INSUREWISE_LTD - Accounts

INSUREWISE LIMITED - Company Information

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Company Registration No. 02823022 (England and Wales)

INSUREWISE LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2015

INSUREWISE LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

INSUREWISE LTD

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

120,860

90,013

Current assets

Debtors

84,443

46,691

Cash at bank and in hand

106,535

73,745

190,978

120,436

Creditors: amounts falling due within one year

(272,633)

(123,933)

Net current liabilities

(81,655)

(3,497)

Total assets less current liabilities

39,205

86,516

Creditors: amounts falling due after more than one year

(13,812)

Provisions for liabilities

(6,719)

(5,314)

32,486

67,390

Capital and reserves

Called up share capital

Other reserves

(41,176)

Profit and loss account

73,661

108,565

Shareholders' funds

32,486

67,390

INSUREWISE LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MAY 2015

- 2 -

For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 22 February 2016

N McCulloch

Director

Company Registration No. 02823022

INSUREWISE LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The accounts have been prepared on a going concern basis due to the continued financial support of the company's director and the company's bank.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover shown in the profit and loss account represents amounts receivable during the year.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

Fixtures, fittings & equipment

20% and 15% reducing balance method

Motor vehicles

25% per annum of cost

No depreciation is charged on freehold property, as it is the company's policy to maintain such assets and in the director's opinion any depreciation charged would be immaterial.

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.6

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the director, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

INSUREWISE LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2015

- 4 -

Fixed assets

Tangible assets

Cost

At 1 June 2014

203,399

Additions

53,994

Disposals

(10,495)

At 31 May 2015

246,898

Depreciation

At 1 June 2014

113,386

On disposals

(2,186)

Charge for the year

14,838

At 31 May 2015

126,038

Net book value

At 31 May 2015

120,860

At 31 May 2014

90,013

Share capital

2015

2014

Allotted, called up and fully paid

10 Ordinary of 10p each

Ultimate parent company

Mr N R McCulloch is the managing director and majority shareholder of the parent company, Balfour Holdings Limited.

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Directors Loan Account

3.25

5,917

8,927

356

1,777

13,423

5,917

8,927

356

1,777

13,423