Lion Insurance Consultants (Tonbridge) Limited - Period Ending 2021-01-31
Lion Insurance Consultants (Tonbridge) Limited - Period Ending 2021-01-31
Registration number:
Lion Insurance Consultants (Tonbridge) Limited
for the Year Ended 31 January 2021
Lion Insurance Consultants (Tonbridge) Limited
(Registration number: 03417781)
Balance Sheet as at 31 January 2021
Note |
2021 |
2020 |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Intangible assets |
- |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Lion Insurance Consultants (Tonbridge) Limited
(Registration number: 03417781)
Balance Sheet as at 31 January 2021 (continued)
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.
For the financial year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Lion Insurance Consultants (Tonbridge) Limited
Notes to the Financial Statements for the Year Ended 31 January 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Shinglebarn Farm
Smiths Hill
West Farleigh
Maidstone
Kent
ME15 0PH
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The director has considered the effect of the Covid-19 outbreak. Although the director considers that the outbreak has caused a significant disruption to the company's business, he is confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future, despite the fall in trading activity.
Lion Insurance Consultants (Tonbridge) Limited
Notes to the Financial Statements for the Year Ended 31 January 2021 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The company provides insurance brokerage services to businesses and individuals and the commission earned is recognised at the stage insurance is placed on risk for clients.
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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 |
Plant and Machinery |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Goodwill
Goodwill arises on a business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Goodwill amortisation is charged on a straight-line basis so as to write off the cost of the asset, less its value assumed to be zero, over its useful economic life, which is estimated to be 5 years.
Lion Insurance Consultants (Tonbridge) Limited
Notes to the Financial Statements for the Year Ended 31 January 2021 (continued)
2 |
Accounting policies (continued) |
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Lion Insurance Consultants (Tonbridge) Limited
Notes to the Financial Statements for the Year Ended 31 January 2021 (continued)
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 February 2020 |
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At 31 January 2021 |
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Amortisation |
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At 1 February 2020 |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
- |
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2020 |
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Additions |
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At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
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Charge for the year |
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At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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Lion Insurance Consultants (Tonbridge) Limited
Notes to the Financial Statements for the Year Ended 31 January 2021 (continued)
Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Other borrowings |
- |
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Lion Insurance Consultants (Tonbridge) Limited
Notes to the Financial Statements for the Year Ended 31 January 2021 (continued)
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £