Lion Insurance Consultants (Tonbridge) - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03417781 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

LION INSURANCE CONSULTANTS (TONBRIDGE)

LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

M J Pickup Esq

SECRETARY:

Ms K A Coomber

REGISTERED OFFICE:

Commercial House

High Street

Hadlow

Kent

TN11 0EE

REGISTERED NUMBER:

03417781 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

7,398

Tangible assets

5

38,733

10,598

38,733

17,996

CURRENT ASSETS

Debtors

6

33,333

21,288

Cash at bank

102,502

88,251

135,835

109,539

CREDITORS

Amounts falling due within one year

7

44,826

31,581

NET CURRENT ASSETS

91,009

77,958

TOTAL ASSETS LESS CURRENT LIABILITIES

129,742

95,954

CREDITORS

Amounts falling due after more than one year

8

(44,857

)

(3,054

)

PROVISIONS FOR LIABILITIES

(1,017

)

(1,937

)

NET ASSETS

83,868

90,963

CAPITAL AND RESERVES

Called up share capital

10,001

10,001

Retained earnings

73,867

80,962

SHAREHOLDERS' FUNDS

83,868

90,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 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 director on 26 October 2017 and were signed by:

M J Pickup Esq - Director

1.	STATUTORY INFORMATION

Lion Insurance Consultants (Tonbridge) 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.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires

directors to exercise judgement in applying accounting policies.

Reconciliation with previously Generally Accepted Accounting Practice

This is the first year the financial statements have been prepared in accordance with the provisions of Section

1A "Small Entities" of Financial Reporting Standard (FRS) 102. The transition date to the new standard was 1

February 2015.

In preparing the financial statements, the directors are required to implement transitional rules which require the

new FRS be adopted for the comparative period, that is for the year ended 31 January 2016 and therefore

commences with the opening balance sheet at 1 February 2015.

The comparative figures have therefore been presented on the basis of the new FRS had been adopted for that

period.

Refer to note 11 for an explanation of the transition.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

The company provides insurance brokerage services to businesses and individuals and the commission earned

is recognised at the stage insurance is placed on risk for clients.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the

company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired

business.

Goodwill amortisation is charged on a straight-line basis so as to write off the cost of the asset, less its residual

value assumed to be zero, over its useful economic life, which is estimated to be 5 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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 have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

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

statement of financial position 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 8 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2016

and 31 January 2017

106,284

AMORTISATION

At 1 February 2016

98,886

Charge for year

7,398

At 31 January 2017

106,284

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

7,398

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 February 2016

54,986

-

54,986

Additions

1,249

39,795

41,044

At 31 January 2017

56,235

39,795

96,030

DEPRECIATION

At 1 February 2016

44,388

-

44,388

Charge for year

2,961

9,948

12,909

At 31 January 2017

47,349

9,948

57,297

NET BOOK VALUE

At 31 January 2017

8,886

29,847

38,733

At 31 January 2016

10,598

-

10,598

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

33,333

21,288

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

3,054

4,285

Hire purchase contracts

4,604

-

Trade creditors

3,415

2,527

Taxation and social security

22,987

19,121

Other creditors

10,766

5,648

44,826

31,581

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

-

3,054

Hire purchase contracts

28,254

-

Other creditors

16,603

-

44,857

3,054

9.	FIRST YEAR ADOPTION

First year adoption note to the accounts

Following adoption of FRS 102 and the possible effect on the company's accounting policies, there are no

reported effects on transition to either overall equity or profit. Consequently no reconciliation is required for either

the company's equity at 1 February 2015 and 31 January 2016 and of its profit so determined in its most recent

annual financial statements.

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

not to apply the requirements of Section 19 Business Combinations and Goodwill.