R. McGee Insurance Broker Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01599033 (England and Wales)

R. MCGEE INSURANCE BROKER

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

A J McGee

Mrs J McGee

S J McGee

SECRETARY:

Mrs J McGee

REGISTERED OFFICE:

126 Commercial Street

Maesteg

Bridgend

Mid Glamorgan

CF34 9DL

REGISTERED NUMBER:

01599033 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Phoenix Way

Llansamlet

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

13,753

16,430

Investments

5

-

-

13,753

16,430

CURRENT ASSETS

Debtors

6

80,630

78,806

Cash at bank

192,115

223,672

272,745

302,478

CREDITORS

Amounts falling due within one year

7

25,384

55,732

NET CURRENT ASSETS

247,361

246,746

TOTAL ASSETS LESS CURRENT LIABILITIES

261,114

263,176

PROVISIONS FOR LIABILITIES

2,526

3,015

NET ASSETS

258,588

260,161

CAPITAL AND RESERVES

Called up share capital

140

140

Retained earnings

258,448

260,021

SHAREHOLDERS' FUNDS

258,588

260,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 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 22 July 2020 and were signed on its behalf by:

A J McGee - Director

1.	STATUTORY INFORMATION

R. McGee Insurance Broker 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 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.

The directors do not currently consider that the current coronavrus pandemic will have a significant

adverse impact on the company, although they are continually monitoring the company's cash and

profit projections.

The directors therefore consider it appropriate to prepare the financial statements using the going

concern basis of accounting.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors which are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision only effects that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

The following are the critical judgements that the directors have made in the process of applying the

company's accounting policies and that have the most significant effect on the amounts recognised in

the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective

evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a

reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities

are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only

disclosed if an inflow of economic benefits is probable.

Turnover

Turnover represents commissions received from insurance companies, which are recognised in the

period in which they were earned, subject to any retention of premiums.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and 15% on reducing balance

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially

measured at transaction price unless the arrangement constitutes a financing transaction, where the

transaction is measured at the present value of the future receipts discounted at a market rate of

interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate of

interest.

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 taxation

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.

Investments

Fixed asset investments are shown at the lower of cost and net realisable value. The carrying values

of investments are reviewed for impairment if events or changes in circumstances indicate the carrying

values may not be recoverable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2018

60,315

Additions

1,210

Disposals

(10,584

)

At 30 November 2019

50,941

DEPRECIATION

At 1 December 2018

43,885

Charge for year

3,141

Eliminated on disposal

(9,838

)

At 30 November 2019

37,188

NET BOOK VALUE

At 30 November 2019

13,753

At 30 November 2018

16,430

5.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST

At 1 December 2018

and 30 November 2019

100,500

PROVISIONS

At 1 December 2018

and 30 November 2019

100,500

NET BOOK VALUE

At 30 November 2019

-

At 30 November 2018

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

46,623

42,470

Other debtors

34,007

36,336

80,630

78,806

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

260

-

Taxation and social security

19,323

51,075

Other creditors

5,801

4,657

25,384

55,732