South West Brokers Limited - Accounts to registrar (filleted) - small 18.2
South West Brokers Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| SOUTH WEST BROKERS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| SOUTH WEST BROKERS LIMITED (REGISTERED NUMBER: 03407464) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SOUTH WEST BROKERS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 7 Sandy Court |
| Ashleigh Way |
| Langage Business Park |
| Plymouth |
| Devon |
| PL7 5JX |
| SOUTH WEST BROKERS LIMITED (REGISTERED NUMBER: 03407464) |
| BALANCE SHEET |
| 31 DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| SOUTH WEST BROKERS LIMITED (REGISTERED NUMBER: 03407464) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| South West Brokers Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial |
| Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies |
| Act 2006. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes |
| revenue earned from the rendering of services. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each |
| asset over its estimated useful life. |
| Fixtures and fittings - 15% on reducing balance |
| Computer equipment - 20% straight line |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have |
| suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset |
| is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is |
| reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its |
| recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been |
| recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. |
| Taxation |
| Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past |
| reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
| Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
| Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a |
| fixed asset have been met, the deferred tax is reversed. |
| Deferred tax is calculated 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. |
| The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the |
| transaction that resulted in the tax expense (income). |
| SOUTH WEST BROKERS LIMITED (REGISTERED NUMBER: 03407464) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 3. | ACCOUNTING POLICIES - continued |
| Leases |
| At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the |
| arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
| Finance leases |
| Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance |
| leases. |
| Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value |
| of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the |
| statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and |
| reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the |
| remaining balance of the liability. Finance charges are deducted in measuring profit or loss. |
| Assets held under finance leases are included in tangible fixed assets and depreciated over the shorter of the lease term and |
| the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
| 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 balances |
| The company acts as an agent in brokering the insurable risks of clients and, generally speaking, 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 intermediaries by showing |
| debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. |
| In the ordinary course of the insurance brokering 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 set off unless net settlement is legally enforceable. Accordingly, insurance broking debtors and |
| creditors are shown gross within these accounts. |
| Provisions for liabilities |
| Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is |
| probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be |
| estimated reliably. |
| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at |
| the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
| Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is |
| recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in |
| profit or loss in the period it arises. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| SOUTH WEST BROKERS LIMITED (REGISTERED NUMBER: 03407464) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | 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 |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2018 | 2017 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| SOUTH WEST BROKERS LIMITED (REGISTERED NUMBER: 03407464) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 8. | LEASING AGREEMENTS - continued |
| Non-cancellable operating |
| leases |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |