISL Brokers Limited (Registered number: 06937112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Income recognition |
Income is measured at fair value of the consideration received or receivable and represents the amount receivable for services rendered. net of returns, discounts and rebates allowed by the Company. |
The Company recognises revenue when (a) the amount of revenue can be measured reliably; (b) it is probable that the economic benefits associated with the transaction will flow to the entity, (c) the stage of completion of the transaction at the end of the reporting period can be measured reliably; and (d) the costs incurred for the transaction and the cost to complete transaction cab be measured reliably. |
Income consists principally of insurance brokerage commissions and is recognised in the Statement of Comprehensive income on an accrual basis. |
HISL Brokers Limited (Registered number: 06937112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets |
Basic financial assets, including debtors, cash and cash equivalents, are initially recognised at fair value plus directly related incremental transaction costs. |
Trade and other receivables relate to amounts owed fo the brokering insurance. Trade and other receivables are classified as becoming due and receivable within one year if receipt is due within one year or less. If not, they are presented as becoming due and receivable after more than one year. |
Such assets are subsequently measured at amortised costs less impairment. |
At the end of each reporting period,financial assets measured at amortised cost are assessed for objective evidence of impairment. The impairment losses are the difference between the carrying amount and the present value. The impairment losses are recognised as impairment of financial instruments in the Statement of Comprehensive Income. |
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 the Statement of Comprehensive income. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the assets are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the assets has been transferred to another party who has the practical ability to unilaterally sell the assets to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including creditors, trade and other payables, amounts owed to affiliated undertakings and other creditors are initially recognised at transaction price. |
Creditors, trade and other payables are obligations to pay for client insurance contracts and broking introduction commissions. Creditors, trade and other payables are classified as becoming due and payable within one year if payment is due within one year or less. If not, they are presented as becoming due and payable after more than one year. Basic financial liabilities are subsequently measured at amortised cost. |
Debt instruments initially measured at present value of future cashflows and subsequently measured at amortised cost using effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
HISL Brokers Limited (Registered number: 06937112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HISL Brokers Limited (Registered number: 06937112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Due from clients & agents |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Due to insurers & introducers |
Amounts owed to group undertakings |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
7. | RELATED PARTY DISCLOSURES |
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. |
Amounts owed to group undertakings are interest free and repayable on demand. |