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 2018

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:

224 High Street

Beckenham

Kent

BR3 1EN

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 2018.

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 2018 to the date of this

report.

A R Copeland

P J Anson

R H Thomas

A Copeland

S Thomas

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

13 September 2019

TURNOVER

3

511,066

559,210

Distribution costs

137,282

160,340

Administrative expenses

317,770

479,618

455,052

639,958

56,014

(80,748

)

Other operating income

101,971

126,983

OPERATING PROFIT

157,985

46,235

Interest receivable and similar income

6

733

57

158,718

46,292

Interest payable and similar expenses

7

26,510

21

PROFIT BEFORE TAXATION

8

132,208

46,271

Tax on profit

9

(9,083

)

10,185

PROFIT FOR THE FINANCIAL YEAR

141,291

36,086

PROFIT FOR THE YEAR

141,291

36,086

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

141,291

36,086

FIXED ASSETS

Tangible assets

11

136,564

196,783

CURRENT ASSETS

Debtors

12

103,062

104,057

Cash at bank

471,534

280,837

574,596

384,894

CREDITORS

Amounts falling due within one year

13

219,519

206,337

NET CURRENT ASSETS

355,077

178,557

TOTAL ASSETS LESS CURRENT LIABILITIES

491,641

375,340

CAPITAL AND RESERVES

Called up share capital

15

10,500

10,500

Share premium

14,500

14,500

Revaluation reserve

16

2,500

21,852

Capital redemption reserve

130,739

130,739

Retained earnings

333,402

197,749

SHAREHOLDERS' FUNDS

491,641

375,340

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 13 September 2019 and were signed on its behalf by:

P J Anson - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 January 2017

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

Changes in equity

Dividends

-

(24,990

)

-

Total comprehensive income

-

160,643

-

Balance at 31 December 2018

10,500

333,402

14,500

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 January 2017

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

Changes in equity

Dividends

-

-

(24,990

)

Total comprehensive income

(19,352

)

-

141,291

Balance at 31 December 2018

2,500

130,739

491,641

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 requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers;

•

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

Improvements to property

-

10% 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.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Revenue from contracts with customers

Contract balances

31.12.18

31.12.17

£

£

4.	EMPLOYEES AND DIRECTORS

31.12.18

31.12.17

£

£

Wages and salaries

295,258

320,278

Social security costs

17,865

20,950

Other pension costs

24,409

24,900

337,532

366,128

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

31.12.18

31.12.17

Office administration

11

11

5.	DIRECTORS' EMOLUMENTS

31.12.18

31.12.17

£

£

Directors' remuneration

176,087

180,701

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.12.18

31.12.17

£

£

Deposit account interest

733

57

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.18

31.12.17

£

£

Bank interest

-

9

Bank loan interest

26,510

12

26,510

21

8.	PROFIT BEFORE TAXATION

The profit before taxation is stated after charging/(crediting):

31.12.18

31.12.17

£

£

Hire of plant and machinery

238

19

Depreciation - owned assets

17,625

5,171

Profit on disposal of fixed assets

(182,326

)

-

9.

TAXATION

Analysis of tax (income)/expense

31.12.18

31.12.17

£

£

Current tax:

Tax

(9,083

)

10,185

Total tax (income)/expense in income statement

(9,083

)

10,185

10.

DIVIDENDS

31.12.18

31.12.17

£

£

Interim

24,990

59,955

11.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

Plant and

and

property

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2018

240,000

-

15,913

29,472

285,385

Additions

677,200

127,658

-

19,480

824,338

Disposals

(917,200

)

-

-

(14,708

)

(931,908

)

At 31 December 2018

-

127,658

15,913

34,244

177,815

DEPRECIATION

At 1 January 2018

49,067

-

15,326

24,209

88,602

Charge for year

3,200

12,766

263

1,396

17,625

Eliminated on disposal

(52,267

)

-

-

(12,709

)

(64,976

)

At 31 December 2018

-

12,766

15,589

12,896

41,251

NET BOOK VALUE

At 31 December 2018

-

114,892

324

21,348

136,564

At 31 December 2017

190,933

-

587

5,263

196,783

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

70,616

63,109

Other debtors

32,446

40,948

103,062

104,057

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts (see note 14)

-

4,782

Trade creditors

153,615

149,316

Taxation

(9,082

)

10,186

PAYE and other taxes

5,476

6,425

Other creditors

19,880

6,722

Due to affiliated companies

30,815

-

Directors' current accounts

3,132

12,108

Accrued expenses

15,683

16,798

219,519

206,337

14.

FINANCIAL LIABILITIES - BORROWINGS

31.12.18

31.12.17

£

£

Current:

Bank overdrafts

-

4,782

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

10,500

Ordinary

£1

10,500

10,500

16.

RESERVES

Revaluation

reserve

£

At 1 January 2018

21,852

Amor. of Revaluation reserve

(19,352

)

At 31 December 2018

2,500

17.	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 £21,300 (2017 - £21,075) 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.