1ST_POLICY_LOND_LIMITED - Accounts


Company Registration No. 07086128 (England and Wales)
1ST POLICY LOND LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
1ST POLICY LOND LIMITED
COMPANY INFORMATION
Directors
D G Conn
M B Conn
H R Conn
Secretary
M B Conn
Company number
07086128
Registered office
27 Mortimer Street
London
W1T 3BL
Accountants
Blinkhorns
27 Mortimer Street
London
W1T 3BL
1ST POLICY LOND LIMITED
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
1ST POLICY LOND LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 1 -
2017
2016
£
£
Profit for the year
104,766
104,530
Other comprehensive income
-
-
Total comprehensive income for the year
104,766
104,530
1ST POLICY LOND LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
2017
2016
Notes
£
£
£
£
Current assets
Stocks
718,349
700,926
Debtors
4
860,341
656,484
Cash at bank and in hand
518,149
636,633
2,096,839
1,994,043
Creditors: amounts falling due within one year
5
(97,000)
(98,970)
Net current assets
1,999,839
1,895,073
Capital and reserves
Called up share capital
6
970,000
970,000
Profit and loss reserves
1,029,839
925,073
Total equity
1,999,839
1,895,073

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 16 August 2018 and are signed on its behalf by:
M B Conn
Director
Company Registration No. 07086128
1ST POLICY LOND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2015
970,000
820,543
1,790,543
Year ended 30 November 2016:
Profit and total comprehensive income for the year
-
104,530
104,530
Balance at 30 November 2016
970,000
925,073
1,895,073
Year ended 30 November 2017:
Profit and total comprehensive income for the year
-
104,766
104,766
Balance at 30 November 2017
970,000
1,029,839
1,999,839
1ST POLICY LOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 4 -
1
Accounting policies
Company information

1st Policy Lond Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Mortimer Street, London, W1T 3BL.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the sale of endowment policies.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1ST POLICY LOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1ST POLICY LOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).

1ST POLICY LOND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2016 and 30 November 2017
3,101
Depreciation and impairment
At 1 December 2016 and 30 November 2017
3,101
Carrying amount
At 30 November 2017
-
At 30 November 2016
-
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
112,607
-
Other debtors
747,734
656,484
860,341
656,484
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
20,837
20,837
Corporation tax
25,988
27,191
Other taxation and social security
49
1,091
Other creditors
50,126
49,851
97,000
98,970
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
970,000Ordinary shares of £1 each
970,000
970,000
970,000
970,000
2017-11-302016-12-01falseCCH SoftwareCCH Accounts Production 2018.200No description of principal activity16 August 2018D G ConnH R ConnM B ConnM B Conn070861282016-12-012017-11-3007086128bus:Director12016-12-012017-11-3007086128bus:CompanySecretaryDirector12016-12-012017-11-3007086128bus:Director22016-12-012017-11-3007086128bus:CompanySecretary12016-12-012017-11-3007086128bus:Director32016-12-012017-11-3007086128bus:RegisteredOffice2016-12-012017-11-30070861282015-12-012016-11-3007086128core:RetainedEarningsAccumulatedLosses2016-12-012017-11-30070861282017-11-30070861282016-11-3007086128core:CurrentFinancialInstruments2017-11-3007086128core:CurrentFinancialInstruments2016-11-3007086128core:ShareCapital2017-11-3007086128core:ShareCapital2016-11-3007086128core:RetainedEarningsAccumulatedLosses2017-11-3007086128core:RetainedEarningsAccumulatedLosses2016-11-3007086128core:ShareCapitalcore:RestatedAmount2015-11-3007086128core:ShareCapitalOrdinaryShares2017-11-3007086128core:ShareCapitalOrdinaryShares2016-11-3007086128core:FurnitureFittings2016-12-012017-11-3007086128core:OtherPropertyPlantEquipment2016-11-3007086128bus:OrdinaryShareClass12016-12-012017-11-3007086128bus:OrdinaryShareClass12017-11-3007086128bus:PrivateLimitedCompanyLtd2016-12-012017-11-3007086128bus:FRS1022016-12-012017-11-3007086128bus:AuditExemptWithAccountantsReport2016-12-012017-11-3007086128bus:SmallCompaniesRegimeForAccounts2016-12-012017-11-3007086128bus:FullAccounts2016-12-012017-11-30xbrli:purexbrli:sharesiso4217:GBP