Melville Burbage Insurance Services Limi - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06404074 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

MELVILLE BURBAGE INSURANCE SERVICES

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K L Stevens

D P Young

SECRETARY:

D P Young

REGISTERED OFFICE:

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

BUSINESS ADDRESS:

The Old Drummers Arm

16-18 Northcroft Lane

Newbury

Berkshire

RG14 1BU

REGISTERED NUMBER:

06404074 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Intangible assets

4

155,363

-

Tangible assets

5

558,160

457,026

713,523

457,026

CURRENT ASSETS

Debtors

6

263,109

206,040

Cash at bank and in hand

138,376

93,009

401,485

299,049

CREDITORS

Amounts falling due within one year

7

491,828

380,749

NET CURRENT LIABILITIES

(90,343

)

(81,700

)

TOTAL ASSETS LESS CURRENT LIABILITIES

623,180

375,326

CREDITORS

Amounts falling due after more than one year

8

(314,450

)

(199,508

)

PROVISIONS FOR LIABILITIES

(620

)

(869

)

NET ASSETS

308,110

174,949

CAPITAL AND RESERVES

Called up share capital

10

60,002

60,002

Revaluation reserve

11

105,000

-

Retained earnings

11

143,108

114,947

SHAREHOLDERS' FUNDS

308,110

174,949

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 17 June 2019 and were signed on its behalf by:

K L Stevens - Director

1.	STATUTORY INFORMATION

Melville Burbage 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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that

affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues

and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgements made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

value assessment consider issues such as the remaining life of the asset and the projected disposal value.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to the sales within the UK market. The policy adopted for the recognition of turnover is as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the

service is performed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

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 shorter.

Plant and machinery etc - 25% on cost and 10% on cost

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or

past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of

current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing

differences are differences between taxable profits and total comprehensive income as stated in the financial statements

that arise from the inclusion of income and expense in tax assessments in periods different from, those in which they are

recognised in the financial statements. 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

profit.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance

sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable

tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the

asset.

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.

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.

Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet

date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and

compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is

recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation

decrease.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be

reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Short-term employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

163,540

At 31 December 2018

163,540

AMORTISATION

Charge for year

8,177

At 31 December 2018

8,177

NET BOOK VALUE

At 31 December 2018

155,363

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2018

431,254

107,333

538,587

Additions

1,263

3,916

5,179

Revaluations

105,000

-

105,000

At 31 December 2018

537,517

111,249

648,766

DEPRECIATION

At 1 January 2018

-

81,561

81,561

Charge for year

-

9,045

9,045

At 31 December 2018

-

90,606

90,606

NET BOOK VALUE

At 31 December 2018

537,517

20,643

558,160

At 31 December 2017

431,254

25,772

457,026

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

Plant and

machinery

etc

£

COST

At 1 January 2018

and 31 December 2018

17,500

DEPRECIATION

At 1 January 2018

3,500

Charge for year

3,500

At 31 December 2018

7,000

NET BOOK VALUE

At 31 December 2018

10,500

At 31 December 2017

14,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

213,775

141,781

Other debtors

49,334

64,259

263,109

206,040

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

53,032

56,881

Hire purchase contracts

5,417

5,000

Trade creditors

311,091

212,590

Taxation and social security

63,601

56,484

Other creditors

58,687

49,794

491,828

380,749

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

314,450

194,091

Hire purchase contracts

-

5,417

314,450

199,508

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due in more than

five years

179,389

81,269

179,389

81,269

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

349,774

220,594

Hire purchase contracts

5,417

10,417

355,191

231,011

Hire purchases are secured against the assets to which they relate.

The mortgage provider has a charge over the property owned by the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

60,000

Ordinary

£1

60,000

60,000

2

B Ordinary

£1

2

2

60,002

60,002

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2018

114,947

-

114,947

Profit for the year

321,726

321,726

Dividends

(188,565

)

(188,565

)

Fair value transfer

(105,000

)

105,000

-

At 31 December 2018

143,108

105,000

248,108

12.	RELATED PARTY DISCLOSURES

At the year end date, the company owed key management personnel £11,952 (2017 - £17,686).