Amicus Insurance Solutions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07051676 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 January 2020

for

AMICUS INSURANCE SOLUTIONS LTD

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

R W Evans

A Scott

Registered office:

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

Registered number:

07051676 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amicus Insurance Solutions Ltd for the year ended 31 January 2020 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Amicus Insurance Solutions Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Amicus Insurance Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Amicus Insurance Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Amicus Insurance Solutions Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Amicus Insurance Solutions Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Amicus Insurance Solutions Ltd. You consider that Amicus Insurance Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Amicus Insurance Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

Chartered Accountants

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

23 September 2020

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

11,099

9,530

Investments

6

100

-

11,199

9,530

Current assets

Debtors

7

167,615

208,152

Cash at bank and in hand

269,420

156,092

437,035

364,244

Creditors

Amounts falling due within one year

8

174,500

156,777

Net current assets

262,535

207,467

Total assets less current liabilities

273,734

216,997

Provisions for liabilities

9

2,109

1,811

Net assets

271,625

215,186

Capital and reserves

Called up share capital

10

25,000

25,000

Retained earnings

246,625

190,186

Shareholders' funds

271,625

215,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 September 2020 and were signed on its behalf by:

R W Evans - Director

A Scott - Director

1.	Statutory information

Amicus Insurance Solutions Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of seven 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.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

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

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.

3.	Employees and directors

The average number of employees during the year was 18 (2019 - 19 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 February 2019

and 31 January 2020

350,000

Amortisation

At 1 February 2019

and 31 January 2020

350,000

Net book value

At 31 January 2020

-

At 31 January 2019

-

5.	Tangible fixed assets

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 February 2019

3,991

44,486

48,477

Additions

1,123

8,097

9,220

At 31 January 2020

5,114

52,583

57,697

Depreciation

At 1 February 2019

3,991

34,956

38,947

Charge for year

140

7,511

7,651

At 31 January 2020

4,131

42,467

46,598

Net book value

At 31 January 2020

983

10,116

11,099

At 31 January 2019

-

9,530

9,530

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

Additions

100

At 31 January 2020

100

Net book value

At 31 January 2020

100

7.

Debtors: amounts falling due within one year

2020

2019

£

£

Trade debtors

165,296

203,528

Other debtors

2,319

4,624

167,615

208,152

8.

Creditors: amounts falling due within one year

2020

2019

£

£

Taxation and social security

143,608

137,339

Other creditors

30,892

19,438

174,500

156,777

9.	Provisions for liabilities

2020

2019

£

£

Deferred tax

2,109

1,811

Deferred

tax

£

Balance at 1 February 2019

1,811

Accelerated capital allowances

298

Balance at 31 January 2020

2,109

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

22,500

'A' Ordinary

£1

22,500

22,500

2,500

'B' Ordinary

£1

2,500

2,500

25,000

25,000

11.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 January 2020 and 31 January 2019:

2020

2019

£

£

A Scott

Balance outstanding at start of year

-

24,979

Amounts repaid

-

(24,979

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

12.	Related party disclosures

13.	Ultimate controlling party

The ultimate controlling parties are the directors by virtue of their holding 90% of the issued share capital.