Kensington Insurance Brokers Limited - Accounts

Kensington Insurance Brokers Limited - Accounts

KENSINGTON INSURANCE BROKERS LIMITED - Company Information

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Registered Number: 04457600
England and Wales

 

 

 

KENSINGTON INSURANCE BROKERS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2021

End date: 30 June 2022

Kensington Insurance Brokers Limited
Contents Page
For the year ended 30 June 2022
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Kensington Insurance Brokers Limited for the year ended 30 June 2022.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kensington Insurance Brokers Limited for the year ended 30 June 2022 which comprise of the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.
       
This report is made solely to the Board of Directors of Kensington Insurance Brokers Limited , as a body, in accordance with the terms of our engagement letter dated 24 March 2013. Our work has been undertaken solely to prepare for your approval the accounts of Kensington Insurance Brokers Limited and state those matters that we have agreed to state to the Board of Directors of Kensington Insurance Brokers Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kensington Insurance Brokers Limited and its Board of Directors as a body for our work or for this report.



It is your duty to ensure that Kensington Insurance Brokers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kensington Insurance Brokers Limited . You consider that Kensington Insurance Brokers Limited 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 accounts of Kensington Insurance Brokers Limited . 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 accounts.
30 June 2022.



....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate,
Peterborough,
PE1 5BQ
28 March 2023
1
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 510    1,019 
510    1,019 
Current assets      
Debtors: amounts falling due within one year 34,000    47,630 
Debtors: amounts falling due after one year 22,000    0 
Cash at bank and in hand 239    120 
56,239    47,750 
Creditors: amount falling due within one year (24,321)   (19,579)
Net current assets 31,918    28,171 
 
Total assets less current liabilities 32,428    29,190 
Creditors: amount falling due after more than one year (16,599)   (19,192)
Provisions for liabilities (75)   (75)
Net assets 15,754    9,923 
 

Capital and reserves 		     
Called up share capital 30,000    30,000 
Profit and loss account (14,246)   (20,078)
Shareholder's funds 15,754    9,922 
 


For the year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 28 March 2023 and were signed on its behalf by:


--------------------------------
Craig Gaunt
Director
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General Information
Kensington Insurance Brokers Limited is a private company, limited by shares, registered in England and Wales, registration number 04457600, registration address 4 Old Park, London, England, W1K 1QW.

The presentation currency is £ sterling
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of commissions receivable and other services supplied by the company, and anticipated cancellations of policies.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 3 years Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees including directors


Average number of employees during the year was 2 (2021 : 3).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 July 2021 1,529    1,529 
Additions -    - 
Disposals -    - 
At 30 June 2022 1,529    1,529 
Depreciation
At 01 July 2021 510    510 
Charge for year 509    509 
On disposals -    - 
At 30 June 2022 1,019    1,019 
Net book values
Closing balance as at 30 June 2022 510    510 
Opening balance as at 01 July 2021 1,019    1,019 


4.

Share Capital

Allotted, called up and fully paid
2022
£		   2021
£
30,000 Ordinary shares of £1.00 each 30,000    30,000 
30,000    30,000 

5.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2022
£		 2021
£		 2022
£		 2021
£
Chelsea Insurance Brokers Ltd9,863 11,863 9,863 11,863 

As at the balance sheet date the Chelsea Insurance Brokers Ltd was owed by Kensington Insurance Brokers Ltd a company controlled by the same directors £9,863.00 (2021 - £11,863).
3