Seico Insurance & Mortgages Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03098749 (England and Wales)

Financial Statements for the Year Ended 30 September 2020

for

Seico Insurance & Mortgages Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R L Starr

REGISTERED OFFICE:

Bank House

Southwick Square

Southwick

West Sussex

REGISTERED NUMBER:

03098749 (England and Wales)

ACCOUNTANTS:

Style and Silver

Bank House

Southwick Square

Southwick

West Sussex

BN42 4FN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

71,702

80,728

71,702

80,728

CURRENT ASSETS

Debtors

6

448,564

651,226

Cash at bank

594,594

163,081

1,043,158

814,307

CREDITORS

Amounts falling due within one year

7

233,234

223,015

NET CURRENT ASSETS

809,924

591,292

TOTAL ASSETS LESS CURRENT LIABILITIES

881,626

672,020

CREDITORS

Amounts falling due after more than one year

8

609,735

343,808

NET ASSETS

271,891

328,212

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

190,400

190,400

Retained earnings

80,491

136,812

SHAREHOLDERS' FUNDS

271,891

328,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 November 2020 and were signed by:

R L Starr - Director

1.	STATUTORY INFORMATION

Seico Insurance & Mortgages 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 10 (2019 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

11,500

AMORTISATION

At 1 October 2019

and 30 September 2020

11,500

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2019

12,376

85,863

22,111

120,350

Additions

-

-

14,979

14,979

Disposals

-

-

(16,107

)

(16,107

)

At 30 September 2020

12,376

85,863

20,983

119,222

DEPRECIATION

At 1 October 2019

12,368

11,133

16,121

39,622

Charge for year

-

18,683

4,578

23,261

Eliminated on disposal

-

-

(15,363

)

(15,363

)

At 30 September 2020

12,368

29,816

5,336

47,520

NET BOOK VALUE

At 30 September 2020

8

56,047

15,647

71,702

At 30 September 2019

8

74,730

5,990

80,728

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2019

and 30 September 2020

82,664

DEPRECIATION

At 1 October 2019

10,333

Charge for year

18,083

At 30 September 2020

28,416

NET BOOK VALUE

At 30 September 2020

54,248

At 30 September 2019

72,331

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

98,293

19,456

Amounts owed by group undertakings

280,130

362,856

Other debtors

70,141

268,914

448,564

651,226

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

104,970

131,664

Hire purchase contracts

8,432

12,104

Trade creditors

23,484

9,355

Taxation and social security

82,597

26,245

Other creditors

13,751

43,647

233,234

223,015

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans

559,577

285,414

Hire purchase contracts

49,962

58,394

Other creditors

196

-

609,735

343,808