Connect Insurance Brokers Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04493658 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

Connect Insurance Brokers Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs V M Gilroy

D Mackenzie

W K S Gilroy

SECRETARY:

W K S Gilroy

REGISTERED OFFICE:

Connect House

Foundry Street

Hanley

Stoke on Trent

Staffordshire

ST1 5HE

REGISTERED NUMBER:

04493658 (England and Wales)

FIXED ASSETS

Intangible assets

2

138,000

161,000

Tangible assets

3

203,805

208,913

Investments

4

3,762

345,567

373,675

CURRENT ASSETS

Debtors

286,523

162,754

Cash at bank and in hand

382,839

271,222

669,362

433,976

CREDITORS

Amounts falling due within one year

588,190

375,974

NET CURRENT ASSETS

81,172

58,002

TOTAL ASSETS LESS CURRENT
LIABILITIES

426,739

431,677

PROVISIONS FOR LIABILITIES

12,000

-

NET ASSETS

414,739

431,677

CAPITAL AND RESERVES

Called up share capital

5

4

Share premium

431,322

Profit and loss account

(16,587

)

351

SHAREHOLDERS' FUNDS

414,739

431,677

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 January 2017 and were signed on
its behalf by:

W K S Gilroy - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the director considers appropriate having regard to the

company's current and expected performance.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the supply of services represents

the value of services provided under contracts, to the extent that there is a right to consideration,

and is recorded at the value of the consideration due. Where a contract has only been partially

completed at the balance sheet date turnover represents the value of the service provided to date

based on a proportion of the total contract value.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Freehold property

-

2% on cost

Office furniture and equipment

-

20% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

460,000

AMORTISATION

At 1 September 2015

299,000

Amortisation for year

23,000

At 31 August 2016

322,000

NET BOOK VALUE

At 31 August 2016

138,000

At 31 August 2015

161,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

393,865

Additions

13,003

At 31 August 2016

406,868

DEPRECIATION

At 1 September 2015

184,952

Charge for year

18,111

At 31 August 2016

203,063

NET BOOK VALUE

At 31 August 2016

203,805

At 31 August 2015

208,913

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 September 2015

and 31 August 2016

3,762

NET BOOK VALUE

At 31 August 2016

3,762

At 31 August 2015

3,762

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary A shares

£1

2

Ordinary C shares

£1

2

4

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2016 and

31 August 2015:

2016

2015

£

W K S Gilroy and Mrs V M Gilroy

Balance outstanding at start of year

73,933

31,790

Amounts advanced

68,130

171,341

Amounts repaid

(190,124

)

(129,198

)

Balance outstanding at end of year

(48,061

)

73,933

The advances were all interest free, unsecured and repayable on demand.