CFN Insurance Services Limited - Accounts to registrar (filleted) - small 18.2
CFN Insurance Services Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
| FOR |
| CFN INSURANCE SERVICES LIMITED |
| CFN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 05132465) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CFN INSURANCE SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Jamesons House |
| Compton Way |
| Witney |
| OX28 3AB |
| CFN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 05132465) |
| BALANCE SHEET |
| 31 DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| CFN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 05132465) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| CFN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 05132465) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| CFN Insurance Services Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents fees and commissions due in respect of policies arranged and settled during the period. |
| Commissions and fees received/claimed in advance of the settlement of policies, are regarded as unearned income and |
| are included in deferred income in the balance sheet, for release to income in the period in which premiums due have |
| been fully received and paid over to the insurer. |
| Premiums received are banked in a separate premium bank account along with fees due in respect of services provided in |
| relation to the policy. Net premiums due to insurers in relation to the policies are settled from the funds so held in the |
| premium bank account. Commissions and fees earned are transferred from the premium bank account to the office |
| account on a paid basis. |
| The company operates all business on behalf of insurers under risk transfer and co-mingling agreements. Monies held |
| within the premium bank account are therefore held as agent of the respective insurance companies. The company does |
| not therefore hold any client money as defined under the Financial Services and Market Act. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a number of businesses since 2009, is being |
| amortised evenly over its estimated useful life. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| 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. |
| 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 balance sheet date. |
| CFN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 05132465) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 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. |
| 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. |
| 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. |
| Insurance debtors and creditors |
| The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums |
| due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, |
| the company has followed generally accepted accounting practice for insurance brokers by showing debtors, creditors |
| and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the |
| company is entitled to retain the investment income on any cash flows arising from these transactions. |
| In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement |
| bureaux, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather |
| than the amount due to or from the individual third parties which it represents. |
| However, under FRS 102, assets and liabilities may not be offset and therefore insurance broking debtors and creditors |
| are shown gross within these financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CFN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 05132465) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2018 |
| and 31 December 2018 |
| AMORTISATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| CFN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 05132465) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other creditors |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary shares | £1 | 210,000 | 210,000 |