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Registration number: 03767619

Self Assured Underwriting Agencies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Self Assured Underwriting Agencies Limited

Contents

Reasonable Assurance Report on Client Assets

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Reasonable Assurance Report On Client Assets By The Independent Auditor To The Financial Conduct Authority In Respect Of Self Assured Underwriting Agencies Limited, Firm Reference Number [304373]
 

We report in respect of Self Assured Underwriting Agencies Limited (“the firm”) on the matters set out below for the period started 1 April 2017 and ended 31 March 2018 (“the period”).

Our report has been prepared as required by SUP 3.10.4R and is addressed to the Financial Conduct Authority (“the FCA”) in its capacity as regulator of financial services firms under the Financial Services and Markets Act 2000.
 

Basis of opinions
We have carried out such procedures as we considered necessary for the purposes of this report in accordance with the guidance set out in Bulletin 2011/12 issued by the Financial Reporting Council.

The opinions relate only to the period, or as at the date, specified. The opinions do not provide assurance in relation to any future period or date as changes to systems or controls subsequent to the date of this report may alter the validity of our opinions.
 

Clean opinion on adequacy of systems during the period
In our opinion, the firm has maintained systems adequate to enable it to comply with the mandate rules and the client money rules throughout the period since the last date at which a report was made.
 

Clean opinion on compliance at period end date
In our opinion, the firm was in compliance with the mandate rules and the client money rules as at the period end date.
 

Other matters
Our opinion expressed above does not extend to the appended Breaches Schedule.

......................................

Anthony Haines BSc FCA
Wenn Townsend
Chartered Accountants and Statutory Auditors
30 St Giles'
Oxford
OX1 3LE

7 November 2018

 

Self Assured Underwriting Agencies Limited

(Registration number: 03767619)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

57,696

33,005

Current assets

 

Debtors

5

72,373

51,528

Cash at bank and in hand

 

31,975

30,075

 

104,348

81,603

Creditors: Amounts falling due within one year

6

(64,498)

(43,650)

Net current assets

 

39,850

37,953

Total assets less current liabilities

 

97,546

70,958

Creditors: Amounts falling due after more than one year

6

(19,518)

(20,379)

Net assets

 

78,028

50,579

Capital and reserves

 

Called up share capital

7

7,100

7,100

Share premium reserve

19,800

19,800

Profit and loss account

51,128

23,679

Total equity

 

78,028

50,579

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Self Assured Underwriting Agencies Limited

(Registration number: 03767619)
Balance Sheet as at 31 March 2018

Approved and authorised by the director on 7 November 2018
 

.........................................

R W Garrett
Company secretary and director

 

Self Assured Underwriting Agencies Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
5-6 Kingfisher Court
Northfield Farm Lane
Witney
Oxon
OX28 1UF

These financial statements were authorised for issue by the director on 7 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Self Assured Underwriting Agencies Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% straight line

Computer equipment

25% straight line

Leasehold improvements

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Self Assured Underwriting Agencies Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2017 - 12).

 

Self Assured Underwriting Agencies Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

-

63,685

49,587

113,272

Additions

7,164

16,407

19,634

43,205

Disposals

-

-

(9,089)

(9,089)

At 31 March 2018

7,164

80,092

60,132

147,388

Depreciation

At 1 April 2017

-

52,915

27,352

80,267

Charge for the year

404

5,122

12,988

18,514

Eliminated on disposal

-

-

(9,089)

(9,089)

At 31 March 2018

404

58,037

31,251

89,692

Carrying amount

At 31 March 2018

6,760

22,055

28,881

57,696

At 31 March 2017

-

10,770

22,235

33,005

5

Debtors

2018
£

2017
£

Trade debtors

63,834

48,529

Other debtors

8,539

2,999

72,373

51,528

 

Self Assured Underwriting Agencies Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

15,814

16,034

Trade creditors

 

2,109

2,913

Taxation and social security

 

8,814

6,152

Other creditors

 

37,761

18,551

 

64,498

43,650

Due after one year

 

Loans and borrowings

8

19,518

20,379

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

19,518

20,379

7

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

7,100

7,100

7,100

7,100

         

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

-

3,340

Finance lease liabilities

19,518

17,039

19,518

20,379

 

Self Assured Underwriting Agencies Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2018
£

2017
£

Current loans and borrowings

Bank borrowings

5,756

8,898

Finance lease liabilities

10,058

7,136

15,814

16,034

Other borrowings

HP finance leases is denominated in £ with a nominal interest rate of 0%, and the final instalment is due on 30 November 2021. The carrying amount at year end is £29,576 (2017 - £24,175).

This lease is secured on the company's motor vehicles.

9

Dividends

 

2018

2017

 

£

£

Interim dividend

95,150

76,326

10

Related party transactions

Transactions with directors

2018

Advances to directors
£

At 31 March 2018
£

R W Garrett

£2,000 loan from the company to the director fully repaid post year end.

2,000

2,000

     
   

 

Directors' remuneration

The director's remuneration for the year was as follows:

2018
£

2017
£

Remuneration

36,667

37,667