InsureFirst Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09382627 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2022

for

InsureFirst Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T Bush

W Stevenson

P L Stevenson

SECRETARY:

REGISTERED OFFICE:

Horley Green House

Horley Green Road

Halifax

West Yorkshire

HX3 6AS

REGISTERED NUMBER:

09382627 (England and Wales)

ACCOUNTANTS:

Horley Green Chartered Accountants

Horley Green House

Horley Green Road

Claremount

Halifax

West Yorkshire

HX3 6AS

FIXED ASSETS

Intangible assets

4

66,000

88,000

Tangible assets

5

4,623

4,885

70,623

92,885

CURRENT ASSETS

Debtors

6

103,335

76,308

Cash at bank and in hand

127,951

123,242

231,286

199,550

CREDITORS

Amounts falling due within one year

7

146,539

119,870

NET CURRENT ASSETS

84,747

79,680

TOTAL ASSETS LESS CURRENT LIABILITIES

155,370

172,565

CAPITAL AND RESERVES

Called up share capital

36,000

36,000

Retained earnings

119,370

136,565

SHAREHOLDERS' FUNDS

155,370

172,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 11 August 2022 and were signed on its behalf by:

P L Stevenson - Director

W Stevenson - Director

T Bush - Director

1.	STATUTORY INFORMATION

InsureFirst 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 the net amount receivable for goods supplied and services provided, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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.

Computer equipment

-

33% 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 7 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2021

and 31 January 2022

220,000

AMORTISATION

At 1 February 2021

132,000

Amortisation for year

22,000

At 31 January 2022

154,000

NET BOOK VALUE

At 31 January 2022

66,000

At 31 January 2021

88,000

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 February 2021

25,415

Additions

2,015

At 31 January 2022

27,430

DEPRECIATION

At 1 February 2021

20,530

Charge for year

2,277

At 31 January 2022

22,807

NET BOOK VALUE

At 31 January 2022

4,623

At 31 January 2021

4,885

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade debtors

100,213

76,308

Social Security

313

-

Prepayments

2,809

-

103,335

76,308

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade creditors

79,809

60,319

Tax

27,857

31,862

Directors' loan accounts

36,123

27,052

Accrued expenses

2,750

637

146,539

119,870

8.	RELATED PARTY DISCLOSURES

The company is controlled by the company director.