REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
TRINITY INSURANCE SERVICES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
TRINITY INSURANCE SERVICES LIMITED |
TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TRINITY INSURANCE SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Appledram Barns |
Birdham Road |
Chichester |
West Sussex |
PO20 7EQ |
TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Sterling, which is also a functional currency of the company. |
Going concern |
The directors have assessed that the company has adequate resources to continue in operational existence for a minimum of 12 months from the date of signing the financial statements. This is on the basis that support will be provided by other group companies if necessary. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. |
Preparation of consolidated financial statements |
The financial statements contain information about Trinity Insurance Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents insurance premiums received net of insurance premium tax and underwriting costs. Income is recognised on the date of renewal or the date of commencement of the insurance policy, whichever is earlier. |
Intangible assets |
Intangible assets are initially measured at cost. The initial split of which has been determined from the estimated relative fair values of the component parts. An unincorporated business was acquired in 2018 and the directors have made the best estimate of this split. |
After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any |
accumulated impairment losses. |
The membership lists are amortised on a straight line basis over 5 or 10 years, depending on the estimated minimum useful economic life of the membership lists. Trade marks are amortised over the time to expiry of the trade mark, estimated to be 5 years. Computer software is amortised on a straight line basis over 3 years. |
At the year end an impairment review was carried out which estimates the net present value of the profits derived from customers on the membership list. In the opinion of the directors this amount was considered to be higher than the amortised amount as at 31 December 2021. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Government grants |
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | ACCOUNTING POLICIES - continued |
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 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. Current tax is not discounted. |
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. Deferred taxation assets and liabilities are discounted at the Company's effective interest rate and recognised at the tax rates enacted or substantially enacted by the balance sheet date. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Provision for liabilities |
Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is for clawback of commissions and is the best estimate of the number of life insurance policies to lapse in the clawback period of four years. The estimate has been based on historical data which has been updated during the current year. |
Financial instruments |
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 |
Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method |
unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | AUDITORS' REMUNERATION |
2021 | 2020 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
19,190 |
14,690 |
Included in auditor's remuneration for the year ended 31 December 2021 is £2,490 (2020 - £nil) in relation to the audit of the subsidiary, Affas Ltd, that was settled by Trinity Insurance Services Limited. |
TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
4. | INTANGIBLE FIXED ASSETS |
Membership | Computer |
list | Trade Marks | software | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
Amortisation for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Other provisions | 39,989 | 113,181 |
Commission |
clawbacks |
£ |
Balance at 1 January 2021 |
Provided during year |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2021 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | OPERATING LEASE COMMITMENTS |
At 31 December 2021, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £42,838 (2020 - £184,854). |
12. | POST BALANCE SHEET EVENTS |
After the balance sheet date, the company reduced its share capital by £269,387 by cancelling 269,387 ordinary shares of £1 each. There was then a further issue of 50,000 ordinary shares of £1 each, increasing the share capital by £50,000. |