Status Insurance Management Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01785590 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

STATUS INSURANCE MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I G Atkinson

H A Atkinson

P A O'Sullivan

S O'Sullivan

SECRETARY:

I G Atkinson

REGISTERED OFFICE:

First Floor, Jebsen House

53-61 High Street

Ruislip

Middlesex

HA4 7BD

REGISTERED NUMBER:

01785590 (England and Wales)

ACCOUNTANTS:

Sproull & Co.

Chartered Accountants

First Floor, Jebsen House

53-61 High Street

Ruislip

Middlesex

HA4 7BD

FIXED ASSETS

Tangible assets

4

23,150

22,217

CURRENT ASSETS

Debtors

5

43,657

55,667

Cash at bank and in hand

100,215

8,757

143,872

64,424

CREDITORS

Amounts falling due within one year

6

59,988

64,631

NET CURRENT ASSETS/(LIABILITIES)

83,884

(207

)

TOTAL ASSETS LESS CURRENT LIABILITIES

107,034

22,010

CAPITAL AND RESERVES

Called up share capital

27,000

27,000

Retained earnings

80,034

(4,990

)

SHAREHOLDERS' FUNDS

107,034

22,010

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th March 2023 and were signed on its behalf by:

I G Atkinson - Director

H A Atkinson - Director

1.	STATUTORY INFORMATION

Status Insurance Management Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents commissions receivable from insurance mediation work.

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

-

25% on cost and 25% on reducing balance

Taxation

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company contributes to personal pension schemes for employees. The assets of the schemes are held independently of the company by an insurance company. The amount charged to the profit and loss account are the contributions payable in the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2022

87,558

Additions

16,369

At 31st December 2022

103,927

DEPRECIATION

At 1st January 2022

65,341

Charge for year

15,436

At 31st December 2022

80,777

NET BOOK VALUE

At 31st December 2022

23,150

At 31st December 2021

22,217

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by participating interests

-

2,316

Other debtors

43,657

53,351

43,657

55,667

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

45,355

50,000

Taxation and social security

7,600

988

Other creditors

7,033

13,643

59,988

64,631

7.	CLIENTS' BALANCE SHEET

The assets and liabilities in relation to the client accounts operated by the company were:

2022

2021

£

£

Client account bank balances

26,287

92,989

Net liabilities for commission or premiums payable

26,287

92,989

The above balances are not reflected in these financial statements.