MICHAEL_RENDELL_LIMITED - Accounts


Company Registration No. 05851174 (England and Wales)
MICHAEL RENDELL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
MICHAEL RENDELL LIMITED
COMPANY INFORMATION
Director
M A Rendell
Secretary
R J Rendell
Company number
05851174
Registered office
5 - 10 Bury Street
London
EC3A 5AT
Accountants
Clarkson Hyde LLP
33 Cavendish Square
London
W1G 0PW
MICHAEL RENDELL LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
MICHAEL RENDELL LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2016
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2016.

Principal activities

The principal activity of the company continued to be that of holding company for Bannerman Rendell Limited, a well established Lloyd's insurance broker, formerly John Bannerman Limited, and which is authorised and regulated by the Financial Conduct Authority.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

M A Rendell

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M A Rendell
Director
5 April 2017
MICHAEL RENDELL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MICHAEL RENDELL LIMITED FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Rendell Limited for the year ended 31 December 2016 set out on pages 3 to 7 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/

This report is made solely to the Board of Directors of Michael Rendell Limited, as a body, in accordance with the terms of our engagement letter dated 15 April 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Rendell Limited and state those matters that we have agreed to state to the Board of Directors of Michael Rendell Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Rendell Limited and its Board of Directors as a body, for our work or for this report. and state those matters that we have agreed to state to the Board of Directors of Michael Rendell Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Rendell Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Michael Rendell 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 loss of Michael Rendell Limited. You consider that Michael Rendell Limited 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 Michael Rendell 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.

Clarkson Hyde LLP
5 April 2017
Chartered Accountants
33 Cavendish Square
London
W1G 0PW
MICHAEL RENDELL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
2016
2015
Notes
£
£
Administrative expenses
(103)
(301)
Operating loss
(103)
(301)
Interest payable and similar expenses
(2,912)
(2,719)
Loss before taxation
(3,015)
(3,020)
Taxation
-
-
Loss for the financial year
(3,015)
(3,020)
MICHAEL RENDELL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
2
1,455,508
1,455,508
Current assets
Cash at bank and in hand
41,425
40,577
Creditors: amounts falling due within one year
4
(1,286,489)
(1,286,489)
Net current liabilities
(1,245,064)
(1,245,912)
Total assets less current liabilities
210,444
209,596
Creditors: amounts falling due after more than one year
5
(144,995)
(142,082)
Net assets
65,449
67,514
Capital and reserves
Called up share capital
6
19,950
19,000
Profit and loss reserves
45,499
48,514
Total equity
65,449
67,514

For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities: •    The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

 

  • The members have 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 5 April 2017
M A Rendell
Director
Company Registration No. 05851174
MICHAEL RENDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
1
Accounting policies
Company information

Michael Rendell Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 - 10 Bury Street, London, EC3A 5AT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Fixed asset investments
2016
2015
£
£
Investments
1,455,508
1,455,508
MICHAEL RENDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
2
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2016 & 31 December 2016
1,455,508
Carrying amount
At 31 December 2016
1,455,508
At 31 December 2015
1,455,508
3
Subsidiaries

Details of the company's subsidiaries at 31 December 2016 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Bannerman Rendell Limited
Emgland & Wales
Lloyd's insurance brokerage
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Bannerman Rendell Limited
77,381
746,642
4
Creditors: amounts falling due within one year
2016
2015
£
£
Amounts due to group undertakings
1,285,889
1,285,889
Other creditors
600
600
1,286,489
1,286,489
5
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
144,995
142,082
MICHAEL RENDELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
19,950 Ordinary shares of £1 each
19,950
19,000
2016-12-312016-01-01falseCCH SoftwareCCH Accounts Production 2016.320Director's responsibilities: •The members have 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. •The members have 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.058511742016-01-012016-12-3105851174bus:Director12016-01-012016-12-3105851174bus:CompanySecretary12016-01-012016-12-3105851174bus:RegisteredOffice2016-01-012016-12-31058511742016-12-31058511742014-07-012015-12-31058511742015-12-3105851174core:CurrentFinancialInstruments2016-12-3105851174core:CurrentFinancialInstruments2015-12-3105851174core:Non-currentFinancialInstruments2016-12-3105851174core:Non-currentFinancialInstruments2015-12-3105851174core:ShareCapital2016-12-3105851174core:ShareCapital2015-12-3105851174core:RetainedEarningsAccumulatedLosses2016-12-3105851174core:RetainedEarningsAccumulatedLosses2015-12-3105851174core:Subsidiary12016-01-012016-12-3105851174core:Subsidiary112016-01-012016-12-3105851174core:Subsidiary122016-01-012016-12-3105851174bus:PrivateLimitedCompanyLtd2016-01-012016-12-3105851174bus:FRS1022016-01-012016-12-3105851174bus:AuditExemptWithAccountantsReport2016-01-012016-12-3105851174bus:FullAccounts2016-01-012016-12-31xbrli:purexbrli:sharesiso4217:GBP