BICKLEY_INSURANCE_SERVICE - Accounts

The director presents his report and financial statements for the Year ended 31 May 2014.

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bickley Insurance Services Limited for the Year ended 31 May 2014 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Bickley Insurance Services Limited, as a body, in accordance with the terms of our engagement letter dated 12 May 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Bickley Insurance Services Limited and state those matters that we have agreed to state to the Board of Directors of Bickley Insurance Services Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bickley Insurance Services Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Bickley Insurance Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bickley Insurance Services Limited. You consider that Bickley Insurance Services Limited is exempt from the statutory audit requirement for the Year.

We have not been instructed to carry out an audit or a review of the financial statements of Bickley Insurance Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Director's responsibilities:

Approved by the Board for issue on 14 August 2014

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the Year they are payable.

The company acts as agent in broking insurance risk to its clients.  Generally, it is not liable as a principal for either premiums due to underwriters or for claims or returned premiums payable to clients.  Since in practice premiums and claims monies are usually accounted for by insurance intermediaries, the company has, notwithstanding its legal relationship with clients and underwriters, followed generally accepted accounting practice by showing cash, debtors and creditors relating to insurance broking business, as assets and liabilities of the company.

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2013 - 1).

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

The following directors had interest free loans during the Year. The movement on these loans are as follows: