Home Emergency Assist Limited
Home Emergency Assist Limited
Registered number: 08279496
Unaudited Financial Statements
For the Period 1 April 2018 to 31 December 2018
Acconomy Limited
Chartered Certified Accountants
C/O Acconomy Ltd, Unit A23
Arena Business Centre
Poole
BH17 7FJ
Home Emergency Assist Limited
Unaudited Financial Statements
For the Period 1 April 2018 to 31 December 2018
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Home Emergency Assist Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
Registered number:
08279496
For the period ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| Period to 31 December 2018 | 31 March 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 8 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 9 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| PROVISIONS FOR LIABILITIES | |||||
| Provisions For Charges | 10 |
( |
( |
||
| NET ASSETS |
|
( |
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
|
|
||
| Profit and Loss Account |
|
( |
|||
| SHAREHOLDERS' FUNDS | 110,641 | (12,345) | |||
Page 1
Home Emergency Assist Limited
Balance Sheet (continued)
As at
31 December 2018
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
|
|
|
|
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Home Emergency Assist Limited
Notes to the Financial Statements
For the Period 1 April 2018 to 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Computer Equipment |
|
Page 3
Home Emergency Assist Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2018 to 31 December 2018
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
4.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| Period to 31 December 2018 | 31 March 2018 | ||
|---|---|---|---|
| Office and administration |
|
|
|
|
|
|
||
Page 4
Home Emergency Assist Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2018 to 31 December 2018
7.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at |
|
|
|
| Additions |
|
|
|
| As at |
|
|
|
| Depreciation | |||
| As at |
|
|
|
| Provided during the period |
|
|
|
| As at |
|
|
|
| Net Book Value | |||
| As at |
|
|
|
| As at |
|
|
|
8.
Debtors
| Period to 31 December 2018 | 31 March 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Corporation tax recoverable assets |
|
|
|
| Net wages | 1,895 | - | |
|
|
|
||
Page 5
Home Emergency Assist Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2018 to 31 December 2018
9.
Creditors: Amounts Falling Due Within One Year
| Period to 31 December 2018 | 31 March 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other taxes and social security |
|
|
|
| VAT |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
| Amounts owed to related parties |
|
|
|
|
|
|
||
10.
Provisions for Liabilities
| Other Provisions | ||
|---|---|---|
| £ | ||
| As at |
|
|
| Additions |
|
|
| Balance at |
|
|
The company has included a provision against income of £57,348 for the cost of expected refunds associated with customer cancellations for the period to 31 December 2018, a reliable estimate has been made for this value.
Included is a provision for £17,000 for a VAT Penalty due to late registration.
Page 6
Home Emergency Assist Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2018 to 31 December 2018
12.
Ultimate Controlling Party
Home Emergency Assist Ltd is authorised and regulated to trade using Insure Group Limited's permissions under FRN 584710.
All insurance premiums are collected in the first instance by Insure Group Limited. They are then transferred to Home Emergency Assist Limited. The value of income collected this way in the financial year is £2,950,511. In return Home Emergency Assist Limited has been charged fees for the year to Insure Group Limited of £120,997
At the year end Home Emergency Assist Ltd had an outstanding creditor of £107,708 to Insure Group Limited.
13.
General Information
Home Emergency Assist Limited Registered number 08279496 is a limited by shares company incorporated in England & Wales. The Registered Office is 20 Oxford Road, Bournemouth, BH8 8EZ.
Page 7