Westminster Insurance Limited - Period Ending 2017-03-31

Registration number: 05224391

Westminster Insurance Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2017

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

Westminster Insurance Limited

Contents

Company Information	1
Accountants' Report	2
Abridged Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Abridged Financial Statements	6 to 11

Westminster Insurance Limited

Company Information

Director

Mr Gerard Daniel Francis O'Donovan

Company secretary

Mrs Gail O'Donovan

Registered office

Mey House Bridport Road Poundbury Dorset DT1 3QY

Accountants

Spirare Limited Chartered Certified Accountants Mey House Bridport Road Poundbury Dorset DT1 3QY

Page 1

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Westminster Insurance Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Westminster Insurance Limited for the year ended 31 March 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Westminster Insurance Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Westminster Insurance Limited and state those matters that we have agreed to state to the Board of Directors of Westminster Insurance Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westminster Insurance Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Westminster Insurance Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Westminster Insurance Limited. You consider that Westminster Insurance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Westminster Insurance Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

10 May 2017

Page 2

Westminster Insurance Limited

(Registration number: 05224391)
Abridged Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	10,232	10,035
Current assets
Debtors		15,150	26,702
Cash at bank and in hand		134,935	39,955
		150,085	66,657
Prepayments and accrued income		3,924	3,125
Creditors: Amounts falling due within one year		(64,672)	(33,820)
Net current assets		89,337	35,962
Total assets less current liabilities		99,569	45,997
Provisions for liabilities		(1,862)	(1,782)
Accruals and deferred income		(1,794)	(1,794)
Net assets		95,913	42,421
Capital and reserves
Called up share capital		2	2
Profit and loss account		95,911	42,419
Total equity		95,913	42,421

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The notes on pages 6 to 11 form an integral part of these abridged financial statements.

Page 3

Westminster Insurance Limited

(Registration number: 05224391)
Abridged Balance Sheet as at 31 March 2017

Approved and authorised by the director on 10 May 2017
 

.........................................

Mr Gerard Daniel Francis O'Donovan

Director

The notes on pages 6 to 11 form an integral part of these abridged financial statements.

Page 4

Westminster Insurance Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	2	42,419	42,421
Profit for the year	-	88,992	88,992
Total comprehensive income	-	88,992	88,992
Dividends	-	(35,500)	(35,500)
At 31 March 2017	2	95,911	95,913

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	2	30,946	30,948
Profit for the year	-	46,573	46,573
Total comprehensive income	-	46,573	46,573
Dividends	-	(35,100)	(35,100)
At 31 March 2016	2	42,419	42,421

The notes on pages 6 to 11 form an integral part of these abridged financial statements.

Page 5

Westminster Insurance Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

These financial statements were authorised for issue by the director on 10 May 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, Fittings and Equipment	10% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 6

Westminster Insurance Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2016 - 5).

Page 7

Westminster Insurance Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Total £
Cost or valuation
At 1 April 2016	21,049
Additions	1,334
At 31 March 2017	22,383
Depreciation
At 1 April 2016	11,014
Charge for the year	1,137
At 31 March 2017	12,151
Carrying amount
At 31 March 2017	10,232
At 31 March 2016	10,035

5

Dividends

Interim dividends paid

	2017 £	2016 £
Interim dividend of £17,750 (2016 - £17,550) per each Ordinary share	35,500	35,100

6	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	At 31 March 2017 £
Mr Gerard Daniel Francis O'Donovan
The Director maintains an interest free loan account with the Company. There are no fixed terms of repayment,	4	4

Summary of transactions with entities with joint control or significant interest

Noble Manhattan Coaching Ltd
 Rent amounting to £2,167 (2016: £4,116) and Rates amounting to £711 (2016: £716) constitute shared office expenses with the above named company.

The company paid commissions to Noble Manhattan Coaching Ltd for the year amounting to £3,759.76 (2016: £3,591).
 

Page 8

Westminster Insurance Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

7	Transition to FRS 102

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Total equity		-	-	-	-

Page 9

Westminster Insurance Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Total equity		-	-	-	-

Page 10

Westminster Insurance Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2017

Profit and Loss Account for the year ended 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		-	-	-	-
Operating profit/(loss)		-	-	-	-
Profit/(loss) before tax		-	-	-	-
Profit/(loss) for the financial year		-	-	-	-

Page 11