Concorde Insurance Brokers Ltd - Period Ending 2018-03-31
Concorde Insurance Brokers Ltd - Period Ending 2018-03-31
Registration number:
Concorde Insurance Brokers Ltd
for the Year Ended 31 March 2018
Concorde Insurance Brokers Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Concorde Insurance Brokers Ltd
(Registration number: 03072861)
Balance Sheet as at 31 March 2018
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As at |
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Fixed assets |
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Tangible 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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Creditors: Amounts falling due within one year |
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Net current assets |
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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 March 2018 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
Page 1 |
Concorde Insurance Brokers Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
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.
Revenue recognition
The turnover and profit before taxation is attributable to the Commissions and profits due from the principal
activity of the Insurance Brokerage.
Tax
The tax expense for the period comprises current 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 2 |
Concorde Insurance Brokers Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
20% reducing balance |
Computer equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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.
In line with FCA guidelines, any client monies or client debtors as at the Balance Sheet date for which
risk transfer to the underwriter has already taken place are netted off against the underwriting liability.
Only non-risk transfer debtors are shown as an asset in the Balance Sheet. This shows the substance of the transaction as well as the strict legal form.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 3 |
Concorde Insurance Brokers Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2017 |
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At 31 March 2018 |
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Amortisation |
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At 1 April 2017 |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
- |
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Tangible assets |
Fixtures fittings and equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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Depreciation |
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At 1 April 2017 |
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Charge for the year |
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At 31 March 2018 |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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Debtors |
As at |
As at |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 4 |
Concorde Insurance Brokers Ltd
Notes to the Financial Statements for the Year Ended 31 March 2018
Creditors |
Creditors: amounts falling due within one year
As at |
As at |
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Due within one year |
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Trade creditors |
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Other taxes and social security |
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Taxation |
21,794 |
30,580 |
Accruals and deferred income |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2018 |
At 1 April 2017 |
Advances to directors |
Repayments by director |
At 31 March 2018 |
Mr C F Leech |
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Loan - unsecured and repayable on demand |
(232) |
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( |
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Page 5 |