Peacock Insurance Services Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08557985 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 1 February 2014 to 31 July 2014

for

Peacock Insurance Services Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

Miss R Gow

REGISTERED OFFICE:

Leofric House

Binley Road

Coventry

West Midlands

CV3 1JN

REGISTERED NUMBER:

08557985 (England and Wales)

ACCOUNTANTS:

Leigh Christou Ltd

Chartered Certified Accountants

Leofric House

Binley Road

Coventry

West Midlands

CV3 1JN

CURRENT ASSETS

Debtors

624,723

31,001

Cash at bank

232,963

-

857,686

31,001

CREDITORS

Amounts falling due within one year

2

663,988

-

NET CURRENT ASSETS

193,698

31,001

TOTAL ASSETS LESS CURRENT LIABILITIES

193,698

31,001

CAPITAL AND RESERVES

Called up share capital

3

111,001

31,001

Profit and loss account

82,697

-

SHAREHOLDERS' FUNDS

193,698

31,001

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director on 19 February 2015 and were signed by:

Miss R Gow - 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

Turnover comprises net retained earnings from brokerage commission and fees.

Income relating to insurance broking is recognised when the policy payment has been completed and confirmed.

Income from brokerage and fees on adjustment premiums, binding authorities and treaties are recognised on a periodic basis when the

consideration due is confirmed by the third parties.

Other fees receivable are recognised in the period to which they relate or when they can be measured with reasonable certainty.

Deferred tax

Deferred taxation arises as a result of including items of income and expenditure in taxation computations in periods different from

those in which they are included in the company's accounts. Deferred taxation is provided in full on timing differences which result in

an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences

reverse, based upon current tax rates and laws.

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.

Insurance debtors and creditors

The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to

underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has

followed generally accepted accounting practices for insurance brokers by showing debtors, creditors and cash balances relating to

insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment

income on any cash flows arising from these transactions.

In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureau,

insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or

from the individual third parties which it represents.

However, under Financial Reporting Standard 5 (FRS 5), assets and liabilities may not be offset unless net settlement is legally

enforceable, and therefore insurance broking debtors and creditors are shown gross within these financial statements.

2.

CREDITORS

Creditors include an amount of £ 14,643 for which security has been given.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.14

31.1.14

value:

£

£

111,000

Ordinary

£1.00

111,001

31,001

On the 03 February 2014 as part of an approved share for share exchange with Miss R Gow the Company became a wholly owned

subsidiary of ITUS Business Holdings Ltd.

4.	ULTIMATE PARENT COMPANY

ITUS Business Holdings Ltd is regarded by the director as being the company's ultimate parent company.

The registered office of ITUS Business Holdings Ltd is Leofric House, Binley Road, Coventry, West Midlands, England, CV3 1JN.

5.	INSURANCE BALANCES

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not

liable for amounts arising from such transactions. Notwithstanding the legal relationships with clients and insurers, insurance brokers

are entitled to retain investment income on any cashflows arising from insurance broking transactions.

It is considered that insurance receivables in respect of premiums and claims do not represent an asset of the company and should

therefore not be recognised until the cash is received. Accordingly, the balance sheet reflects only insurance trust cash, with the

corresponding payable included as a liability.

In certain circumstances, with approval at a senior level, the company may advance premiums to insurers and refunds or claims to

clients prior to collection and these advances are also reflected as part of insurance broking receivables. Net insurance balances set out

below therefore represent such advances made, together with fees and commissions earned on insurance transactions and either

uncollected or not withdrawn from insurance trust bank accounts at the balance sheet date.

2014

£

Insurance broking receivables

339,502

Insurance trust accounts

232,963

Insurance broking payables

(572,465

)

NIL