Linkfield Corporate Solutions Limited - Accounts to registrar (filleted) - small 18.2
Linkfield Corporate Solutions Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
| FOR |
| LINKFIELD CORPORATE SOLUTIONS LIMITED |
| LINKFIELD CORPORATE SOLUTIONS LIMITED (REGISTERED NUMBER: 05363563) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| LINKFIELD CORPORATE SOLUTIONS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Trading as Lee & Co |
| Chartered Accountants & Statutory Auditors |
| 26 High Street |
| Rickmansworth |
| Hertfordshire |
| WD3 1ER |
| LINKFIELD CORPORATE SOLUTIONS LIMITED (REGISTERED NUMBER: 05363563) |
| BALANCE SHEET |
| 31 DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| LINKFIELD CORPORATE SOLUTIONS LIMITED (REGISTERED NUMBER: 05363563) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| Linkfield Corporate Solutions Limited is a |
| 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 |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Rendering of services |
| When providing day to day services turnover is usually recognised on the completion of the service and for |
| monthly engagement, it is recognised by reference to the stage of completion at the balance sheet date. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Following the company's acquisition by National Financial Partners Corporation the fixed assets were written |
| down to their net book value. |
| 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. |
| Employee benefits |
| The company recognises an accrual for accumulated annual leave accrued by employees as a result of services |
| rendered in the current period for which employees can carry forward and use within the next year. The accrual |
| is measured at the salary cost of the respective employee in relation to the period of absence. |
| 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. |
| Trade and other receivables |
| Trade and other receivables are measured at transaction price less any impairment unless the arrangement |
| constitutes a financing transaction in which case the transaction is measured at the present value of the future |
| receipts discounted at the prevailing market rate of interest . Loans are initially measured at fair value and are |
| subsequently measured at amortised cost using the effective interest method less any impairment. |
| LINKFIELD CORPORATE SOLUTIONS LIMITED (REGISTERED NUMBER: 05363563) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade and other payables |
| Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing |
| transaction in which case the transaction is measured at present value of future payments discounted at |
| prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their |
| transaction costs. They are subsequently measured at amortised cost using the effective interest method. |
| Cash at bank |
| Cash at bank in the balance sheet comprise cash at banks and in hand and short term deposits with an original |
| maturity date of three months or less. |
| Client assets and liabilities |
| As an insurance broker the company holds client money in trust in separate client bank accounts , over which it |
| exercises sole control, in recognition of this control, the balances on these accounts are included in the balance |
| sheet figure for 'cash at bank and in hand' whilst the amounts due from clients are included within 'debtors' and |
| the amount owed to clients are included in 'creditors - amounts falling due within one year'. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | AUDITORS' REMUNERATION |
| 2018 | 2017 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
9,900 |
9,900 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| and 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| LINKFIELD CORPORATE SOLUTIONS LIMITED (REGISTERED NUMBER: 05363563) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax | - | 1,494 |
| Other provisions | 13,616 | 40,000 |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 January 2018 |
| Release of provision | (1,494 | ) | (26,384 | ) |
| Balance at 31 December 2018 |
| During the year ended 31 December 2016 the directors decided to make a provision against future costs to be |
| incurred on the failure of an insurance provider - amount £100,000. During the year ended 31 December 2017 |
| £60,000 of this provision was released. During the year ended 31 December 2018 £26,384 of this provision was |
| released to cover costs and adjustments of amounts recoverable from clients. Leaving a provision of £13,616 as |
| at the 31 December 2018 in connection with further possible costs. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| Ordinary A | £1 | 200 | 200 |
| Ordinary B | £1 | 40 | 40 |
| 1,240 | 1,240 |
| LINKFIELD CORPORATE SOLUTIONS LIMITED (REGISTERED NUMBER: 05363563) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | CONTINGENT LIABILITIES |
| During the year ended 31 December 2016 the company traded with an insurance provider and connected |
| agency that were placed in receivership. At that time there was potential litigation to clarify liabilities and counter |
| claims. The directors do not consider that an accurate estimate of any further liability can be made at the date of |
| signing the accounts. |
| 13. | RELATED PARTY DISCLOSURES |
| The parent of the smallest group for which consolidated financial statements are drawn up, which the company |
| is a member of, is National Financial Partners Corporation a company registered in the United States of |
| America. Its registered office is :- |
| National Financial Partners Corporation |
| 20th Floor |
| 340 Madison Avenue |
| New York NY 10173 |
| USA |
| 14. | CLIENT ASSETS AND LIABILITIES |
| Money held in the client bank accounts included in the balance sheet within 'cash at bank and in hand' |
| totalled £764,159 (2017 : £365,715) and client debtors in the balance sheet within 'trade debtors' totalled |
| £894,134 (2017 : £1,057,967). Together, these amounts more than cover the client liabilities within the balance |
| sheet within trade creditors which total £1,285,534 (2017 : £693,537). |
| . |
| 15. | EXCEPTIONAL ITEMS |
| Included in the accounts for the year ended 31 December 2016 was a provision against future costs that maybe |
| incurred on the failure of an insurance provider - amount £100,000. During the year ended 31 December 2017 |
| £60,000 of this provision was released, therefore leaving a remaining provision of £40,000. During the year |
| ended 31 December 2018 £26,384 of this provision was released to cover costs and adjustments of amounts |
| recoverable from clients. Leaving a provision of £13,616 as at the 31 December 2018 in connection with further |
| possible costs. |