R M K Insurance Consultants Limited - Period Ending 2017-03-31

Registration number: 02687525

R M K Insurance Consultants Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Lambert Chapman LLP
Chartered Accountants
Heybridge Business Centre
110 The Causeway
Maldon
Essex
CM9 4ND

R M K Insurance Consultants Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Registration number: 02687525

R M K Insurance Consultants Limited
Balance Sheet as at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			200,302			202,280
Current assets
Debtors					142,117			86,774
Cash at bank and in hand					420,928			701,767
					563,045			788,541
Creditors: Amounts falling due within one year					(364,036)			(517,414)
Net current assets					199,009			271,127
Total assets less current liabilities					399,311			473,407
Provisions for liabilities					(946)			(1,180)
Net assets					398,365			472,227
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					397,365			471,227
Shareholders' funds					398,365			472,227

For the year ending 31 March 2016 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.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the Board on 6 September 2016 and signed on its behalf by:

Mr M D Richards
Director

Mr K P Radford
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

R M K Insurance Consultants Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

Turnover

Turnover represents commisisons receivable on insuance policies purchased by customers and are claimed when the provider's liability is settled.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on goodwill at the following rate:

Asset class	Amortisation method and rate
Goodwill	100% in year of purchase

Depreciation

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

Asset class	Depreciation method and rate
Buildings	Over the terms of the lease
Fixtures and fittings	20% reducing balance
Investment property	Not provided

Investment properties

The directors consider that the investment properties are maintained in such a way that the residual value is at least equal to the net book value. As a result the corresponding depreciation would not be material and therefore is not charged to the profit and loss account. The directors perform annual impairment reviews in accordance with the requirements of the Financial Reporting Standard for Smaller Entities (effective April 2008) to ensure that the recoverable amount is not lower than the carrying value.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

R M K Insurance Consultants Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		294,797			350,821			645,618
At 31 March 2016		294,797			350,821			645,618
Depreciation
At 1 April 2015		294,797			148,541			443,338
Charge for the year		-			1,978			1,978
At 31 March 2016		294,797			150,519			445,316
Net book value
At 31 March 2016		-			200,302			200,302
At 31 March 2015		-			202,280			202,280

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

4

Control

The company is controlled by Mr M D Richards and Mr K P Radford by virtue of their shareholdings..

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