Avid Insurance Services Limited Filleted accounts for Companies House (small and micro)
Avid Insurance Services Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
04885807
|
|
|
|
Financial Statements |
Year ended 31 December 2018
Contents |
Page |
Officers and professional advisers |
1 |
Statement of financial position |
2 |
Notes to the financial statements |
3 |
|
Officers and Professional Advisers |
The board of directors |
|
|
|
|
|
|
|
Registered office |
|
|
|
|
|
|
|
|
|
Auditor |
|
Chartered Accountants & Statutory Auditor |
|
No. 2 Silkwood Office Park |
|
Fryers Way |
|
Wakefield |
|
WF5 9TJ |
|
|
Statement of Financial Position |
2018 |
2017 |
|
Note |
£ |
£ |
Fixed assets
Tangible assets |
6 |
|
|
Current assets
Debtors |
7 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
||
|
|
||
Creditors: amounts falling due within one year |
8 |
|
|
------------ |
------------ |
||
Net current assets |
|
|
|
------------ |
--------- |
||
Total assets less current liabilities |
|
|
|
Provisions |
|
|
------------ |
--------- |
|
Net assets |
|
|
------------ |
--------- |
|
Capital and reserves
Called up share capital |
9 |
|
|
Profit and loss account |
|
|
|
------------ |
--------- |
||
Shareholders funds |
|
|
|
------------ |
--------- |
||
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
11 March 2019
, and are signed on behalf of the board by:
|
Director |
Company registration number:
04885807
|
Notes to the Financial Statements |
Year ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is No 2 Silkwood Office Park, Fryers Way, Wakefield, West Yorkshire, WF5 9TJ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Insurance intermediary assets and liabilities
Insurance intermediaries act as agents in placing the insurable risks of their clients with insurers and as such, generally, are not liable as principals for the amounts arising from such transactions. Accordingly, debtors arising from insurance broking transactions are not included as assets of the Company, other than the amounts due for fees and commissions earned on the transaction, which is recognised within trade debtors. No recognition of the insurance transaction occurs until the company receives cash in respect of premiums or claims, at which time a corresponding liability is established in favour of the insurer and is recognised as an insurance creditor.
Cash arising from insurance broking transactions held under risk transfer is included within cash and cash equivalents. The Company is entitled to retain the investment income on any cash flows arising from insurance related transactions.
Judgements and key sources of estimation uncertainty
Revenue recognition
Income tax
Foreign currencies
Operating leases
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings |
- |
|
|
Equipment |
- |
|
|
Financial instruments
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2017:
12
).
5.
Cash and cash equivalents
Cash at bank and in hand includes £1,413,488 (2017:£1,457,430) held in designated insurer bank accounts, which is not available to the company for working capital purposes.
6.
Tangible assets
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
|
Cost |
|||
At 1 January 2018 |
|
|
|
Additions |
|
|
|
------- |
-------- |
-------- |
|
At 31 December 2018 |
|
|
|
------- |
-------- |
-------- |
|
Depreciation |
|||
At 1 January 2018 |
|
|
|
Charge for the year |
|
|
|
------- |
-------- |
-------- |
|
At 31 December 2018 |
|
|
|
------- |
-------- |
-------- |
|
Carrying amount |
|||
At 31 December 2018 |
|
|
|
------- |
-------- |
-------- |
|
At 31 December 2017 |
|
|
|
------- |
-------- |
-------- |
|
7.
Debtors
2018 |
2017 |
|
£ |
£ |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
Other debtors |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
8.
Creditors:
amounts falling due within one year
2018 |
2017 |
|
£ |
£ |
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Insurance creditors |
|
|
Other creditors |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
9.
Called up share capital
Issued, called up and fully paid
2018 |
2017 |
|||
No. |
£ |
No. |
£ |
|
|
|
5,000 |
|
5,000 |
|
|
5,000 |
|
5,000 |
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018 |
2017 |
|
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
11.
Summary audit opinion
The senior statutory auditor was
Ian Parsons
, for and on behalf of
Parsons Accountants Ltd
.
12.
Directors' advances, credits and guarantees