Beech Underwriting Agencies Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04198812 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

BEECH UNDERWRITING AGENCIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G Stilwell

REGISTERED OFFICE:

12-13 Starnes Court

Union Street

Maidstone

Kent

ME14 1EB

REGISTERED NUMBER:

04198812 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

89 King Street

Maidstone

Kent

ME14 1BG

FIXED ASSETS

Tangible assets

4

37,317

25,702

CURRENT ASSETS

Debtors

5

231,638

204,817

Cash at bank

195,767

111,439

427,405

316,256

CREDITORS

Amounts falling due within one year

6

116,808

105,408

NET CURRENT ASSETS

310,597

210,848

TOTAL ASSETS LESS CURRENT LIABILITIES

347,914

236,550

CREDITORS

Amounts falling due after more than one year

7

14,089

19,047

NET ASSETS

333,825

217,503

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

333,725

217,403

SHAREHOLDERS' FUNDS

333,825

217,503

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 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 18 October 2017 and were signed by:

G Stilwell - Director

1.	STATUTORY INFORMATION

Beech Underwriting Agencies 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 transition to FRS102 took place on 01/05/2015.

Turnover

Turnover consists of net commission, fee and share of underwriter's profits . Commission income is recognised

on the inception date of placing the risk. All of the company commission income is derived from its activities as a

managing general agent.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost and 25% on cost

Motor vehicles

-

25% on reducing balance

Financial instruments

The company enters into basic financial instruments that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and

loans to related parties.

a) Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

b) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the

company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of

the future payments and subsequently at amortised cost using the effective interest method. Debt instruments

that are payable or receivable within one year, typically trade payables or receivables, are measured, initially

and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or

received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the

payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a

market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is

measured, initially and subsequently, at the present value of the future payments discounted at a market rate of

interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

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 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.

Foreign currencies

Transactions in foreign currencies are recorded at the rates of exchange ruling at the date the transaction is

processed or at an appropriate average rate. Exchange differences arising on translation to the functional

currency are dealt with in the Income Statement..

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to

determine whether there is an indication that an asset may be impaired. If there is an indication of possible

impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use

and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss

is recognised immediately in profit and loss.

Inventories are also assessed for impairment at each reporting date. Each item of inventory is compared to the

last sold date and an impairment loss recognised on a percentage basis in profit and loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is

increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been

determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A

reversal of an impairment loss is recognised immediately in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2016

78,933

35,267

114,200

Additions

10,054

17,260

27,314

At 30 April 2017

88,987

52,527

141,514

DEPRECIATION

At 1 May 2016

73,069

15,429

88,498

Charge for year

6,424

9,275

15,699

At 30 April 2017

79,493

24,704

104,197

NET BOOK VALUE

At 30 April 2017

9,494

27,823

37,317

At 30 April 2016

5,864

19,838

25,702

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2016

and 30 April 2017

35,267

DEPRECIATION

At 1 May 2016

15,429

Charge for year

4,959

At 30 April 2017

20,388

NET BOOK VALUE

At 30 April 2017

14,879

At 30 April 2016

19,838

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Trade debtors

221,469

178,342

Other debtors

10,169

26,475

231,638

204,817

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.17

30.4.16

£

£

Hire purchase contracts

3,917

3,397

Other taxes and PAYE taxes

106,290

94,672

Other creditors

6,601

7,339

116,808

105,408

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.17

30.4.16

£

£

Hire purchase contracts

14,089

19,047

8.	FIRST YEAR ADOPTION

The transition to FRS 102 1A took place on 1 May 2015. There were no adjustments made to comparative

figures as a result of the transition.