Ripe Insurance Services Limited - Period Ending 2017-12-31
Ripe Insurance Services Limited - Period Ending 2017-12-31
Registration number:
Ripe Insurance Services Limited
for the Year Ended 31 December 2017
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN
Ripe Insurance Services Limited
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Ripe Insurance Services Limited
Company Information
Directors |
Mr. Paul Michael Williams Mr. Colin Whitehead Mr. John Robert Woosey |
Company secretary |
Mrs Louise Whitehead |
Registered office |
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Accountants |
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Page 1 |
Ripe Insurance Services Limited
Directors' Report for the Year Ended 31 December 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is insurance services
Change of Name
The company's registered name was changed from JRW Group Services Limited to Ripe Insurance Services Limited on 15th June 2017.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Page 2 |
Ripe Insurance Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ripe Insurance Services Limited
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ripe Insurance Services Limited for the year ended 31 December 2017 as set out on pages 5 to 18 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Ripe Insurance Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ripe Insurance Services Limited and state those matters that we have agreed to state to the Board of Directors of Ripe Insurance Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ripe Insurance Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ripe Insurance Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ripe Insurance Services Limited. You consider that Ripe Insurance Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ripe Insurance Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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396 Wilmslow Road
Withington
Manchester
M20 3BN
Page 4 |
Ripe Insurance Services Limited
Profit and Loss Account for the Year Ended 31 December 2017
Note |
2017 |
2016 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Operating profit |
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|
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Other interest receivable and similar income |
|
|
|
243 |
2,509 |
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Profit before tax |
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|
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Taxation |
( |
( |
|
Profit for the financial year |
|
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 5 |
Ripe Insurance Services Limited
Statement of Comprehensive Income for the Year Ended 31 December 2017
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 6 |
Ripe Insurance Services Limited
(Registration number: 04507332)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Page 7 |
Ripe Insurance Services Limited
Statement of Changes in Equity for the Year Ended 31 December 2017
Share capital |
Profit and loss account |
Total |
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At 1 January 2017 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
At 31 December 2017 |
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|
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Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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|
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Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2016 |
|
|
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Page 8 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Key sources of estimation uncertainty
Development costs are capitalised in accordance with the accounting policy. Initial capitalisation of costs is based on management's judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an establsihed project management model. In determining the amounts to be capitalised, management makes assumptions regarding the expected future cash generation of the project.. The carrying amount is £633,157 (2016 -£369,550).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 9 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Development costs
Research costs are expensed as incurred.
Development expenditures, on a individual project, are recognised as an intangible asset when the company can demonstrate:
i) the techincal feasibility of completing the intangible asset so that it will be available for use or sale
ii) its intention to complete and its ability to use or sell the asset
iii) how the asset will generate future economic benefits
iv) the availability of resources to complete the asset
v) the ability to measure reliably the expenditure during development
Following intial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. During the period of development, the asset is tested for impairment annually.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website and software development costs |
20% Straightline Basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 10 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 11 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
|
Amortisation expense |
|
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Page 12 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 January 2017 |
|
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Additions internally developed |
|
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Additions |
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At 31 December 2017 |
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Amortisation |
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At 1 January 2017 |
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Amortisation charge |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Page 13 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
|
|
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
- |
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Trade creditors |
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|
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
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Taxation and social security |
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|
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Accruals and deferred income |
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Other creditors |
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The company has a fixed and floating charge placed over the assets of the business in relation to bank overdraft
facilities obtained due to being an subsidiary of Ripe Thinking Limited.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Page 14 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
Share-based payments |
Scheme details and movements
As the options only vest on an exit event, such as a liquidation or takeover, and at the current date this is not deemed probable, there has been no expense recognised in the accounts.
The entity is part of a group share-based payment scheme and it recognises and measures its share-based payment expense on the basis of a reasonable allocation of the expense recognised for the group.
The movements in the number of share options during the year were as follows:
2017 |
|
Granted during the period |
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Outstanding, end of period |
|
The movements in the weighted average exercise price of share options during the year were as follows:
2017 |
|
Granted during the period |
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Dividends |
2017 |
2016 |
|||
£ |
£ |
|||
Interim dividend of £ |
451,290 |
1,499,870 |
Page 15 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Related party transactions |
Summary of transactions with parent
During the year, there were inter company loan transactions with the parent companies.
Summary of transactions with other related parties
Income and receivables from related parties
2017 |
Other related parties |
Receipt of services |
|
2016 |
Other related parties |
Receipt of services |
|
Expenditure with and payables to related parties
2017 |
Other related parties |
Rendering of services |
|
Amounts payable to related party |
|
2016 |
Loans to related parties
2017 |
Parent |
Other related parties |
At start of period |
|
|
Advanced |
|
- |
Repaid |
( |
- |
At end of period |
|
|
Page 16 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
2016 |
Parent |
Other related parties |
At start of period |
|
|
Advanced |
|
- |
Repaid |
- |
( |
At end of period |
|
|
Loans from related parties
2017 |
Other related parties |
Advanced |
|
Page 17 |
Ripe Insurance Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of Ripe Thinking Limited (Company No. 09651089) is:
Altrincham Road
Manchester
M22 4BJ
The parent of the smallest group in which these financial statements are consolidated is
The address of Ripe Thinking Two Limited (Company No.06527960) is:
Altrincham Road
Manchester
M22 4BJ
Page 18 |