Boston Insurance Services Ltd 31/03/2022 iXBRL

Boston Insurance Services Ltd 31/03/2022 iXBRL

BOSTON INSURANCE SERVICES LTD - Company Information

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Company registration number: 10410757
Boston Insurance Services Ltd
Unaudited filleted financial statements
31 March 2022
Boston Insurance Services Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Boston Insurance Services Ltd
Directors and other information
Director Mrs Lynsey Jane Ballans
Company number 10410757
Registered office 134 West Street
Boston
Lincs
PE21 8QZ
Business address 134 West Street
Boston
Lincs
PE21 8QZ
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Boston Insurance Services Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Boston Insurance Services Ltd
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 financial statements of Boston Insurance Services Ltd for the year ended 31 March 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Boston Insurance Services 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 financial statements of Boston Insurance Services Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Boston Insurance Services Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Boston Insurance Services Ltd 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 Boston Insurance Services Ltd. You consider that Boston Insurance Services 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 financial statements of Boston Insurance Services 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 financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
11 April 2022
Boston Insurance Services Ltd
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 4,149 4,270
_______ _______
4,149 4,270
Current assets
Debtors 7 922 1,017
Cash at bank and in hand 60,335 62,595
_______ _______
61,257 63,612
Creditors: amounts falling due
within one year 8 ( 7,719) ( 11,398)
_______ _______
Net current assets 53,538 52,214
_______ _______
Total assets less current liabilities 57,687 56,484
Provisions for liabilities ( 788) ( 811)
_______ _______
Net assets 56,899 55,673
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 56,799 55,573
_______ _______
Shareholders funds 56,899 55,673
_______ _______
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 April 2022 , and are signed on behalf of the board by:
Mrs Lynsey Jane Ballans
Director
Company registration number: 10410757
Boston Insurance Services Ltd
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 134 West Street, Boston, Lincs, PE21 8QZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is the amount receivable in respect of commissions, fees and charges on insurance business transacted in the period.Income from commission is received for selling and administering insurance policies and is recognised in the profit and loss account at policy inception. Provisions are maintained to meet potential subsequent bad debts and cancellations.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2021 and 31 March 2022 15,808 15,808
_______ _______
Amortisation
At 1 April 2021 and 31 March 2022 15,808 15,808
_______ _______
Carrying amount
At 31 March 2022 - -
_______ _______
At 31 March 2021 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2021 7,346 7,346
Additions 552 552
_______ _______
At 31 March 2022 7,898 7,898
_______ _______
Depreciation
At 1 April 2021 3,076 3,076
Charge for the year 673 673
_______ _______
At 31 March 2022 3,749 3,749
_______ _______
Carrying amount
At 31 March 2022 4,149 4,149
_______ _______
At 31 March 2021 4,270 4,270
_______ _______
7. Debtors
2022 2021
£ £
Other debtors 922 1,017
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax 5,002 9,206
Other creditors 2,717 2,192
_______ _______
7,719 11,398
_______ _______
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______