Insure Scotland Ltd - Accounts to registrar (filleted) - small 17.3

Insure Scotland Ltd - Accounts to registrar (filleted) - small 17.3

INSURE SCOTLAND LTD - Company Information

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REGISTERED NUMBER: SC464188 (Scotland)















INSURE SCOTLAND LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017





INSURE SCOTLAND LTD (REGISTERED NUMBER: SC464188)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2017










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


INSURE SCOTLAND LTD

COMPANY INFORMATION
for the year ended 31 January 2017







DIRECTOR: M S MacAra





REGISTERED OFFICE: 27 Old Mill Lane
Inverness
IV2 3XP





REGISTERED NUMBER: SC464188 (Scotland)





ACCOUNTANTS: MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Page 1
INSURE SCOTLAND LTD (REGISTERED NUMBER: SC464188)

BALANCE SHEET
31 January 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,769 3,231

CURRENT ASSETS
Debtors 5 2,144 3,688
Cash at bank 139,429 83,613
141,573 87,301
CREDITORS
Amounts falling due within one year 6 97,714 57,005
NET CURRENT ASSETS 43,859 30,296
TOTAL ASSETS LESS CURRENT
LIABILITIES
46,628
33,527

PROVISIONS FOR LIABILITIES 7 526 646
NET ASSETS 46,102 32,881

CAPITAL AND RESERVES
Allotted, called up and fully
paid share capital 100 100
Profit and loss account - distributable 46,002 32,781
SHAREHOLDERS' FUNDS 46,102 32,881

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 notes form part of these financial statements

Page 2 continued...
INSURE SCOTLAND LTD (REGISTERED NUMBER: SC464188)

BALANCE SHEET - continued
31 January 2017


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 16 October 2017 and were signed by:





M S MacAra - Director


The notes form part of these financial statements

Page 3
INSURE SCOTLAND LTD (REGISTERED NUMBER: SC464188)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2017


1. STATUTORY INFORMATION

Insure Scotland Ltd is a private company, limited by shares , registered in Scotland. 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015 and these are the first
financial statements which comply with FRS 102. No transitional adjustments were required in equity or
profit and loss for the year.

Turnover
Turnover represents fees and commission received on the sale of insurance.

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 equipment - 20% on reducing balance
Computer equipment - 20% on reducing balance

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 balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial
statements of current and previous periods. It is recognised in respect of all timing differences, with certain
exceptions. Timing differences are differences between taxable profits and total comprehensive income as
stated in the financial statements that arise from the inclusion of income and expense in tax assessments in
periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by
the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on
revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and
allowances that apply to the sale of the asset.

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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

Page 4 continued...
INSURE SCOTLAND LTD (REGISTERED NUMBER: SC464188)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2017


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
equipment equipment Totals
£    £    £   
COST
At 1 February 2016 3,974 1,007 4,981
Additions 230 - 230
At 31 January 2017 4,204 1,007 5,211
DEPRECIATION
At 1 February 2016 1,431 319 1,750
Charge for year 554 138 692
At 31 January 2017 1,985 457 2,442
NET BOOK VALUE
At 31 January 2017 2,219 550 2,769
At 31 January 2016 2,543 688 3,231

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 2,144 3,688

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Taxation and social security 11,745 12,262
Other creditors 85,969 44,743
97,714 57,005

7. PROVISIONS FOR LIABILITIES
2017 2016
£    £   
Deferred tax 526 646

Deferred
tax
£   
Balance at 1 February 2016 646
(Credit) to profit and loss
account during year (120 )
Balance at 31 January 2017 526

Page 5 continued...
INSURE SCOTLAND LTD (REGISTERED NUMBER: SC464188)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2017


7. PROVISIONS FOR LIABILITIES - continued

The deferred tax balance consists of accelerated capital allowances.

Page 6