R. McGee Insurance Broker Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01599033 (England and Wales)

R. MCGEE INSURANCE BROKER

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

A J McGee

SECRETARY:

Mrs J McGee

REGISTERED OFFICE:

126 Commercial Street

Maseteg

Bridgend

Mid Glamorgan

CF34 9DL

REGISTERED NUMBER:

01599033 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Phoenix Way

Llansamlet

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

16,420

15,744

Investments

5

1

1

16,421

15,745

CURRENT ASSETS

Debtors

6

50,832

33,948

Cash at bank

233,768

308,213

284,600

342,161

CREDITORS

Amounts falling due within one year

7

30,349

34,098

NET CURRENT ASSETS

254,251

308,063

TOTAL ASSETS LESS CURRENT LIABILITIES

270,672

323,808

PROVISIONS FOR LIABILITIES

2,990

2,982

NET ASSETS

267,682

320,826

CAPITAL AND RESERVES

Called up share capital

140

140

Retained earnings

267,542

320,686

SHAREHOLDERS' FUNDS

267,682

320,826

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 12 February 2018 and were signed by:

A J McGee - Director

1.	STATUTORY INFORMATION

R. McGee Insurance Broker 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

This is the first year that the company has presented its financial statements under the Financial

Reporting Standard 102 Section 1A small entities (FRS 102 1A) issued by the Financial Reporting

Council. The following disclosures are required in the year of transition. The last financial statements

under the previous Financial Reporting Standard for Smaller Entities (effective January 2015) (under

UK GAAP for Smaller Entities) were for the year ended 30 November 2016 and the date of transition to

FRS 102 1A was therefore 1 December 2015. No adjustments have been made as a result of the

transition.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amounts of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors which are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision only effects that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

The following are the critical judgements that the directors have made in the process of applying the

company's accounting policies and that have the most significant effect on the amounts recognised in

the financial statements.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective

evidence of impairment, an impairment loss is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a

reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities

are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only

disclosed if an inflow of economic benefits is probable.

Turnover

Turnover represents commissions received from insurance companies, which are recognised in the

period in which they were earned. Commissions returned on policy cancellations are recognised on

notification of cancellation.

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

-

20% on reducing balance and 15% on reducing balance

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially

measured at transaction price unless the arrangement constitutes a financing transaction, where the

transaction is measured at the present value of the future receipts discounted at a market rate of

interest.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate of

interest.

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 taxation

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.

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.

Investments

Fixed asset investments are shown at the lower of cost and net realisable value. The carrying values

of investments are reviewed for impairment if events or changes in circumstances indicate the carrying

values may not be recoverable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2016

67,059

Additions

3,789

Disposals

(13,748

)

At 30 November 2017

57,100

DEPRECIATION

At 1 December 2016

51,315

Charge for year

2,990

Eliminated on disposal

(13,625

)

At 30 November 2017

40,680

NET BOOK VALUE

At 30 November 2017

16,420

At 30 November 2016

15,744

5.	FIXED ASSET INVESTMENTS

Listed

Unlisted

investments

investments

Totals

£

£

£

COST

At 1 December 2016

and 30 November 2017

100,500

7,000

107,500

PROVISIONS

At 1 December 2016

and 30 November 2017

100,500

6,999

107,499

NET BOOK VALUE

At 30 November 2017

-

1

1

At 30 November 2016

-

1

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

25,070

16,173

Other debtors

25,762

17,775

50,832

33,948

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,322

-

Taxation and social security

22,752

28,405

Other creditors

6,275

5,693

30,349

34,098