Knightsure Insurance Brokers Ltd - Accounts to registrar - small 17.1
Knightsure Insurance Brokers Ltd - Accounts to registrar - small 17.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2016 |
| for |
| Knightsure Insurance Brokers Ltd |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Knightsure Insurance Brokers Ltd |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 24 Picton House |
| Hussar Court |
| Waterlooville |
| Hampshire |
| PO7 7SQ |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Balance Sheet |
| 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium | 10 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| 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. |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Balance Sheet - continued |
| 31 December 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Knightsure Insurance Brokers Ltd is a |
| 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 |
| The company has taken advantage of the following disclosure exemptions in preparing these financial |
| statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
| Ireland": |
| - the requirements of Section 7 Statement of Cash Flows - Presentation of a Statement of Cash Flow and related |
| notes and disclosures; |
| - the requirements of Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' - |
| Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis |
| of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value |
| changes recognised in the profit or loss and in other comprehensive income. |
| - Section 33 'Related Party Disclosures' - Compensation for key management personnel. |
| First time adoption of FRS 102 |
| These financial statements are the first financial statements of Knightsure Insurance Brokers Limited prepared in |
| accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and |
| Republic of Ireland' (FRS 102). The financial statements of Knightsure Insurance Brokers Limited for the year |
| ended 31 December 2015 were prepared in accordance with previous UK GAAP. |
| Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy |
| choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies |
| to comply with FRS 102. The directors have also taken advantage of certain exemptions from the requirements |
| of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'. |
| Comparative figures have been restated to reflect the adjustments made, except to the extent that the directors |
| have taken advantage of exemptions to retrospective application of FRS 102 permitted by FRS 102 Chapter 35 |
| 'Transition to this FRS'. Adjustments are recognised directly in equity within the cumulative profit and loss |
| account at the transition date. |
| Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise |
| indicated. |
| Turnover |
| Turnover represents commission receivable. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| 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 profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Hire purchase contracts | 6,826 | 11,829 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
| value: | £ | £ |
| Ordinary | £1 | 60 | 100 |
| (31.12.15 - 100 ) |
| B | £1 | 40 | - |
| 100 | 100 |
| During the year 40 Ordinary shares were reclassified as B shares. |
| 10. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2016 | 50,406 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2016 | 33,578 |
| Knightsure Insurance Brokers Ltd (Registered number: 05981451) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2016 and |
| 31 December 2015: |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| 12. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £68,415 (2015 - £64,920) were paid to the director . |
| 13. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| 14. | FIRST YEAR ADOPTION |
| The company transitioned to FRS 102 from previously extant UK GAAP as at 1 January 2016. |
| There has been no impact on the equity of the company or the profit previously reported as a result of the |
| transition. |