Mercia Marine (Underwriting) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03758742 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

FOR

MERCIA MARINE (UNDERWRITING) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

K C Jaffrey

A J Norcott

J Shields

D W Sudworth

SECRETARY:

Ms E L Ainscough

REGISTERED OFFICE:

118 Holyhead Road

Coventry

CV1 3LY

BUSINESS ADDRESS:

First Floor

Christ Church Hall

Avenue Road

Malvern

WR14 3AY

REGISTERED NUMBER:

03758742 (England and Wales)

ACCOUNTANTS:

Clive Shedd & Co

Chartered Accountants

232 Sladepool Farm Road

Birmingham

B14 5EE

FIXED ASSETS

Tangible assets

5

954

191

CURRENT ASSETS

Debtors

6

111,025

79,754

Cash at bank and in hand

85,781

38,914

196,806

118,668

CREDITORS

Amounts falling due within one year

7

32,243

28,048

NET CURRENT ASSETS

164,563

90,620

TOTAL ASSETS LESS CURRENT LIABILITIES

165,517

90,811

CAPITAL AND RESERVES

Called up share capital

8

2,500

2,500

Capital redemption reserve

2,500

2,500

Retained earnings

160,517

85,811

SHAREHOLDERS' FUNDS

165,517

90,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 8 August 2017 and were signed on its behalf by:

A J Norcott - Director

1.	STATUTORY INFORMATION

Mercia Marine (Underwriting) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In preparing these financial statements the company's management make judgements, estimates and assumptions

that affect the amounts reported for assets and liabilities at the statement of financial position date and the

amounts reported in the income statement for the year under review.

The nature of estimates means that the actual outcome could differ and the company's management consider

there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts

reported for assets and liabilities within the next financial year.

Turnover

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

value added tax and other sales taxes.

Fee, commission and brokerage income includes initial income receivable on the commencement of a new policy

which is recognised when the policy goes on risk. Fee and commission income also includes on-going fees

which are recognised as the services are provided and renewal commissions which are recognised when earned.

Under previous UK GAAP turnover represented commission from insurance premiums collected.

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

-

33% on cost and 25% on reducing balance

Tangible fixed assets are initially recorded at cost.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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

statement of financial position date.

Pension costs and other post-retirement benefits

The company contributes to defined contribution pension schemes for its employees. Contributions payable are

charged to profit or loss in the period to which they relate.

Financial instruments

Basic financial assets, including trade debtors, amounts owed by group undertakings and cash at bank, are

initially recognised at transaction price and are subsequently measured at amortised cost. Basic financial

liabilities, including trade creditors, are initially recognised at transaction price and are subsequently measured at

amortised cost.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees

are entitled are recognised at the amount expected to be paid in exchange for that service.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2016 - 7 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

54,568

Additions

1,194

At 30 April 2017

55,762

DEPRECIATION

At 1 May 2016

54,377

Charge for year

431

At 30 April 2017

54,808

NET BOOK VALUE

At 30 April 2017

954

At 30 April 2016

191

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

14,609

78,254

Amounts owed by group undertakings

94,645

-

Prepayments and accrued income

1,771

1,500

111,025

79,754

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

3,679

-

Taxation and social security

24,948

17,672

Other creditors

-

10,376

Accruals and deferred income

3,616

-

32,243

28,048

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2,500

Ordinary

£1

2,500

2,500

9.	ULTIMATE CONTROLLING PARTY

10.	TRANSITION TO FRS 102

No transition adjustments were required following adoption of Financial Reporting Standard 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland."