Expacare Limited - Period Ending 2020-12-31

Expacare Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Expacare Limited

Company Information

Directors

Mrs B A I Cook T A Ratliff

Company secretary

Mrs B A I Cook

Registered office

11 Bracknell Beeches Old Bracknell Lane West Bracknell Berkshire RG12 7BW

Accountants

Azets Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ

Expacare Limited

(Registration number: 01524095)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	4,830	9,660
Tangible assets	5	10,335	12,051
		15,165	21,711
Current assets
Debtors	6	350,144	452,787
Cash at bank and in hand		193,630	196,534
		543,774	649,321
Creditors: Amounts falling due within one year	7	(162,008)	(173,454)
Net current assets		381,766	475,867
Net assets		396,931	497,578
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		396,930	497,577
Shareholders' funds		396,931	497,578

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Expacare Limited

(Registration number: 01524095)
Balance Sheet as at 31 December 2020

Approved and authorised by the Board on 21 April 2021 and signed on its behalf by:
 

Mrs B A I Cook
Company secretary and director

Expacare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11 Bracknell Beeches
Old Bracknell Lane West
Bracknell
Berkshire
RG12 7BW

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak and the directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.

Revenue recognition

Turnover represents retained commission and fees receivable.

Income relating to all insurance premiums (new business, renewal, mid-term adjustment) is brought into account at the later of transaction effective date or when the policy placement has been confirmed.

Fees and other income receivable are recognised when they can be measured with reasonable certainty.

Foreign currency transactions and balances

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.

Expacare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	33% on cost
Computer equipment	33% on cost

Intangible assets

Website costs are shown in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website costs	33% on cost

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Expacare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2019 - 21).

4	Intangible assets

	Website costs £	Total £
Cost or valuation
At 1 January 2020	14,490	14,490
At 31 December 2020	14,490	14,490
Amortisation
At 1 January 2020	4,830	4,830
Amortisation charge	4,830	4,830
At 31 December 2020	9,660	9,660
Carrying amount
At 31 December 2020	4,830	4,830
At 31 December 2019	9,660	9,660

Expacare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

5	Tangible assets

	Fixtures and fittings £	Computer equipment  £	Total £
Cost or valuation
At 1 January 2020	8,717	6,773	15,490
Additions	390	3,081	3,471
At 31 December 2020	9,107	9,854	18,961
Depreciation
At 1 January 2020	2,028	1,411	3,439
Charge for the year	2,906	2,281	5,187
At 31 December 2020	4,934	3,692	8,626
Carrying amount
At 31 December 2020	4,173	6,162	10,335
At 31 December 2019	6,689	5,362	12,051

6

Debtors

	2020 £	2019 £
Trade debtors	291,831	345,748
Prepayments and accrued income	58,313	107,039
	350,144	452,787

Expacare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

7

Creditors

	2020 £	2019 £
Due within one year
Trade creditors	49,144	21,665
Taxation and social security	61,118	44,271
Accruals and deferred income	27,975	31,083
Other creditors	21,167	20,085
Corporation tax	2,604	56,350
	162,008	173,454

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2020 £	2019 £
Not later than one year	57,155	85,593
Later than one year and not later than five years	-	57,155
	57,155	142,748