COMMERCIAL EXPRESS QUOTES LIMITED

COMMERCIAL EXPRESS QUOTES LIMITED

COMMERCIAL EXPRESS QUOTES LIMITED - Company Information

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COMMERCIAL EXPRESS QUOTES LIMITED

Company Registration Number:
03862468 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2020

Period of accounts

Start date: 01 January 2020

End date: 31 December 2020

COMMERCIAL EXPRESS QUOTES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2020

Balance sheet
Notes

COMMERCIAL EXPRESS QUOTES LIMITED

Balance sheet

As at 31 December 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 478,405 464,464
Total fixed assets: 478,405 464,464
Current assets
Debtors:   3,527,518 2,934,891
Cash at bank and in hand: 2,025,180 1,493,594
Total current assets: 5,552,698 4,428,485
Creditors: amounts falling due within one year:   (2,792,060) (1,994,702)
Net current assets (liabilities): 2,760,638 2,433,783
Total assets less current liabilities: 3,239,043 2,898,247
Creditors: amounts falling due after more than one year:   (8,226) 0
Provision for liabilities: (5,732) (4,045)
Total net assets (liabilities): 3,225,085 2,894,202
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 3,224,985 2,894,102
Shareholders funds: 3,225,085 2,894,202

The notes form part of these financial statements

COMMERCIAL EXPRESS QUOTES LIMITED

Balance sheet statements

For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 September 2021
and signed on behalf of the board by:

Name: D PRITCHARD
Status: Director

The notes form part of these financial statements

COMMERCIAL EXPRESS QUOTES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents commissions and fees received during the year. Commission for insurance services is recognised in full in the month when the policies are incepted.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:Land and buildings Freehold No depreciation in providedFixtures, fittings & equipment 25% on a straight line basisComputer equipment 25% on a straight line basisThe gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to profit or loss .

Other accounting policies

Insurance Debtors and CreditorsThe company acts as agents in broking the insurable risk of clients and is normally not liable as aprincipal for premiums due to underwriters. Not withstanding the legal relationship with clients andunderwriters, the company has followed generally accepted accounting practice for insurance.intermediaries by showing debtors, creditors and cash balances relating to insurance business as assetsand liabilities of the company itself. This recognises that the company is entitled to retain the investmentincome on any cash flows arising from these transactions.In the ordinary course of insurance broking business, settlement is required to be made with insuranceintermediaries or insurance companies on the basis of net balance due to or from them rather than theamount due to and from the individual third parties which it represents.However, under Financial Reporting Standard 5 (FRS 5) assets and liabilities may not be offset unlessnet settlement is legally enforceable, and therefore insurance broking debtors and creditors are showngross within these financial statements.

COMMERCIAL EXPRESS QUOTES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

2. Employees

2020 2019
Average number of employees during the period 57 59

COMMERCIAL EXPRESS QUOTES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

3. Tangible Assets

Total
Cost £
At 01 January 2020 1,215,119
Additions 42,188
At 31 December 2020 1,257,307
Depreciation
At 01 January 2020 750,655
Charge for year 28,247
At 31 December 2020 778,902
Net book value
At 31 December 2020 478,405
At 31 December 2019 464,464