R. McGee Insurance Broker Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 01599033 (England and Wales)

R. MCGEE INSURANCE BROKER

LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTOR:

A J McGee

SECRETARY:

Mrs J McGee

REGISTERED OFFICE:

126 Commercial Street

Maseteg

Bridgend

Mid Glamorgan

CF34 9DL

REGISTERED NUMBER:

01599033 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

2

15,744

17,001

Investments

3

1

100,501

15,745

117,502

CURRENT ASSETS

Debtors

33,948

45,471

Cash at bank

308,213

299,467

342,161

344,938

CREDITORS

Amounts falling due within one year

34,098

32,785

NET CURRENT ASSETS

308,063

312,153

TOTAL ASSETS LESS CURRENT
LIABILITIES

323,808

429,655

PROVISIONS FOR LIABILITIES

2,982

3,197

NET ASSETS

320,826

426,458

CAPITAL AND RESERVES

Called up share capital

4

140

Profit and loss account

320,686

426,318

SHAREHOLDERS' FUNDS

320,826

426,458

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 27 March 2017 and were signed by:

A J McGee - Director

1.	ACCOUNTING POLICIES

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 represents commissions received from insurance companies, which are recognised in the

period in which they were earned. Commissions returned on policy cancellations are recognised on

notification of cancellation.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and 15% on reducing balance

Taxation

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

the balance sheet date.Deferred Current tax, including UK corporation tax and foreign tax, is provided

at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

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

the balance sheet date. Timing differences are differences between the company's taxable profits and

its results as stated in the financial statements that arise from the inclusion of gains and losses in tax

assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that,

on the basis of all available evidence, it can be regarded as more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted.

Deferred tax is measured on a non-discounted basis.tax is recognised in respect of all timing

differences that have originated but not reversed at the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

Investments

Fixed asset investments are shown at the lower of cost and net realisable value. The carrying values

of investments are reviewed for impairment if events or changes in circumstances indicate the carrying

values may not be recoverable.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

99,724

Additions

2,634

Disposals

(35,299

)

At 30 November 2016

67,059

DEPRECIATION

At 1 December 2015

82,723

Charge for year

3,892

Eliminated on disposal

(35,300

)

At 30 November 2016

51,315

NET BOOK VALUE

At 30 November 2016

15,744

At 30 November 2015

17,001

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 December 2015

and 30 November 2016

107,500

PROVISIONS

At 1 December 2015

6,999

Charge for year

100,500

At 30 November 2016

107,499

NET BOOK VALUE

At 30 November 2016

1

At 30 November 2015

100,501

In the opinion of the director the market value of the listed investments at the balance sheet date was

£Nil (2015 -£100,500).

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

20

Ordinary A and B

£1

20

Ordinary C and D

£1

20

140

Details of the rights attaching to the different classes of shares can be found in the company's Articles

of Association.