OKD Insurance Brokers Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: SC217976 (Scotland)

OKD INSURANCE BROKERS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD

8TH APRIL 2013 TO 31ST MARCH 2014

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

G Reid

R Nicol

SECRETARY:

G Reid

REGISTERED OFFICE:

4 Royal Crescent

Glasgow

G3 7SL

REGISTERED NUMBER:

SC217976 (Scotland)

ACCOUNTANTS:

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Clydesdale Bank

30 St Vincent Place

Glasgow

G1 2HL

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages

three to seven) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of OKD Insurance Brokers Limited for the period ended 31st March 2014 which comprise

the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and

from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical

and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of OKD Insurance Brokers Limited, as a body, in accordance

with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial

statements of OKD Insurance Brokers Limited and state those matters that we have agreed to state to the Board

of Directors of OKD Insurance Brokers Limited, as a body, in this report in accordance with the requirements of

the Institute of Chartered Accountants of Scotland as detailed at

http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or

assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for

this report.

It is your duty to ensure that OKD Insurance Brokers Limited has kept adequate accounting records and to

prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and

profit of OKD Insurance Brokers Limited. You consider that OKD Insurance Brokers Limited is exempt from the

statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of OKD Insurance

Brokers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the statutory

financial statements.

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

15th August 2014

FIXED ASSETS

Tangible assets

2

83,361

70,649

Investments

3

875

3,600

84,236

74,249

CURRENT ASSETS

Debtors

2,087,173

1,577,899

Cash at bank

376,585

249,286

2,463,758

1,827,185

CREDITORS

Amounts falling due within one year

1,379,559

1,043,332

NET CURRENT ASSETS

1,084,199

783,853

TOTAL ASSETS LESS CURRENT LIABILITIES

1,168,435

858,102

PROVISIONS FOR LIABILITIES

14,928

10,098

NET ASSETS

1,153,507

848,004

CAPITAL AND RESERVES

Called up share capital

4

750,000

750,000

Profit and loss account

403,507

98,004

SHAREHOLDERS' FUNDS

1,153,507

848,004

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st March 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15th August 2014 and were signed on its behalf by:

G Reid - Director

R Nicol - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with

the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account comprises earnings on insurance transactions recognised

when policies are established for the insured parties, profit shares and commission earned and fees raised

during the year.

Goodwill

Goodwill arising on the acquisition of businesses, representing any excess of the fair value of the

consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and

written off on a straight line basis over its useful economic life.

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.

Improvements to property

-

20% straight line

Office equipment

-

at varying rates on cost

Computer equipment

-

20% straight line

Deferred tax

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

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 the profit and loss account in the period to which they relate.

Investments

Investments held as fixed assets are shown at cost less provision for diminution in value.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 8th April 2013

286,832

Additions

20,317

At 31st March 2014

307,149

DEPRECIATION

At 8th April 2013

216,183

Charge for period

7,605

At 31st March 2014

223,788

NET BOOK VALUE

At 31st March 2014

83,361

At 7th April 2013

70,649

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 8th April 2013

3,600

Impairments

(2,725

)

At 31st March 2014

875

NET BOOK VALUE

At 31st March 2014

875

At 7th April 2013

3,600

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

7.4.13

value:

£

£

750,000

Ordinary

£1

750,000

750,000

5.	ULTIMATE PARENT COMPANY

Regional Insurance Group Limited, a company registered in Scotland, is the company's ultimate parent

company.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 31st March 2014 and

7th April 2013:

31.3.14

7.4.13

£

£

R Nicol

Balance outstanding at start of period

8,036

8,036

Amounts repaid

-

-

Balance outstanding at end of period

8,036

8,036

The above loan bears no interest and is repayable on demand.