Jeston Insurance Brokers Ltd - Period Ending 2022-03-31

Jeston Insurance Brokers Ltd - Period Ending 2022-03-31


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Registration number: 00738228

Jeston Insurance Brokers Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Jeston Insurance Brokers Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Jeston Insurance Brokers Ltd

Company Information

Directors

Mr David John White

Mrs Joyce Margaret White

Registered office

61 The Broadway
Greenford
Middlesex
UB6 9PW

Accountants

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Jeston Insurance Brokers Ltd
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Jeston Insurance Brokers Ltd for the year ended 31 March 2022 as 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Jeston Insurance Brokers Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Jeston Insurance Brokers Ltd and state those matters that we have agreed to state to the Board of Directors of Jeston Insurance Brokers Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jeston Insurance Brokers Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Jeston Insurance Brokers Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jeston Insurance Brokers Ltd. You consider that Jeston Insurance Brokers Ltd 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 accounts of Jeston Insurance Brokers Ltd. 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 accounts.

......................................

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

26 October 2022

 

Jeston Insurance Brokers Ltd

(Registration number: 00738228)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

26,362

32,117

Current assets

 

Debtors

6

85,578

91,412

Other financial assets

5

1,400

1,400

Cash at bank and in hand

 

255,787

190,241

 

342,765

283,053

Creditors: Amounts falling due within one year

7

(221,832)

(170,653)

Net current assets

 

120,933

112,400

Net assets

 

147,295

144,517

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

146,295

143,517

Shareholders' funds

 

147,295

144,517

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Jeston Insurance Brokers Ltd

(Registration number: 00738228)
Balance Sheet as at 31 March 2022

Approved and authorised by the Board on 26 October 2022 and signed on its behalf by:
 

.........................................
Mr David John White
Director

.........................................
Mrs Joyce Margaret White
Director

 

Jeston Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
61 The Broadway
Greenford
Middlesex
UB6 9PW
United Kingdom

These financial statements were authorised for issue by the Board on 26 October 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Jeston Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on reducing balance

Fixture and fittings

15% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Jeston Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 7).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

2,568

227,967

25,620

256,155

Additions

-

544

-

544

Disposals

-

-

(2,000)

(2,000)

At 31 March 2022

2,568

228,511

23,620

254,699

Depreciation

At 1 April 2021

2,567

206,291

15,180

224,038

Charge for the year

-

3,333

2,491

5,824

Eliminated on disposal

-

-

(1,525)

(1,525)

At 31 March 2022

2,567

209,624

16,146

228,337

Carrying amount

At 31 March 2022

1

18,887

7,474

26,362

At 31 March 2021

1

21,676

10,440

32,117

Included within the net book value of land and buildings above is £1 (2021 - £1) in respect of freehold land and buildings.
 

 

Jeston Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2021

1,400

1,400

At 31 March 2022

1,400

1,400

Impairment

Carrying amount

At 31 March 2022

1,400

1,400

6

Debtors

Current

2022
£

2021
£

Trade debtors

57,364

76,912

Prepayments

10,214

8,500

Other debtors

18,000

6,000

 

85,578

91,412

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

170,505

141,806

Taxation and social security

12,407

7,868

Accruals and deferred income

12,671

2,852

Other creditors

26,249

18,127

221,832

170,653


 

 

Jeston Insurance Brokers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Related party transactions

During the year the company made the following related party transactions:

Director

During the year, the directors advanced further loans of £7,530 to the company and no interest was charged on these loans.

At the balance sheet date, the amount due to the directors was £25,657 (2021 - £18,127).

Company under common control

At the balance sheet date, the amount due from the company under common control was £18,000 (2021 - £6,000).