Andrew Copeland (Insurance Consultants) - Limited company accounts 18.2

REGISTERED NUMBER: 01325898 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Andrew Copeland (Insurance Consultants)

Limited

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

A R Copeland

P J Anson

R H Thomas

A Copeland

S Thomas

SECRETARY:

P J Anson

REGISTERED OFFICE:

230 Portland Road

South Norwood

London

SE25 4SL

REGISTERED NUMBER:

01325898 (England and Wales)

ACCOUNTANTS:

M S Aulak Bsc CIPFA FCCA

Certified Accountant and

Registered Auditor

25 Coolgardie Avenue

Chigwell

Essex

IG7 5AX

The directors present their report with the financial statements of the company for the year ended 31 December 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of insurance agents and consultants.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this

report.

A R Copeland

P J Anson

R H Thomas

Other changes in directors holding office are as follows:

A Copeland - appointed 12 April 2017

S Thomas - appointed 12 April 2017

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 then 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.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

A Copeland - Director

7 September 2018

TURNOVER

559,210

628,689

Distribution costs

160,340

199,558

Administrative expenses

479,618

508,966

639,958

708,524

(80,748

)

(79,835

)

Other operating income

126,983

108,896

OPERATING PROFIT

46,235

29,061

Interest receivable and similar income

5

57

179

46,292

29,240

Interest payable and similar expenses

6

21

286

PROFIT BEFORE TAXATION

7

46,271

28,954

Tax on profit

8

10,185

6,940

PROFIT FOR THE FINANCIAL YEAR

36,086

22,014

PROFIT FOR THE YEAR

36,086

22,014

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

36,086

22,014

FIXED ASSETS

Tangible assets

10

196,783

201,954

CURRENT ASSETS

Debtors

11

104,057

128,424

Cash at bank

280,837

321,822

384,894

450,246

CREDITORS

Amounts falling due within one year

12

206,337

252,991

NET CURRENT ASSETS

178,557

197,255

TOTAL ASSETS LESS CURRENT LIABILITIES

375,340

399,209

CAPITAL AND RESERVES

Called up share capital

14

10,500

10,500

Share premium

14,500

14,500

Revaluation reserve

15

21,852

21,852

Capital redemption reserve

130,739

130,739

Retained earnings

197,749

221,618

SHAREHOLDERS' FUNDS

375,340

399,209

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 7 September 2018 and were signed on its behalf by:

P J Anson - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2016

10,500

199,604

14,500

Changes in equity

Total comprehensive income

-

22,014

-

Balance at 31 December 2016

10,500

221,618

14,500

Changes in equity

Dividends

-

(59,955

)

-

Total comprehensive income

-

36,086

-

Balance at 31 December 2017

10,500

197,749

14,500

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2016

21,852

130,739

377,195

Changes in equity

Total comprehensive income

-

-

22,014

Balance at 31 December 2016

21,852

130,739

399,209

Changes in equity

Dividends

-

-

(59,955

)

Total comprehensive income

-

-

36,086

Balance at 31 December 2017

21,852

130,739

375,340

1.	STATUTORY INFORMATION

Andrew Copeland (Insurance Consultants) 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.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial

statements, as permitted by FRS 101 "Reduced Disclosure Framework":

•

the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment;

•

the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations;

•

the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations;

•

the requirements of IFRS 7 Financial Instruments: Disclosures;

•

the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement;

•

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of:

-

paragraph 79(a)(iv) of IAS 1;

-

paragraph 73(e) of IAS 16 Property, Plant and Equipment;

-

paragraph 118(e) of IAS 38 Intangible Assets;

-

paragraphs 76 and 79(d) of IAS 40 Investment Property; and

-

paragraph 50 of IAS 41 Agriculture;

•

the requirements of paragraphs 10(d), 10)(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of Financial Statements;

•

the requirements of paragraphs 134 to 136 of IAS 1 Presentation of Financial Statements;

•

the requirements of IAS 7 Statement of Cash Flows;

•

the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

•

the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;

•

the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group;

•

the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets.

Turnover

Represents commission receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

15% on reducing balance

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax

rules, using tax rates enacted or substantially enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the

lease.

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.12.17

31.12.16

£

£

Wages and salaries

320,278

353,456

Social security costs

20,950

25,614

Other pension costs

24,900

23,375

366,128

402,445

The average number of employees during the year was as follows:

31.12.17

31.12.16

Office administration

11

11

4.	DIRECTORS' EMOLUMENTS

31.12.17

31.12.16

£

£

Directors' remuneration

180,701

177,923

5.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.17

31.12.16

£

£

Deposit account interest

57

179

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.17

31.12.16

£

£

Bank interest

9

-

Bank loan interest

12

286

21

286

7.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:

31.12.17

31.12.16

£

£

Hire of plant and machinery

19

-

Depreciation - owned assets

5,171

4,933

8.

TAXATION

Analysis of tax expense

31.12.17

31.12.16

£

£

Current tax:

Tax

10,185

6,940

Total tax expense in income statement

10,185

6,940

9.

DIVIDENDS

31.12.17

31.12.16

£

£

Interim

59,955

-

10.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2017

and 31 December 2017

240,000

15,913

29,472

285,385

DEPRECIATION

At 1 January 2017

45,867

14,284

23,280

83,431

Charge for year

3,200

1,042

929

5,171

At 31 December 2017

49,067

15,326

24,209

88,602

NET BOOK VALUE

At 31 December 2017

190,933

587

5,263

196,783

At 31 December 2016

194,133

1,629

6,192

201,954

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

63,109

85,315

Other debtors

40,948

43,109

104,057

128,424

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts (see note 13)

4,782

3,709

Trade creditors

149,316

215,893

Taxation

10,186

6,940

PAYE and other taxes

6,425

6,055

Other creditors

6,722

5,543

Directors' current accounts

12,108

1,080

Accrued expenses

16,798

13,771

206,337

252,991

13.

FINANCIAL LIABILITIES - BORROWINGS

31.12.17

31.12.16

£

£

Current:

Bank overdrafts

4,782

-

Bank loans

-

3,709

4,782

3,709

Terms and debt repayment schedule

1 year or

less

£

Bank overdrafts

4,782

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

10,500

Ordinary

£1

10,500

10,500

15.

RESERVES

Revaluation

reserve

£

At 1 January 2017

and 31 December 2017

21,852

16.	RELATED PARTY DISCLOSURES

During the year the company undertook the following related party transactions with companies in which the

directors either had financial interest or were directors thereof:

The company paid £21,075 (2016 - £16,500) to Andrew Copeland Properties Limited for the cost of office

accommodation and associated services. Some of the directors of the company are also directors and

shareholders of Andrew Copeland Properties Limited.

These were normal commercial transactions.