Professional Insurance Agents Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 03012122 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 JULY 2014 TO 31 DECEMBER 2014

FOR

PROFESSIONAL INSURANCE AGENTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Accountants' Report

7

DIRECTORS:

G Hearsey

L Hearsey

K Mears

K A Fyfe

E N Hearsey

SECRETARY:

G Hearsey

REGISTERED OFFICE:

Lion Works

Sidley Road

EASTBOURNE

East Sussex

BN22 7HB

REGISTERED NUMBER:

03012122 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey LLP

Chartered Accountants & Business Advisers

20 Havelock Road

HASTINGS

East Sussex

TN34 1BP

FIXED ASSETS

Intangible assets

2

3,000,000

2,000,000

Tangible assets

3

879,206

881,403

3,879,206

2,881,403

CURRENT ASSETS

Stocks

2,500

2,500

Debtors

184,509

203,144

Cash at bank and in hand

95,757

106,047

282,766

311,691

CREDITORS

Amounts falling due within one year

4

101,877

343,435

NET CURRENT ASSETS/(LIABILITIES)

180,889

(31,744

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,060,095

2,849,659

CREDITORS

Amounts falling due after more than one year

4

(202,783

)

-

PROVISIONS FOR LIABILITIES

(310

)

-

NET ASSETS

3,857,002

2,849,659

CAPITAL AND RESERVES

Called up share capital

5

5

6

Other reserves

3,557,000

2,557,000

Profit and loss account

299,997

292,653

SHAREHOLDERS' FUNDS

3,857,002

2,849,659

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 May 2015 and were signed on its behalf by:

G Hearsey - Director

K Mears - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The directors have made an assessment about the company's ability to continue as a going concern and they do

not consider there to be any material uncertainties. As a result they have adopted the going concern basis of

accounting.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

Turnover represents commissions receivable from the company's principal activity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

In accordance with SSAP 19 no depreciation is provided in respect of the freehold property. This departure from

the Companies Act 2006 is in the opinion of the directors necessary for the financial statements to give a true and

fair view in accordance with applicable accounting standards, as the property is included in the financial

statements at its open market value.

The effect of depreciation on value is already reflected annually in the valuation of property, and the amount

attributed to this factor by the valuers cannot reasonably be separately identified or quantified. Had the provisions

of the Act been followed, net assets would not have been affected but revenue profits would have been reduced

for this and earlier years.

Stocks

Stocks relate to printing and stationary items and have been valued at the lower of cost and net realisable value.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Intangible assets

The intangible assets declared in 2013 accounts have increased in value significantly and will continue to do so,

as our software is offered to brokers, insurers and international business to automate SME insurances.

In 2013 and 2014 the company undertook a complete re-write of their platforms for 250 UK brokers who are now

using the system, and together with International brokers and underwriters who commissioned us to provide

them with Quote and Buy/Bind automation of insurance products.

The company's platforms are now capable of issuing policies and documents in any language and collecting

money in any currency. It comes with a brand new sophisticated back office system that can XML feed into most

existing software facilities that insurers and brokers use. All coding and IP belongs to Professional Insurance

Agents Ltd.

Given that the value of the software continues to increase in value as indicated above, amortisation is not

considered appropriate as the software is not a depreciating asset.

This departure is in the opinion of the directors necessary for the financial statements to give a true and fair view.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 July 2014

2,000,000

Revaluations

1,000,000

At 31 December 2014

3,000,000

NET BOOK VALUE

At 31 December 2014

3,000,000

At 30 June 2014

2,000,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 July 2014

996,407

Additions

1,087

At 31 December 2014

997,494

DEPRECIATION

At 1 July 2014

113,894

Charge for period

4,394

At 31 December 2014

118,288

NET BOOK VALUE

At 31 December 2014

879,206

At 30 June 2014

882,513

4.

CREDITORS

Creditors include an amount of £ 244,118 for which security has been given.

They also include the following debts falling due in more than five years:

31.12.14

30.6.14

£

£

Repayable by instalments

66,000

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Class:

Number:

Nominal Value:

31.12.14

31.12.13

£

£

Ordinary A

NIL

£1

-

2

Ordinary B

NIL

£1

-

1

Ordinary C

NIL

£1

-

3

A Ordinary

208

1p

2.08

-

B Ordinary

124

1p

1.24

-

C Ordinary

208

1p

2.08

-

D Ordinary

30

1p

0.30

-

E Ordinary

30

1p

0.30

-

6.00

6.00

During the year all shares were reclassified. With effect from 20 March 2014, all ordinary A, B and C shares with a

nominal value of £1 were reclassified as follows:

For every ordinary A share held shareholders were offered 104 A ordinary £0.01p shares. Shareholders were also

offered 3 D ordinary £0.01p shares and 3 E ordinary shares for every 2 ordinary A share held.

For every ordinary B share held shareholders were offered 124 B ordinary £0.01p shares. Shareholders were also

offered 3 D ordinary £0.01p shares and 3 E ordinary shares for every 1 ordinary B share held.

For every 3 ordinary C share held shareholders were offered 208 C ordinary £0.01p shares. Shareholders were

also offered 1 D ordinary £0.01p shares and 1 E ordinary shares for every 1 ordinary C share held.

A further 21 D ordinary £0.01p shares and 21 E ordinary £0.01p shares were issued during the year.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages

two to six) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Professional Insurance Agents Limited for the period ended 31 December 2014 which comprise

the Profit and Loss Account, the Balance Sheet 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 at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Professional Insurance Agents Limited, 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 Professional Insurance Agents Limited and state those matters that we have agreed to state to the Board of Directors of Professional Insurance Agents Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Professional Insurance Agents Limited 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 Professional Insurance Agents Limited. You consider that Professional Insurance Agents Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Professional Insurance

Agents Limited. 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.

Ashdown Hurrey LLP

Chartered Accountants & Business Advisers

20 Havelock Road

HASTINGS

East Sussex

TN34 1BP

15 May 2015