Newstead London Limited Filleted accounts for Companies House (small and micro)

NEWSTEAD LONDON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06932852

Newstead London Limited

Filleted Unaudited Financial Statements

31 December 2018

Newstead London Limited

Balance Sheet

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	4		192,500	227,500

Current assets

Debtors	5	–		452,448

Creditors: amounts falling due within one year	6	152,618		210,433
		---------		---------
Net current (liabilities)/assets			( 152,618)	242,015
			---------	---------
Total assets less current liabilities			39,882	469,515
			--------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	38,882	468,515
	--------	---------
Shareholders funds	39,882	469,515
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit & loss has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 12 April 2019 , and are signed on behalf of the board by:

Mr P O'Donnell ACII
Director

Company registration number: 06932852

Newstead London Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England & Wales, registered number 06932852 . The address of the registered office is Brampton House, 10 Queen Street, Newcastle-under-Lyme, Staffordshire, ST5 1ED.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. These financial statements cover the individual entity only.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, amortisation of intangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

Turnover recognised in the profit and loss account relates to brokerage and fees receivable, which are taken to credit in the period of the effective date of the insurance policy. Alterations in brokerage arising from additional premiums are taken into account as and when these occur. Expenses Costs are written off as incurred.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 years on cost

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Impairment of fixed assets

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.

4. Intangible assets

	Goodwill
	£
Cost
At 1 January 2018 and 31 December 2018	350,000
	---------
Amortisation
At 1 January 2018	122,500
Charge for the year	35,000
	---------
At 31 December 2018	157,500
	---------
Carrying amount
At 31 December 2018	192,500
	---------
At 31 December 2017	227,500
	---------

Goodwill has arisen following the purchase of JJ Resolutions Limited.

5. Debtors

	2018	2017
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	452,448
	-------	---------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	130,009	191,433
Corporation tax	22,609	19,000
	---------	---------
	152,618	210,433
	---------	---------

7. Controlling party

The ultimate controlling parent is Newstead Insurance Brokers Limited, a company registered in England. The registered office of the parent company is Brampton House, Queen Street, Newcastle-under-Lyme, Staffordshire, England, ST5 1ED. The ultimate controlling party of this company is Mr P O'Donnell due to his majority shareholding in Newstead Group Limited.