Mechanical Breakdown And General Insurance Services Limited - Period Ending 2018-03-31

Registration number: 01478159

Mechanical Breakdown And General Insurance Services Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2018

Walker Dunnett & Co
29 Commercial Street
Dundee
DD1 3DG

Mechanical Breakdown And General Insurance Services Limited

Contents

Company Information	1
Directors' Report	2 to 4
Independent Auditor's Report	5 to 7
Consolidated Profit and Loss Account	8
Consolidated Balance Sheet	9
Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Statement of Changes in Equity	12
Notes to the Financial Statements	13 to 22

Mechanical Breakdown And General Insurance Services Limited

Company Information

Directors

D A Brock R J Clark N S Howard P K Smith

Company secretary

R J Clark

Registered office

Cobalt Business Exchange Cobalt Park Way Wallsend Tyne And Wear NE28 9NZ

Auditors

Walker Dunnett & Co 29 Commercial Street Dundee DD1 3DG

Page 1

Mechanical Breakdown And General Insurance Services Limited

Directors' Report for the Year Ended 31 March 2018

The directors present their report and the for the year ended 31 March 2018.

Directors of the group

The directors who held office during the year were as follows:

D A Brock

R J Clark - Company secretary and director

N S Howard

A D McPhee (resigned 31 July 2018)

The following director was appointed after the year end:

P K Smith (appointed 15 November 2018)

Page 2

Mechanical Breakdown And General Insurance Services Limited

Directors' Report for the Year Ended 31 March 2018 (continued)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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; and

•	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.

Page 3

Mechanical Breakdown And General Insurance Services Limited

Directors' Report for the Year Ended 31 March 2018 (continued)

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Walker Dunnett & Co as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 19 March 2019 and signed on its behalf by:

.........................................
R J Clark
Company secretary and director

Page 4

Mechanical Breakdown And General Insurance Services Limited

Independent Auditor's Report to the Members of Mechanical Breakdown And General Insurance Services Limited

Opinion

We have audited the financial statements of Mechanical Breakdown And General Insurance Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2018, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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.

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2018 and of the group's 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.

Basis for opinion

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 group 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

•	the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
•	the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Page 5

Mechanical Breakdown And General Insurance Services Limited

Independent Auditor's Report to the Members of Mechanical Breakdown And General Insurance Services Limited (continued)

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ 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 Statement of Directors' Responsibilities [set out on page 3], 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 group’s and the parent 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 group or the parent 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.

Page 6

Mechanical Breakdown And General Insurance Services Limited

Independent Auditor's Report to the Members of Mechanical Breakdown And General Insurance Services Limited (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

•

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

•	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

......................................
Andrew Walker (Senior Statutory Auditor)
For and on behalf of Walker Dunnett & Co, Statutory Auditor

29 Commercial Street
Dundee
DD1 3DG

20 March 2019

Page 7

Mechanical Breakdown And General Insurance Services Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2018

	Note	2018 £	2017 £
Turnover	3	2,418,516	1,972,754
Cost of sales		(585,740)	(633,491)
Gross profit		1,832,776	1,339,263
Administrative expenses		(1,741,548)	(1,144,697)
Operating profit		91,228	194,566
Other interest receivable and similar income	4	28	754
Profit before tax		91,256	195,320
Taxation	8	(37,265)	(26,500)
Profit for the financial year		53,991	168,820
Profit/(loss) attributable to:
Owners of the company		53,991	168,820

The group has no recognised gains or losses for the year other than the results above.

The notes on pages 13 to 22 form an integral part of these financial statements.

Page 8

Mechanical Breakdown And General Insurance Services Limited

(Registration number: 01478159)
Consolidated Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	9	397,250	516,425
Tangible assets	10	60,511	30,524
		457,761	546,949
Current assets
Debtors	12	1,803,865	1,559,881
Cash at bank and in hand		512,516	410,845
		2,316,381	1,970,726
Creditors: Amounts falling due within one year	14	(1,968,999)	(1,585,152)
Net current assets		347,382	385,574
Total assets less current liabilities		805,143	932,523
Provisions for liabilities		(4,770)	(1,141)
Net assets		800,373	931,382
Capital and reserves
Called up share capital		76	76
Other reserves		24	24
Profit and loss account		800,273	931,282
Equity attributable to owners of the company		800,373	931,382
Total equity		800,373	931,382

Approved and authorised by the Board on 19 March 2019 and signed on its behalf by:
 

.........................................

R J Clark
Company secretary and director

.........................................

P K Smith
Director

The notes on pages 13 to 22 form an integral part of these financial statements.

Page 9

Mechanical Breakdown And General Insurance Services Limited

(Registration number: 01478159)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	10	53,578	20,524
Investments	11	319,750	319,750
		373,328	340,274
Current assets
Debtors	12	1,766,462	1,671,640
Cash at bank and in hand		473,062	409,977
		2,239,524	2,081,617
Creditors: Amounts falling due within one year	14	(1,911,694)	(1,559,339)
Net current assets		327,830	522,278
Total assets less current liabilities		701,158	862,552
Provisions for liabilities		(4,770)	(1,141)
Net assets		696,388	861,411
Capital and reserves
Called up share capital		76	76
Other reserves		24	24
Profit and loss account		696,288	861,311
Total equity		696,388	861,411

The company made a profit after tax for the financial year of £19,977 (2017 - profit of £98,849).

Approved and authorised by the Board on 19 March 2019 and signed on its behalf by:
 

.........................................

R J Clark

Company secretary and director

.........................................

P K Smith

Director

The notes on pages 13 to 22 form an integral part of these financial statements.

Page 10

Mechanical Breakdown And General Insurance Services Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2018
Equity attributable to the parent company

	Share capital £	Other reserves £	Profit and loss account £	Total £	Total equity £
At 1 April 2017	76	24	931,282	931,382	931,382
Profit for the year	-	-	53,991	53,991	53,991
Total comprehensive income	-	-	53,991	53,991	53,991
Dividends	-	-	(185,000)	(185,000)	(185,000)
At 31 March 2018	76	24	800,273	800,373	800,373

	Share capital £	Other reserves £	Profit and loss account £	Total £	Total equity £
At 1 April 2016	76	24	947,462	947,562	947,562
Profit for the year	-	-	168,820	168,820	168,820
Total comprehensive income	-	-	168,820	168,820	168,820
Dividends	-	-	(185,000)	(185,000)	(185,000)
At 31 March 2017	76	24	931,282	931,382	931,382

The notes on pages 13 to 22 form an integral part of these financial statements.

Page 11

Mechanical Breakdown And General Insurance Services Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

	Share capital £	Other reserves £	Profit and loss account £	Total £
At 1 April 2017	76	24	861,311	861,411
Profit for the year	-	-	19,977	19,977
Total comprehensive income	-	-	19,977	19,977
Dividends	-	-	(185,000)	(185,000)
At 31 March 2018	76	24	696,288	696,388

	Share capital £	Other reserves £	Profit and loss account £	Total £
At 1 April 2016	76	24	947,462	947,562
Profit for the year	-	-	98,849	98,849
Total comprehensive income	-	-	98,849	98,849
Dividends	-	-	(185,000)	(185,000)
At 31 March 2017	76	24	861,311	861,411

The notes on pages 13 to 22 form an integral part of these financial statements.

Page 12

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Cobalt Business Exchange
Cobalt Park Way
Wallsend
Tyne And Wear
NE28 9NZ

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements..

Page 13

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2018.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Page 14

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture fixtures and equipment	20% straight line
Motor vehicles	25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Page 15

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Page 16

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

	2018 £	2017 £
Rendering of services	2,418,516	1,972,754

4	Other interest receivable and similar income

	2018 £	2017 £
Interest income on bank deposits	28	754

5	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2018 £	2017 £
Wages and salaries	1,164,413	814,795
Other employee expense	19,077	32,394
	1,183,490	847,189

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2018 No.	2017 No.
Administration and support	52	34

6	Directors' remuneration

The directors' remuneration for the year was as follows:

	2018 £	2017 £
Remuneration	27,642	35,487

Page 17

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

7	Auditors' remuneration

	2018 £	2017 £
Audit of these financial statements	8,000	8,000

 

8

Taxation

Tax charged/(credited) in the income statement

	2018 £	2017 £
Current taxation
UK corporation tax	33,636	26,500
Deferred taxation
Arising from origination and reversal of timing differences	3,629	-
Tax expense in the income statement	37,265	26,500

9	Intangible assets

Group

	Goodwill  £
Cost or valuation
At 1 April 2017	595,875
At 31 March 2018	595,875
Amortisation
At 1 April 2017	79,450
Amortisation charge	119,175
At 31 March 2018	198,625
Carrying amount
At 31 March 2018	397,250
At 31 March 2017	516,425

Page 18

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

10	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Group Cost or valuation
At 1 April 2017	60,697	14,500	75,197
Additions	28,815	17,999	46,814
Disposals	-	(14,500)	(14,500)
At 31 March 2018	89,512	17,999	107,511
Depreciation
At 1 April 2017	36,092	8,581	44,673
Charge for the year	7,158	3,845	11,003
Eliminated on disposal	-	(8,676)	(8,676)
At 31 March 2018	43,250	3,750	47,000
Carrying amount
At 31 March 2018	46,262	14,249	60,511
At 31 March 2017	24,605	5,919	30,524

Page 19

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

10	Tangible assets (continued)

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Company Cost or valuation
At 1 April 2017	50,697	14,500	65,197
Additions	28,815	17,999	46,814
Disposals	-	(14,500)	(14,500)
At 31 March 2018	79,512	17,999	97,511
Depreciation
At 1 April 2017	36,092	8,581	44,673
Charge for the year	4,091	3,845	7,936
Eliminated on disposal	-	(8,676)	(8,676)
At 31 March 2018	40,183	3,750	43,933
Carrying amount
At 31 March 2018	39,329	14,249	53,578
At 31 March 2017	14,605	5,919	20,524

11	Investments

Company

	2018 £	2017 £
Investments in subsidiaries	319,750	319,750

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Page 20

Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

11	Investments (continued)

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017

Subsidiary undertakings
Mycoverplan Insurance Services Limited	Cobalt Business Exchange Cobalt Park Way Wallsend Tyne and Wear NE28 9NZ	Ordinary	100%	100%
	England and Wales

The principal activity of Mycoverplan Insurance Services Limited is insurance brokers

12

Debtors

		Group		Company
	Note	2018 £	2017 £	2018 £	2017 £
Trade debtors		1,315,523	896,979	1,303,567	882,729
Amounts owed by group undertakings		396,320	565,000	396,320	723,276
Other debtors		25,447	33,743	-	1,476
Prepayments		66,575	64,159	66,575	64,159
		1,803,865	1,559,881	1,766,462	1,671,640

13	Cash and cash equivalents

	Group		Company
	2018 £	2017 £	2018 £	2017 £
Cash on hand	885	-	885	-
Bank accounts	318,476	51,955	315,457	51,087
Bank balances re floats owed to insurance underwriters	193,155	358,890	156,720	358,890
	512,516	410,845	473,062	409,977
Bank overdrafts	-	(70,741)	-	(70,741)
Cash and cash equivalents	512,516	340,104	473,062	339,236

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Mechanical Breakdown And General Insurance Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

14

Creditors

		Group		Company
	Note	2018 £	2017 £	2018 £	2017 £
Due within one year
Loans and borrowings	15	-	70,741	-	70,741
Trade creditors		906,371	627,118	880,266	627,118
Amounts due to group undertakings		2,132	173,995	4,568	173,995
Social security and other taxes		70,672	81,588	70,672	81,588
Other payables		775,932	395,304	775,932	369,491
Accruals		69,466	21,685	69,466	21,685
Corporation tax liability	8	66,637	54,506	33,001	54,506
Deferred income		77,789	160,215	77,789	160,215
		1,968,999	1,585,152	1,911,694	1,559,339

15	Loans and borrowings

	Group		Company
	2018 £	2017 £	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	-	70,741	-	70,741

16	Parent and ultimate parent undertaking

The company's immediate parent is Aros Holdings Limited, incorporated in England & Wales.

 

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