Uk & Ireland Insurance Services (online) - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04239415 (England and Wales)

Unaudited Financial Statements

For The Year Ended

31 May 2020

for

UK & IRELAND INSURANCE SERVICES (ONLINE)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr M Nugent

REGISTERED OFFICE:

The Stables

Old co-op Yard

Warwick Street

Manchester

Greater Manchester

M25 3HB

REGISTERED NUMBER:

04239415 (England and Wales)

ACCOUNTANTS:

Leavitt Walmsley Associates Limited

Chartered Certified Accountants

8 Eastway

Sale

Cheshire

M33 4DX

FIXED ASSETS

Intangible assets

4

51,600

73,122

Tangible assets

5

15,248

72

66,848

73,194

CURRENT ASSETS

Debtors

6

5,087

1,781

Cash at bank

128,848

107,213

133,935

108,994

CREDITORS

Amounts falling due within one year

7

78,067

50,010

NET CURRENT ASSETS

55,868

58,984

TOTAL ASSETS LESS CURRENT LIABILITIES

122,716

132,178

PROVISIONS FOR LIABILITIES

12,701

12,443

NET ASSETS

110,015

119,735

CAPITAL AND RESERVES

Called up share capital

9

2,000

2,000

Share premium

28,000

28,000

Retained earnings

80,015

89,735

SHAREHOLDERS' FUNDS

110,015

119,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 July 2020 and were signed by:

Mr M Nugent - Director

1.	STATUTORY INFORMATION

Uk & Ireland Insurance Services (online) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the

Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The company's policy of revenue recognition is to recognise a sale when the contractual obligations to the

customer have been fulfilled. For contracts where obligations to the customer have not been fulfilled, but have

been invoiced the sale is recognised within deferred income in current liabilities until such time a right to

consideration arises.

The total turnover of the company for the year has been derived from its principal activity wholly undertaken with

the United Kingdom.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes costs which are directly attributable in bringing the asset to its location and condition so that it is

capable of operating in the manner intended by management.

Profits and losses on the disposal of fixed assets are included in the calculation of profit for the year.

The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where

there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this

with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to

recoverable amount by way of an impairment loss which is recognised in profit or loss for the year. Impairment

losses are reversed when there is evidence that the reasons giving rise to the original impairment loss have

ceased to apply. Impairment losses are reversed through profit and loss, but only to the extent that the reversal

does not increase the carrying amount of the asset to the amount which would have been stated, net of

depreciation, had no impairment loss been recognised.

Financial instruments

A financial asset or financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instrument.

Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the

effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their

fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through

profit or loss. All other investments are subsequently measured at cost less impairment.

Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price

and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are

measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting

date and any impairments are recorded in profit or loss and shown within administrative expenses when there is

objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the

customer is unable to settle amounts owing to the company or the customer becomes bankrupt.

Debtors do not carry interest and are stated at their nominal value.

Trade creditors are not interest-bearing and are stated at their nominal value.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of

impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is

recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial

assets that are individually significant, are assessed individually for impairment. Other financial assets are either

assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not

result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had

the impairment loss not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. Deferred tax is calculated using timing difference plus approach.

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.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for

the employee's services to the company. Where employees have accrued short-term benefits which the entity

has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one

year with an associated expense in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 June 2019

210,047

Additions

12,400

At 31 May 2020

222,447

AMORTISATION

At 1 June 2019

136,925

Amortisation for year

33,922

At 31 May 2020

170,847

NET BOOK VALUE

At 31 May 2020

51,600

At 31 May 2019

73,122

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2019

26,802

Additions

19,015

At 31 May 2020

45,817

DEPRECIATION

At 1 June 2019

26,730

Charge for year

3,839

At 31 May 2020

30,569

NET BOOK VALUE

At 31 May 2020

15,248

At 31 May 2019

72

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

2,894

1,781

Directors' current accounts

1,083

-

Prepayments

1,110

-

5,087

1,781

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade creditors

71,969

44,402

Tax

-

5

Social security and other taxes

3,302

3,317

Other creditors

-

186

Accrued expenses

2,796

2,100

78,067

50,010

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.5.20

31.5.19

£

£

Within one year

7,596

9,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

£

2,000

Ordinary

£1

2,000

2,000

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year advances to the director were £1,083 and credits of £nil. The advances are interest-free and are

repayable on demand. No amounts were written off or waived.