Sigma Insurance Services Ltd - Accounts to registrar (filleted) - small 18.2

SIGMA INSURANCE SERVICES LTD

Unaudited Financial Statements

for the Year Ended 30th November 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J M O'Donnell

REGISTERED OFFICE:

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

REGISTERED NUMBER:

09857367 (England and Wales)

FIXED ASSETS

Tangible assets

4

15,231

20,308

CURRENT ASSETS

Debtors

5

75,908

29,368

Cash at bank

12,916

8,584

88,824

37,952

CREDITORS

Amounts falling due within one year

6

103,065

37,087

NET CURRENT (LIABILITIES)/ASSETS

(14,241

)

865

TOTAL ASSETS LESS CURRENT LIABILITIES

990

21,173

CAPITAL AND RESERVES

Called up share capital

990

990

Retained earnings

7

-

20,183

990

21,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 director on 28th May 2019 and were signed by:

J M O'Donnell - Director

1.	STATUTORY INFORMATION

Sigma Insurance Services Ltd 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.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates.

The areas in the financial statements where these judgements and estimates have been made include:

- The useful economic lives and residual values of tangible fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors and loans from banks and other third parties.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice

of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are

measured initially at fair value, net of transaction costs.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st December 2017

and 30th November 2018

27,077

DEPRECIATION

At 1st December 2017

6,769

Charge for year

5,077

At 30th November 2018

11,846

NET BOOK VALUE

At 30th November 2018

15,231

At 30th November 2017

20,308

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

75,908

29,368

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other creditors

103,065

37,087

7.

RESERVES

Retained

earnings

£

At 1st December 2017

20,183

Deficit for the year

(13,283

)

Dividends

(6,900

)

At 30th November 2018

-

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th November 2018 and

30th November 2017:

2018

2017

£

£

J M O'Donnell

Balance outstanding at start of year

15,308

-

Amounts advanced

31,192

15,308

Amounts repaid

(15,308

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,192

15,308

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £6,900 were paid to the directors .

10.	DEFERRED INCOME

The company has been funded for its expenditure by Beacon Insurance. All expenditure within these Accounts

has been covered by this funding and the amounts received, in excess of the expenditure, have been treated as

Deferred Income which will cover future expenditure.The amount, included in Other Creditors, at the year end,

was £101,226 (2017 - £36,367).