REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
Marionette Facilities Limited |
Trading as |
B.P. Insurance Brokers |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
Marionette Facilities Limited |
Trading as |
B.P. Insurance Brokers |
Marionette Facilities Limited (Registered number: 03240346) |
Trading as B.P. Insurance Brokers |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Marionette Facilities Limited |
Trading as B.P. Insurance Brokers |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
295/297 Church Street |
Blackpool |
Lancashire |
FY1 3PJ |
Marionette Facilities Limited (Registered number: 03240346) |
Trading as B.P. Insurance Brokers |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
Marionette Facilities Limited (Registered number: 03240346) |
Trading as B.P. Insurance Brokers |
Balance Sheet - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Marionette Facilities Limited (Registered number: 03240346) |
Trading as B.P. Insurance Brokers |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Marionette Facilities Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents commissions receivable which are taken to the credit of the profit and loss account on the later of the following dates:- |
i. the date the invoice for insurance cover is issued to the insured party |
ii. the date of the inception of the policy which is the start date of the |
underwriters risk. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the business on incorporation in 1997, is being written off evenly over its estimated useful life of fifteen years. Goodwill acquired during any particular year for small blocks of clients is written off in the year of acquisition. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Office furniture & equipment | - |
Fixtures & fittings | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Marionette Facilities Limited (Registered number: 03240346) |
Trading as B.P. Insurance Brokers |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Insurance debtors and creditors |
The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Not withstanding the legal relationship with clients and underwriters, the company has followed generally accepted accounting practice for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment income on any cash flows arising from these transactions. |
In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureaux, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which it represents. |
However, under FRS 102 S2.52, assets and liabilities may not be offset unless required or permitted by an FRS, and therefore insurance broking debtors and creditors are shown gross within these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Marionette Facilities Limited (Registered number: 03240346) |
Trading as B.P. Insurance Brokers |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Office |
Freehold | furniture | Fixtures | Computer |
property | & equipment | & fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
The fair value at the 31st December 2021 of the Investment Property acquired in August 2016 is currently deemed to be original cost. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Other debtors |
Directors' loan accounts | 285,732 | - |
Tax |
Prepayments |
Marionette Facilities Limited (Registered number: 03240346) |
Trading as B.P. Insurance Brokers |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Directors' loan accounts | - | 84 |
Accrued expenses |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020: |
31.12.21 | 31.12.20 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The overdrawn Directors loan accounts at 31st December 2021 are detailed above.The loans have no fixed repayment terms and interest is being charged at HMRC rate applicable to beneficial loan arrangements, an average rate for the calendar year of 2.065%. The overdrawn Directors loan accounts were cleared by the voting of dividends in August 2022. |