| Classicline Insurance Services Limited |
| Registered number: |
02769939 |
| Balance Sheet |
| as at 28 February 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
150,698 |
|
|
130,926 |
|
| Current assets |
| Debtors |
4 |
|
568,377 |
|
|
21,639 |
| Cash at bank and in hand |
|
|
1,108,981 |
|
|
1,086,589 |
|
|
|
1,677,358 |
|
|
1,108,228 |
|
| Creditors: amounts falling due within one year |
5 |
|
(1,303,969) |
|
|
(1,081,629) |
|
| Net current assets |
|
|
|
373,389 |
|
|
26,599 |
|
| Total assets less current liabilities |
|
|
|
524,087 |
|
|
157,525 |
|
|
| Provisions for liabilities |
|
|
|
(27,860) |
|
|
(23,550) |
|
|
| Net assets |
|
|
|
496,227 |
|
|
133,975 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
200 |
|
|
200 |
| Profit and loss account |
|
|
|
496,027 |
|
|
133,775 |
|
| Shareholders' funds |
|
|
|
496,227 |
|
|
133,975 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Ian Fray |
| Director |
| Approved by the board on 29 November 2017 |
|
| Classicline Insurance Services Limited |
| Notes to the Accounts |
| for the year ended 28 February 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Brokerage and commission |
|
Brokerage and commission are taken to profit and loss account at commencement of the insurance contract. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Office Equipment |
15% reducing balance |
|
Computer Hardware |
33% reducing balance |
|
Computer Software |
25% straight line |
|
Motor vehicle |
25% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
23 |
|
21 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Fixtures and fittings |
|
Plant and machinery |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 March 2016 |
101,061 |
|
361,951 |
|
15,000 |
|
478,012 |
|
Additions |
- |
|
65,222 |
|
- |
|
65,222 |
|
At 28 February 2017 |
101,061 |
|
427,173 |
|
15,000 |
|
543,234 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 March 2016 |
58,015 |
|
277,632 |
|
11,439 |
|
347,086 |
|
Charge for the year |
6,456 |
|
38,104 |
|
890 |
|
45,450 |
|
At 28 February 2017 |
64,471 |
|
315,736 |
|
12,329 |
|
392,536 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 28 February 2017 |
36,590 |
|
111,437 |
|
2,671 |
|
150,698 |
|
At 29 February 2016 |
43,046 |
|
84,319 |
|
3,561 |
|
130,926 |
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
58,017 |
|
- |
|
Related party loan |
|
500,000 |
|
- |
|
Other debtors |
10,360 |
|
21,639 |
|
|
|
|
|
|
568,377 |
|
21,639 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
500,000 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
709,132 |
|
793,920 |
|
Corporation tax |
101,283 |
|
1,027 |
|
Other taxes and social security costs |
11,227 |
|
12,295 |
|
Other creditors |
482,327 |
|
274,387 |
|
|
|
|
|
|
1,303,969 |
|
1,081,629 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Provision for liabilities |
2017 |
|
2016 |
|
Deferred taxation |
£ |
£ |
|
Accelerated capital allowances |
27,860 |
|
23,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
| £ |
£ |
|
At 1 March 2016 |
23,550 |
|
20,200 |
|
Deferred tax charge in profit and loss |
4,310 |
|
3,350 |
|
At 28 February 2017 |
27,860 |
|
23,550 |
|
|
|
|
|
|
|
|
|
| 7 |
Related Party Loan |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Kingsbury Hall Developments |
|
A company owned by I Fray |
- |
|
- |
|
- |
|
Loan to finalise development prior to sale. Interest at a commercial rate will be charged on redemption |
- |
|
500,000 |
|
- |
|
500,000 |
|
|
|
- |
|
500,000 |
|
- |
|
500,000 |
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Controlling party |
|
|
Ultimate control rests with the directors. |
|
|
| 9 |
Other information |
|
|
Classicline Insurance Services Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
138-140 Castle Street |
|
Hinckley |
|
Leicestershire |
