Max Insurance Brokers Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 00270300 (England and Wales)

MAX INSURANCE BROKERS LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST DECEMBER 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Ms M Abramova

REGISTERED OFFICE:

Suite 17

107 Cheapside

London

EC2V 6DN

REGISTERED NUMBER:

00270300 (England and Wales)

ACCOUNTANTS:

Sinclairs Bartrum Lerner

Chartered Accountants

39A Welbeck Street

London

W1G 8DH

FIXED ASSETS

Tangible assets

2

149

2,039

CURRENT ASSETS

Debtors

170,470

129,050

Cash at bank and in hand

29,429

44,599

199,899

173,649

CREDITORS

Amounts falling due within one year

156,458

133,628

NET CURRENT ASSETS

43,441

40,021

TOTAL ASSETS LESS CURRENT LIABILITIES

43,590

42,060

CREDITORS

Amounts falling due after more than one year

1,774,807

1,593,108

NET LIABILITIES

(1,731,217

)

(1,551,048

)

CAPITAL AND RESERVES

Called up share capital

3

750,000

750,000

Profit and loss account

(2,481,217

)

(2,301,048

)

SHAREHOLDERS' FUNDS

(1,731,217

)

(1,551,048

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 and authorised by the director on 14th September 2015 and were signed by:

Ms M Abramova - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Going Concern

These financial statements have been prepared on the going concern basis. The company is reliant upon the

continuing support of Lexgarant Insurance Company Limited, a company in which Mr Vladimir Abramov has a

controlling interest. If this support was to be withdrawn, the company would be unable to continue in operational

existence. Adjustments would then have to be made to reduce the balance sheet values of assets to their

recoverable amounts and to provide for further liabilities which may arise. The company is unable to quantify the

effects of such adjustments on the financial statements.

Having made due enquiries, the director is satisfied that adequate financial resources will be available to the

company for at least twelve months from the date these accounts are signed.

Accordingly the financial statements have been prepared on the going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Revenue comprises the fair value of the sale of services, net of rebates and discounts.

Revenue from the sale of services is recognised when the insurer is debited or when the insurer goes on risk,

whichever is later.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% Straight line on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date, as appropriate.

Hire purchase and leasing commitments

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

period of the lease.

Insurance broking assets and liabilities

The company acts as an agent in broking the insurable risks of its clients and is generally not liable as principal

for premiums due to underwriters or for claims payable to clients notwithstanding the legal relationship with

clients and underwriters and since, in practice, premium and claim monies are usually accounted for by insurance

intermediaries, the company has followed generally accepted accounting practice by showing cash, debtors and

creditors relating to insurance business as cash, trade debtors and trade creditors of the company itself.

Separate balances are maintained and are included in the respective trade debtors and creditors balances where

the company transacts business with a party in more than one capacity.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st January 2014

and 31st December 2014

11,881

DEPRECIATION

At 1st January 2014

9,842

Charge for year

1,890

At 31st December 2014

11,732

NET BOOK VALUE

At 31st December 2014

149

At 31st December 2013

2,039

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

750,000

Ordinary

£1

750,000

750,000

4.	ULTIMATE PARENT COMPANY

Labarum Limited is regarded by the director as being the company's ultimate parent company.

5.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other creditor includes a loan advanced by Lexgarant Insurance Company Limited, a company in which Mr

Vladimir Abramov has a controlling interest in. This loan is subordinated in favour of all other creditors of the

company, is not repayable in the immediate future and is advanced to the company on long term basis. The loan

is interest free. Mr Vladimir Abramov is a director in the parent company, Labarum Limited.