Battleface Insurance Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08317678 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

BATTLEFACE INSURANCE SERVICES

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Gainullin

Mr P Simmonds

Ms S Goodchild

REGISTERED OFFICE:

Suite 24 80

Churchill Square

Kings Hill

West Malling

Kent

ME19 4YU

REGISTERED NUMBER:

08317678 (England and Wales)

ASSETS

FIXED ASSETS

Tangible assets

4

11,149

5,327

CURRENT ASSETS

Debtors

5

559,318

117,139

Cash at bank

153,170

814,339

712,488

931,478

723,637

936,805

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

160

160

Retained earnings

(233,718

)

(114,206

)

(233,558

)

(114,046

)

CREDITORS

6

957,195

1,050,851

723,637

936,805

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 29 September 2022 and were signed on its behalf by:

Mr P Simmonds - Director

1.	STATUTORY INFORMATION

Battleface Insurance Services 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 US Dollar ($).

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.

Going concern basis

The financial statements have been prepared on a going concern basis. Continuing trade depends on the continued support of the group and related parties. Should the company be unable to continue to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts to provide for any further liabilities which might arise.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Summary of significant accounting policies

The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The company has adopted FRS 102 Section 1A in these accounts.

Turnover

Turnover represents brokerage arising from the placement of insurance contracts by the Company.

Brokerage income is recognised at the date of inception of the underlying insurance contract subject to the policy having been substantially completed and subject to a deferral of brokerage in respect of post placement services that constitute obligations of the Company under those contracts. Adjustments relating to additional premiums and/or return premiums are accounted for as they arise. Income from monthly declarations is recognised when the declarations are received.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Insurance debtors and creditors

The company acts as an agent in broking the insurable risks of its clients and, generally, is not liable as principal for premiums due to underwriters nor for claims payable to clients. Notwithstanding the company's legal relationship with clients and underwriters and since, in practice, premium and claims monies are usually accounted for by insurance intermediaries, it has shown cash, debtors and creditors relating to insurance business as assets and liabilities of the company itself.

The company has followed generally accepted accounting practice and offsets debtors and creditors from insurance broking transactions only where it is legally enforceable.

Cash at bank relating to insurance activities is held in a non-statutory trust, and is not readily available to meet the company's day to day working capital requirements.

Provisions

Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Government grants

During the previous year the company received monies under the local authority Small Business Rates Relief Scheme. The amounts received are included within the accounts on an accruals basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

$

COST

At 1 January 2021

6,215

Additions

9,976

At 31 December 2021

16,191

DEPRECIATION

At 1 January 2021

888

Charge for year

4,154

At 31 December 2021

5,042

NET BOOK VALUE

At 31 December 2021

11,149

At 31 December 2020

5,327

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

$

$

Trade debtors

13,399

66,470

Amounts owed by group undertakings

265,056

-

Other debtors

280,863

50,669

559,318

117,139

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

$

$

Trade creditors

37,635

401,710

Amounts owed to group undertakings

822,172

590,408

Taxation and social security

37,739

22,848

Other creditors

59,649

35,885

957,195

1,050,851

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Battleface, Inc.

Delaware, USA, registered number 7339529.