Medical Insurance Advisory Bureau Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07217140 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2018

for

The Medical Insurance Advisory Bureau

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R W Lynch

Mrs B Lynch

A J North

T Lennox-Gentle

REGISTERED OFFICE:

64 Wilbury Way

Hitchin

Hertfordshire

SG4 0TP

REGISTERED NUMBER:

07217140 (England and Wales)

ACCOUNTANTS:

Chancellers LLP

64 Wilbury Way

Hitchin

Hertfordshire

SG4 0TP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

19,416

26,799

19,416

26,799

CURRENT ASSETS

Debtors

6

894,264

1,232,236

Cash at bank and in hand

1,172,917

908,402

2,067,181

2,140,638

CREDITORS

Amounts falling due within one year

7

144,299

368,547

NET CURRENT ASSETS

1,922,882

1,772,091

TOTAL ASSETS LESS CURRENT LIABILITIES

1,942,298

1,798,890

PROVISIONS FOR LIABILITIES

3,689

5,360

NET ASSETS

1,938,609

1,793,530

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

1,918,609

1,773,530

SHAREHOLDERS' FUNDS

1,938,609

1,793,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 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 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 Board of Directors on 10 December 2018 and were signed on its behalf by:

R W Lynch - Director

1.	STATUTORY INFORMATION

The Medical Insurance Advisory Bureau 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 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.

Turnover

Turnover represents brokerage fees and commissions receivable on insurance business transacted.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

-

33% on cost and 25% on reducing balance

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.

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.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account as they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2017 - 55 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

1,000,000

AMORTISATION

At 1 November 2017

and 31 October 2018

1,000,000

NET BOOK VALUE

At 31 October 2018

-

At 31 October 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

83,870

Additions

5,828

At 31 October 2018

89,698

DEPRECIATION

At 1 November 2017

57,071

Charge for year

13,211

At 31 October 2018

70,282

NET BOOK VALUE

At 31 October 2018

19,416

At 31 October 2017

26,799

6.

DEBTORS

31.10.18

31.10.17

£

£

Amounts falling due within one year:

Trade debtors

79,861

142,898

Other debtors

87,533

73,118

167,394

216,016

31.10.18

31.10.17

£

£

Amounts falling due after more than one year:

Other debtors

726,870

1,016,220

Aggregate amounts

894,264

1,232,236

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade creditors

35,821

52,413

Taxation and social security

89,182

284,162

Other creditors

19,296

31,972

144,299

368,547

8.	RELATED PARTY DISCLOSURES

The company was controlled throughout the current and prior period by R W Lynch, a director, due to the fact

that he held the majority of the issued share capital over the two different classes of shares in issue.

As at the year end the company was owed by R W Lynch £735,636 (2017 - £1,020,557).

During the year, the company declared and paid the following dividends:-

- £60,000 to R W Lynch for his shareholding in the company.

- £51,948 to Mrs B Lynch for her shareholding in the company.