Peacock Insurance Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08557985 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2018

for

Peacock Insurance Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Gow

A L Lane

A Hollier

REGISTERED OFFICE:

Leofric House

Binley Road

Coventry

CV3 1JN

REGISTERED NUMBER:

08557985 (England and Wales)

ACCOUNTANTS:

Leigh Christou Ltd

Chartered Certified Accountants

Leofric House

Binley Road

Coventry

CV3 1JN

FIXED ASSETS

Tangible assets

4

33,834

-

CURRENT ASSETS

Debtors

5

1,658,487

1,506,484

Cash at bank

1,443,627

971,442

3,102,114

2,477,926

CREDITORS

Amounts falling due within one year

6

2,086,454

1,720,745

NET CURRENT ASSETS

1,015,660

757,181

TOTAL ASSETS LESS CURRENT LIABILITIES

1,049,494

757,181

CREDITORS

Amounts falling due after more than one year

7

16,313

-

NET ASSETS

1,033,181

757,181

CAPITAL AND RESERVES

Called up share capital

111,001

111,001

Retained earnings

922,180

646,180

SHAREHOLDERS' FUNDS

1,033,181

757,181

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 18 April 2019 and were signed on its behalf by:

R Gow - Director

1.	STATUTORY INFORMATION

Peacock Insurance Services Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises net retained earnings from brokerage commission and fees.

Income relating to insurance broking is recognised when the policy has been incepted, completed and confirmed.

Income from brokerage and fees on adjustment premiums, binding authorities and treaties are recognised on a

periodic basis when the consideration due is confirmed by the third parties.

Other fees receivable are recognised in the period to which they relate or when they can be measured with

reasonable certainty.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 practices 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 bureau, 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 Financial Reporting Standard 5 (FRS 5), assets and liabilities may not be offset unless net

settlement is legally enforceable, 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 68 (2017 - 67 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

Additions

42,738

At 31 July 2018

42,738

DEPRECIATION

Charge for year

8,904

At 31 July 2018

8,904

NET BOOK VALUE

At 31 July 2018

33,834

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

42,738

At 31 July 2018

42,738

DEPRECIATION

Charge for year

8,904

At 31 July 2018

8,904

NET BOOK VALUE

At 31 July 2018

33,834

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Trade debtors

833,229

699,612

Amounts owed by group undertakings

557,405

611,541

Other debtors

267,853

195,331

1,658,487

1,506,484

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.18

31.7.17

£

£

Hire purchase contracts

13,874

-

Trade creditors

1,536,039

1,193,464

Taxation and social security

167,702

211,546

Other creditors

368,839

315,735

2,086,454

1,720,745

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.18

31.7.17

£

£

Hire purchase contracts

16,313

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.18

31.7.17

£

£

Hire purchase contracts

30,187

-

9.	RELATED PARTY DISCLOSURES

In accordance with FRS 8 the company has opted not to disclose related party transactions with other members

of the group.

10.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by Miss R Gow by virtue of her 100% holding of the issued

ordinary share capital of the ultimate parent company, ITUS Business Holdings Ltd.

11.	INSURANCE BALANCES

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such,

generally are not liable for amounts arising from such transactions. Notwithstanding the legal relationships with

clients and insurers, insurance brokers are entitled to retain investment income on any cashflows arising from

insurance broking transactions.

It is considered that insurance receivables in respect of premiums and claims do not represent an asset of the

company and should therefore not be recognised until the cash is received. Accordingly, the balance sheet

reflects only insurance trust cash, with the corresponding payable included as a liability.

In certain circumstances, with approval at a senior level, the company may advance premiums to insurers and

refunds or claims to clients prior to collection and these advances are also reflected as part of insurance broking

receivables. Net insurance balances set out below therefore represent such advances made, together with fees and

commissions earned on insurance transactions and either uncollected or not withdrawn from insurance trust bank

accounts at the balance sheet date.

2018

2017

£

£

Insurance broking receivables

833,229

699,612

Insurance trust accounts

953,260

678,003

Insurance broking payables

(1,786,489

)

(1,377,615

)

NIL

NIL