Japan England Insurance Brokers Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 02341379 (England and Wales)

Financial Statements for the Year Ended 31 December 2016

for

Japan England Insurance Brokers Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr K Sano

Mrs C Q Sano

Mr S Lau

Mr IA Woolfe

SECRETARY:

Mr S Lau

REGISTERED OFFICE:

First Floor

3 London Wall Buildings

London

EC2M 5PD

REGISTERED NUMBER:

02341379 (England and Wales)

AUDITOR:

Paul Hartley FCA

Statutory Auditor

Owner

PO Box 27075

London

N2 0FZ

FIXED ASSETS

Tangible assets

4

40,571

44,558

Investments

5

111,769

114,769

152,340

159,327

CURRENT ASSETS

Debtors

6

429,038

471,136

Cash at bank

717,151

520,084

1,146,189

991,220

CREDITORS

Amounts falling due within one year

7

621,934

531,973

NET CURRENT ASSETS

524,255

459,247

TOTAL ASSETS LESS CURRENT LIABILITIES

676,595

618,574

PROVISIONS FOR LIABILITIES

9

7,400

4,400

NET ASSETS

669,195

614,174

CAPITAL AND RESERVES

Called up share capital

10

500,000

500,000

Retained earnings

169,195

114,174

SHAREHOLDERS' FUNDS

669,195

614,174

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 May 2017 and were signed on its behalf by:

Mr K Sano - Director

1.	STATUTORY INFORMATION

Japan England Insurance Brokers Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents brokerages and fees that are taken to credit on the basis of the policy inception

date.

Tangible fixed assets

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

Fixtures, fittings & equipment

-

25% on cost

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable

profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged in the income statement on a straight line basis over

the period of the lease.

Pension costs and other post-retirement benefits

Pension contributions are charged in the income statement as incurred. These contributions are

invested separately from the company's assets.

Insurance broking assets and liabilities

The Company acts as a broker in placing the insurance risks of its clients and, generally, is not liable

as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the

Company's legal relationship with clients and underwriters and since in practice premium and claim

monies are usually accounted for by insurance intermediaries, it has followed generally accepted

accounting practice by showing cash, debtors and creditors relating to insurance business as assets

and liabilities of the Company itself.

In the ordinary course of placing insurance business, settlement is required to be made with certain

market bureaux and insurance intermediaries on the basis of the net balance due to or from the

intermediary rather than the amounts due to or from the individual third parties which it represents.

The basis of settlement is reflected in the amounts included in insurance broking debtors and

creditors.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Computer

& equipment

equipment

Totals

£

£

£

COST

At 1 January 2016

85,914

33,602

119,516

Additions

11,525

8,646

20,171

At 31 December 2016

97,439

42,248

139,687

DEPRECIATION

At 1 January 2016

45,845

29,113

74,958

Charge for year

21,003

3,155

24,158

At 31 December 2016

66,848

32,268

99,116

NET BOOK VALUE

At 31 December 2016

30,591

9,980

40,571

At 31 December 2015

40,069

4,489

44,558

5.	FIXED ASSET INVESTMENTS

Cost

Beginning of year

Reductions/ Disposals

End of Year

Shares

Participating interests

114,769

(3,000

)

111,769

Net Book Value

114,769

111,769

======

=======

The Company owned 20% of the ordinary allotted capital of MST Europe Limited at a cost of

£40,000. At the last accounting date 31 March 2016, the aggregate capital and reserves of MST

Europe Limited was £539,372 and the retained profit (after dividends) for the year ended at that date

was £16,480.

The Company owns 15% of MST RFIB Limited at a net cost of £3,000. MST RFIB Limited has

ceased to trade with effect from 1 January 2014.The Company repaid its shareholders the cost of

those shares during the year. On 2 June 2016 the company received £4,633 as a final dividend from

MST RFIB's .

In December 2012 the Company formed a 100% owned subsidiary, JEIB Japan Co Ltd for £71,769, a

company incorporated in Japan.

The following were the subsidiaries at the Balance Sheet date:

Subsidiary undertakings

Description and proportion of share capital owned

Country of Incorporation

Nature of business

Japan England

Ordinary 100%

Japan

Insurance Broking

Insurance Brokers (Japan) Limited

Aggregate Capital and reserves at last accounting date

Results for the last financial period

£

£

Japan England Insurance Brokers(Japan) Limited

31,635

3,207

========

======

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

259,043

275,433

Amounts owed by group undertakings

16,851

66,454

Amounts owed by related undertakings

99,809

57,166

Other debtors

28,242

41,026

Prepayments

25,093

31,057

429,038

471,136

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

435,274

367,017

Amounts owed to group undertakings

57,964

49,000

Taxation and social security

49,109

53,957

Other creditors

79,587

61,999

621,934

531,973

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

58,910

58,118

Between one and five years

233,463

232,473

In more than five years

27,706

85,824

320,079

376,415

9.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

Other timing differences

(400

)

(3,300

)

Excess of CA over depreciation

7,800

7,700

7,400

4,400

Deferred

tax

£

Balance at 1 January 2016

4,400

Provided during year

3,000

Balance at 31 December 2016

7,400

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

500,000

Ordinary

£1

500,000

500,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Paul Hartley FCA

12.	RELATED PARTY DISCLOSURES

Japan Insurance Network Limited

A member of the Japan Group

The company paid management fees of £10,000 (2015 £24,600) to Japan Insurance Network Limited.

2016

2015

£

£

Amount due from related party at the balance sheet date

21,727

11,727

Japan England International Services Limited

Parent company

The company paid management fees of £236,500 (2015 £185,000) to Japan England International

Services Limited.

The company paid a dividend of £17,000 (2015 £10,200) to Japan England International Services

Limited.

2016

2015

£

£

Amount due (to)/from related party at the balance sheet date

(8,964

)

61,696

MST Europe Limited

A member of the group

The company received management fees in the sum of £49,800 (2015 £76,275).

2016

2015

£

£

Amount due from related party at the balance sheet date

78,082

45,439

Japan Risk Consultants (Hong Kong) Limited

Ultimate Parent Company

2016

2015

£

£

Amount due to related party at the balance sheet date

49,000

49,000

Japan England Insurance Brokers (Japan) Limited

Subsidiary

The company paid management fees of £10,000 (2015 £10,000) to Japan England Insurance Brokers

(Japan) Limited.

2016

2015

£

£

Amount due from related party at the balance sheet date

16,851

4,758

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr K Sano.

14.	FIRST YEAR ADOPTION

The policies applied under the entity's previous accounting framework are not materially different to

FRS 102 and have not impacted on equity or profit or loss.