Direct Insurance Solutions Limited - Period Ending 2013-12-31

Registration number: 06483057

Direct Insurance Solutions Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Lumb Accountancy Services Limited
Chartered Certified Accountants
677 Burnley Road East
Lumb
Rossendale
Lancashire
BB4 9PG

Direct Insurance Solutions Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Direct Insurance Solutions Limited
for the Year Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Direct Insurance Solutions Limited for the year ended 31 December 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Direct Insurance Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Direct Insurance Solutions Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Direct Insurance Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Direct Insurance Solutions 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 Direct Insurance Solutions Limited. You consider that Direct Insurance Solutions 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 Direct Insurance Solutions 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.

......................................

Lumb Accountancy Services Limited
Chartered Certified Accountants
677 Burnley Road East
Lumb
Rossendale
Lancashire
BB4 9PG

14 August 2014

Page 1

Direct Insurance Solutions Limited
(Registration number: 06483057)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					-			2,584
Current assets
Cash at bank and in hand					513			573
Creditors: Amounts falling due within one year					(140,439)			(151,423)
Net current liabilities					(139,926)			(150,850)
Net liabilities					(139,926)			(148,266)
Capital and reserves
Called up share capital		3			15,000			15,000
Profit and loss account					(154,926)			(163,266)
Shareholders' deficit					(139,926)			(148,266)

For the year ending 31 December 2013 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Approved by the director on 14 August 2014

.........................................
Mr P S Galloway
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Direct Insurance Solutions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents licensing fees receivable

Goodwill

Goodwill represents the cost of acquisition of the insurance portfolio of Equestrian Direct Insurance Services Limited. The cost of acquisition comprises the fair value of the agreed consideration paid or accrued and any other direct costs directly associated with the acquisition. Impairment of purchased goodwill is reviewed in accordance with FRS10.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	4 years straight line

Depreciation

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

Asset class	Depreciation method and rate
Fixtures and fittings	20% straight line
Office equipment	33% straight line

2	Fixed assets

Page 3

Direct Insurance Solutions Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

		Intangible assets £			Total £
Cost
At 1 January 2013		201,354			201,354
At 31 December 2013		201,354			201,354
Depreciation
At 1 January 2013		198,770			198,770
Charge for the year		2,584			2,584
At 31 December 2013		201,354			201,354
Net book value
At 31 December 2013		-			-
At 31 December 2012		2,584			2,584

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		15,000			15,000			15,000			15,000

4

Control

The company is controlled by Paul Galloway Limited is regarded by the director as being the company's ultimate parent company. The ultimate controlling party is Mr P. S. Galloway.

Page 4