Ancile Insurance Group Ltd. - Accounts to registrar (filleted) - small 18.2
Ancile Insurance Group Ltd. - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
| FOR |
| ANCILE INSURANCE GROUP LTD. |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 11 |
| ANCILE INSURANCE GROUP LTD. |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| East Wing |
| Goffs Oak House |
| Goffs Lane |
| Goffs Oak |
| Hertfordshire |
| EN7 5BW |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| BALANCE SHEET |
| 31 DECEMBER 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Investments | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 1. | STATUTORY INFORMATION |
| Ancile Insurance Group Ltd. is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The financial statements have been rounded to the nearest £. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Assets and liabilities on the company balance sheet include assets and liabilities held on behalf of insurers. |
| These financial statements have been prepared on a going concern basis. Since year end the company has been dealing with the economic consequences of COVID 19 and the Government policies implemented to tackle the virus. The company's income is derived from Travel Insurance distribution and given the Travel ban, sales have been negatively impacted in 2020 but they expect to see an improvement in 2021once the lockdown has ceased. |
| The Directors have taken a number of steps to protect the business during lockdown. The steps taken include: |
| - Ensuring no disruption to client service, processing policy cancellations and postponement /cover deferral, when requested. |
| - Applying for and receiving a government backed CBIL loan. |
| - Ensuring the Company maintains excess regulatory capital resources. |
| - Furloughing employees. |
| - Reducing costs. |
| - Resilience planning to generate future alternative income streams within the group; and preparing to start serving clients again when Travelling resumes. |
| The Directors have prepared forecasts and considered numerous scenarios to consider the possible further impacts on the business and its ability to continue as a going concern. While the Directors accept there are inherent uncertainties around the further impact of COVID 19 on the business they are satisfied that, based on their assessment of the future possible impacts and their plans to deal with them, the company will continue as a going concern and therefore this is a valid basis for the preparation of the financial statements. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Ancile Insurance Group Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover represents brokerage on policy sales made in the period less a provision for after date refunds. As the work in relation to these sales is done at the time of the sale, no income is carried forward to offset against future costs. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2013, was amortised over its estimated useful life of one year and is now fully amortised. |
| Intangible fixed 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. |
| Amortisation is provided at the following annual rate in order to write off each asset over its estimated useful life. |
| Patents and licences | 25% on cost |
| Computer Software and intellectual property | 33% on cost |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, once the asset is brought in to use. |
| Plant & machinery etc - 33% on cost and Straight line over 5 years |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Investments |
| Investments are shown at cost less any provisions that are required following an impairment review. |
| Amounts recoverable on contracts |
| In accordance with UITF Abstract 40 issued by the Accounting Standards Board (ASB), income is recognised to the extent that the company has obtained the right to consideration through its performance. |
| Where the right to consideration has been obtained, income is classified as 'Debtors - Amounts recoverable on contracts' at invoice value, if partly completed at the year end, or as 'Debtors - Prepayments and accrued income', if fully completed but not invoiced at the year end. Both classifications are adjusted for recoverability where applicable. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| and | Website |
| Goodwill | licences | Costs | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2020 |
| and 31 December 2020 |
| AMORTISATION |
| At 1 January 2020 |
| Amortisation for year |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2020 |
| Additions |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2020 |
| and 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Tax |
| Prepayments and accrued income |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 8. | CURRENT ASSET INVESTMENTS |
| 2020 | 2019 |
| £ | £ |
| Unlisted investments | 3,179 | 10,931 |
| The current asset investment has been recognised at fair value. |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Employees pension | 748 | 1,117 |
| VAT | 6,415 | 24,263 |
| PAYE | 16,785 | 13,456 |
| Credit card | 9,806 | 48,428 |
| Clawback provision | 47,763 | 39,803 |
| Directors' current accounts | 2,043 | 2,043 |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Subordinated Loan From Ancile |
| Group Holdings Ltd |
| Creditors due after more than one year includes a loan of £1,450,000 which is subject to a formal subordination document. |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| On 20 May 2020 National Westminster Bank PLC registered a fixed and floating charge over the companys assets. |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary A | £1 | 88,170 | 31,832 |
| Ordinary B | £1 | (22,169 | ) | 22,169 |
| Ordinary C | £1 | (3,000 | ) | 3,000 |
| Ordinary D | £1 | (3,000 | ) | 3,000 |
| 60,001 | 60,001 |
| ANCILE INSURANCE GROUP LTD. (REGISTERED NUMBER: 05429313) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 14. | RELATED PARTY DISCLOSURES |
| The following loans from/(to) directors subsisted during the period to 31 December 2020 and 31 December 2019: |
| 2018 | 2019 |
| £ | £ |
| C Payne |
| Balance outstanding at start of year | 363 | 363 |
| Balance outstanding at end of year | 363 | 363 |
| Maximum balance outstanding during year | 363 | 363 |
| 2020 | 2018 |
| £ | £ |
| G Linney |
| Balance outstanding at start of year | 1,680 | 5,616 |
| Balance outstanding at end of year | 1,680 | 1,680 |
| Maximum balance outstanding during year | 1,680 | 5,616 |
| The above loans are interest free and repayable on demand. |
| During the year Ancile Insurance Group Ltd became a wholly owned subsidiary of Ancile Group Holdings Ltd. |
| As at 31December 2020 Ancile Insurance Group Ltd was owed £344,174 from Ancile Group Holdings Ltd. |
| As at 31December 2020 Ancile Insurance Group Ltd owed £1,450,000 to Ancile Group Holdings Ltd, this loan was subject to a formal subordination document. |
| Ancile Group Holdings Ltd is the controlling party of Ancile Companion Services Ltd. As at 31 December 2020 Ancile Insurance Group Ltd was owed £500 from Ancile Companion Services Ltd. |
| Ancile Insurance Group Ltd is the parent company of the following companies: |
| YourCover Ltd |
| Goodtogoinsurance.com Limited |
| Insurewithease.com Limited |
| At the 31 December 2020 creditors includes an amount due to YourCover Ltd of £100 (2019: 100). |
| At the 31 December 2020 creditors includes an amount due to Goodtogoinsurance.com Limited of £124 (2019: £124). |
| The dividends paid in the year to directors and shareholders were all paid prior to 31 March 2020 at which time the company had distributable reserves for the purpose. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| ANCILE INSURANCE GROUP LTD. |
| 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 Income Statement and certain other primary statements and the Report of the Directors 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 Ancile Insurance Group Ltd. for the year ended 31 December 2020 which comprise the Income Statement, 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 Ancile Insurance Group 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 Ancile Insurance Group Ltd. and state those matters that we have agreed to state to the Board of Directors of Ancile Insurance Group 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 Ancile Insurance Group Ltd. and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Ancile Insurance Group 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 loss of Ancile Insurance Group Ltd.. You consider that Ancile Insurance Group 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 Ancile Insurance Group 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. |
| East Wing |
| Goffs Oak House |
| Goffs Lane |
| Goffs Oak |
| Hertfordshire |
| EN7 5BW |