B.L.S. INSURANCE SERVICES LIMITED Filleted accounts for Companies House (small and micro)

B.L.S. INSURANCE SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07156253

B.L.S. INSURANCE SERVICES LIMITED

Filleted Unaudited Financial Statements

31 May 2019

B.L.S. INSURANCE SERVICES LIMITED

Statement of Financial Position

31 May 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	6		4,556		6,074

Current assets

Debtors	7	809	–
Cash at bank and in hand		163,566	285,076
		---------	---------
		164,375	285,076

Creditors: amounts falling due within one year	8	85,629		138,476
		---------		---------
Net current assets			78,746		146,600
			--------		---------
Total assets less current liabilities			83,302		152,674

Provisions

Taxation including deferred tax	866	1,154
	--------	---------
Net assets	82,436	151,520
	--------	---------

Capital and reserves

Called up share capital	850	1,000
Capital redemption reserve	150	–
Profit and loss account	81,436	150,520
	--------	---------
Shareholders funds	82,436	151,520
	--------	---------

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 statement of comprehensive income has not been delivered.

For the year ending 31st May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

B.L.S. INSURANCE SERVICES LIMITED

Statement of Financial Position (continued)

31 May 2019

These financial statements were approved by the board of directors and authorised for issue on 13 August 2019 , and are signed on behalf of the board by:

Mrs N K Ramsbottom	Mrs L A Briggs
Director	Director

Mr S Boardman
Director

Company registration number: 07156253

B.L.S. INSURANCE SERVICES LIMITED

Notes to the Financial Statements

Year ended 31st May 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260/268 Chapel Street, Salford, M3 5JZ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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 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.

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% straight line

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	33% straight line
Plant and machinery	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1st June 2018 and 31st May 2019	50,000
	--------
Amortisation
At 1st June 2018 and 31st May 2019	50,000
	--------
Carrying amount
At 31st May 2019	–
	--------
At 31st May 2018	–
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1st June 2018 and 31st May 2019	9,953	37,487	47,440
	-------	--------	--------
Depreciation
At 1st June 2018	9,953	31,413	41,366
Charge for the year	–	1,518	1,518
	-------	--------	--------
At 31st May 2019	9,953	32,931	42,884
	-------	--------	--------
Carrying amount
At 31st May 2019	–	4,556	4,556
	-------	--------	--------
At 31st May 2018	–	6,074	6,074
	-------	--------	--------

7. Debtors

	2019	2018
	£	£
Other debtors	809	–
	----	----

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Social security and other taxes	40,900	42,616
Other creditors	44,729	95,860
	--------	---------
	85,629	138,476
	--------	---------

9. Related party transactions

Included within other creditors above is a balance of £39,900 (2018: £76,500) owed to the directors. No interest has been charged and the amount is repayable on demand. The company was under the control of Mrs L Briggs, Mr S Boardman and Mrs N Ramsbottom from the 4th of January 2019 previously the company was under the control of Mr B McGlaulin, Mrs L Briggs and Mr S Boardman .