Mercia Underwriting Solutions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03758742 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021

FOR

MERCIA UNDERWRITING SOLUTIONS LTD

PREVIOUSLY KNOWN AS

MERCIA MARINE (UNDERWRITING) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Ms K A Egan

I H Kitchinson

M J Cardus

SECRETARY:

Ms E L Ainscough

REGISTERED OFFICE:

6 Lloyd's Avenue

London

EC3N 3AX

REGISTERED NUMBER:

03758742 (England and Wales)

ACCOUNTANTS:

Clive Shedd & Co

Chartered Accountants

232 Sladepool Farm Road

Birmingham

B14 5EE

FIXED ASSETS

Tangible assets

5

2,874

3,975

CURRENT ASSETS

Debtors

6

223,886

270,256

Cash at bank

442,709

2,390

666,595

272,646

CREDITORS

Amounts falling due within one year

7

359,735

66,288

NET CURRENT ASSETS

306,860

206,358

TOTAL ASSETS LESS CURRENT LIABILITIES

309,734

210,333

PROVISIONS FOR LIABILITIES

-

755

NET ASSETS

309,734

209,578

CAPITAL AND RESERVES

Called up share capital

8

2,500

2,500

Capital redemption reserve

2,500

2,500

Retained earnings

304,734

204,578

SHAREHOLDERS' FUNDS

309,734

209,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 11 November 2021 and were signed on its behalf by:

Ms K A Egan - Director

1.	STATUTORY INFORMATION

Mercia Underwriting Solutions Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

Significant judgements and estimates

In preparing these financial statements the company's management make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the statement of financial position date and the amounts reported in the income statement for the year under review.

The nature of estimates means that the actual outcome could differ and the company's management consider there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts reported for assets and liabilities within the next financial year.

Turnover

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

Fee, commission and brokerage income includes initial income receivable on the commencement of a new policy which is recognised when the policy goes on risk. Fee and commission income also includes on-going fees which are recognised as the services are provided and renewal commissions which are recognised when earned.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

50% on cost, 25% on cost and 25% on reducing balance

Tangible fixed assets are initially recorded at cost.

Financial instruments

Basic financial assets and liabilities are initially recognised at transaction price and are subsequently measured at amortised cost.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Pension costs and other post-retirement benefits

The company contributes to defined contribution pension schemes for its employees. Contributions payable are charged to profit or loss in the period to which they relate.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the amount expected to be paid in exchange for that service.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2020 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2020

and 30 April 2021

65,823

DEPRECIATION

At 1 May 2020

61,848

Charge for year

1,101

At 30 April 2021

62,949

NET BOOK VALUE

At 30 April 2021

2,874

At 30 April 2020

3,975

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

208,949

139,349

Amounts owed by group undertakings

900

102,212

Other debtors

-

7,702

Prepayments and accrued income

14,037

20,993

223,886

270,256

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

13,173

181

Amounts owed to group undertakings

253,541

-

Taxation and social security

60,022

36,737

Accruals and deferred income

32,999

29,370

359,735

66,288

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2,500

Ordinary

£1

2,500

2,500

9.	ULTIMATE CONTROLLING PARTY