Accounts filed on 30-06-2016

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			Company registration number:06279280
		HALLSDALE INSURANCE BROKERS LIMITED
			ABBREVIATED FINANCIAL STATEMENTS
			FOR THE YEAR ENDED 30 June 2016

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HALLSDALE INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT 30 June 2016
			2016				2015
		Notes	£		£		£		£
FIXED ASSETS
Tangible assets		2			8,150				9,583
					8,150				9,583
CURRENT ASSETS
Debtors			355,841				406,397
Cash at bank and in hand			969				969
			356,810				407,366
CREDITORS
Amounts falling due within one year			(347,448)				(398,821)
NET CURRENT ASSETS					9,362				8,545
TOTAL ASSETS LESS
CURRENT LIABILITIES					17,512				18,128
PROVISIONS FOR LIABILITIES					(1,630)				(1,916)
NET ASSETS					15,882				16,212
CAPITAL AND RESERVES
Called-up equity share capital		4			670				670
Other Reserves					330				330
Profit and loss account					14,882				15,212
SHAREHOLDERS FUNDS					15,882				16,212
For the year ending 30 June 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 the accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
..........................................................................
T W Hall
17 November 2016
The annexed notes form part of these financial statements.

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HALLSDALE INSURANCE BROKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

1.

Accounting policies

Basis of preparing the financial statements

The accounts 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 income receivable for goods and services provided in the period. Brokerage income is recognised when the premium is deposited in the client non statutory risk transfer trust account. Adjustments to brokerage on return and additional premiums are normally recognised when they arise, unless it is possible to make a reasonable accurate estimate of such adjustments at inception based upon known historical trends for the given business. Insurance broking debtors and creditors Insurance brokers usually act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not liable as principals for amounts arising from such transactions. Notwithstanding the legal relationships, debtors and creditors arising from insurance broking transactions are shown as assets and liabilities because they provide the insurance broker with access to future economic benefits and, as such, meet the definitions of assets and liabilities set out in Financial Reporting Standard No. 5 "Reporting the substance of transactions". It is normal practice for insurance brokers to settle accounts with other intermediaries, client, insurers and market settlement bureaux on a net basis. Thus, large changes in both insurance broking debtors and creditors can result in comparatively small cash settlements. For this reason, the totals of insurance debtors and creditors give no indication of future cashflows. Financial Reporting Standard No. 5 "Reporting the substance of transactions" requires that offset of assets and liabilities should be recognised in financial statements where, and only where, the offset would survive the insolvency of the other party. Accordingly, only such offsets have been recognised in calculating insurance broking debtors and creditors.

Fixed assets

A full year's depreciation is charged in the year of acquisition of an asset but none in the year of disposal. Depreciation has been computed to write off the cost of fixed assets over their expected useful lives at the following rates:-

Fixtures and fittings 25% per annum reducing balance Computer equipment 25% per annum reducing balance

Leasing

Leasing rentals payable on agreements which transfer substantially all the risk and rewards associated with ownership of the lessee ("finance leases") are capitalised within fixed assets, and the obligation to pay future rentals included in creditors as a liability. The interest charges implicit in such a lease are written off to the profit and loss account in proportion to the balance outstanding during the year. All other leasing rentals ("operating leases") are written off to the profit and loss account over the life of the lease.

Deferred taxation

Deferred tax assets and liabilities have arisen from timing differences between the recognition of gains and losses in the financial statements and their recognition in a tax computation. Full provision is made for all liabilities, and provision is made for assets to the extent that they are considered more likely than not to be recoverable in the foreseeable future. Provision is made using tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based upon rates enacted at the balance sheet date.

Pension scheme

The company operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable.

2.	Tangible fixed assets
				Total
	Cost
	At start of period			26,190
	Additions			1,284
	At end of period			27,474
	Depreciation
	At start of period			16,607
	Provided during the period			2,717
	At end of period			19,324
	Net Book Value
	At start of period			9,583
	At end of period			8,150

3.

Creditors

Of the creditors due within one year £ 29,967 (2015 £30,834) is secured

4.	Share capital				Allotted, issued and fully paid
					2016	2015
					£	£
	'A' Ordinary shares of £1 each				670	670
	Total issued share capital				670	670
5.	Ultimate controlling party
	The company is under the ultimate control of S R Drysdale and T W Hall.