Underwriting & General Insurance Service - Accounts to registrar (filleted) - small 18.2

Underwriting & General Insurance Service - Accounts to registrar (filleted) - small 18.2

UNDERWRITING & GENERAL INSURANCE SERVICES LIMITED - Company Information

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REGISTERED NUMBER: 04013173 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED
Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE








UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED (REGISTERED NUMBER: 04013173)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2019







DIRECTORS: Mr P Adamou BSc, MCMI, FPC
Mr P Georgiou FPC





SECRETARY: Mr P Adamou BSc, MCMI, FPC





REGISTERED OFFICE: South Point House
321 Chase Road
Southgate
London
N14 6JT





REGISTERED NUMBER: 04013173 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE
Page 1
UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED (REGISTERED NUMBER: 04013173)

BALANCE SHEET
31 DECEMBER 2019

31.12.19 31.12.18
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,678 8,207

CURRENT ASSETS
Debtors 5 268,279 341,861
Cash at bank and in hand 143,410 141,495
411,689 483,356
CREDITORS
Amounts falling due within one year 6 261,627 348,101
NET CURRENT ASSETS 150,062 135,255
TOTAL ASSETS LESS CURRENT
LIABILITIES
155,740
143,462

PROVISIONS FOR LIABILITIES 7 899 1,339
NET ASSETS 154,841 142,123

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 154,741 142,023
SHAREHOLDERS' FUNDS 154,841 142,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 notes form part of these financial statements

Page 2
UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED (REGISTERED NUMBER: 04013173)

BALANCE SHEET - continued
31 DECEMBER 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 June 2020 and were
signed on its behalf by:





Mr P Adamou BSc, MCMI, FPC - Director


The notes form part of these financial statements

Page 3
UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED (REGISTERED NUMBER: 04013173)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

1. STATUTORY INFORMATION

Underwriting & General Insurance Services Limited is a private company, limited by shares , registered in
England and Wales. 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents gross commission and service charges receivable, which is recognised as income once the
policy is issued.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Computer equipment - 20% on cost

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

Page 4
UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED (REGISTERED NUMBER: 04013173)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2019
and 31 December 2019 19,860 48,872 68,732
DEPRECIATION
At 1 January 2019 19,639 40,886 60,525
Charge for year 84 2,445 2,529
At 31 December 2019 19,723 43,331 63,054
NET BOOK VALUE
At 31 December 2019 137 5,541 5,678
At 31 December 2018 221 7,986 8,207

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£    £   
Trade debtors 265,897 339,527
Other debtors 1,516 1,516
Prepayments and accrued income 866 818
268,279 341,861

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
£    £   
Trade creditors 133,815 221,523
Amounts owed to group undertakings 112,565 109,975
Corporation tax 3,614 3,932
Social security and other taxes 446 358
Other creditors - 66
Directors' loan accounts 2,885 2,345
Accruals and deferred income 8,302 9,902
261,627 348,101

7. PROVISIONS FOR LIABILITIES
31.12.19 31.12.18
£    £   
Deferred tax 899 1,339

Page 5
UNDERWRITING & GENERAL INSURANCE
SERVICES LIMITED (REGISTERED NUMBER: 04013173)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2019 1,339
Provided during year (440 )
Accelerated capital allowances
Balance at 31 December 2019 899

8. RELATED PARTY DISCLOSURES

The bank overdraft is secured by personal guarantees given by the directors for £10,000.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by IPS Terroni Insurance Services Limited, by virtue of holding the entire ordinary
share capital of the company. There is no overall control of IPS Terroni Insurance Services Limited by any one
person.

Page 6