REGISTERED NUMBER: |
IMPCOM LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
REGISTERED NUMBER: |
IMPCOM LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
IMPCOM LIMITED (REGISTERED NUMBER: 07242736) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
IMPCOM LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Hilden Park House |
79 Tonbridge Road |
Hildenborough |
Tonbridge |
Kent |
TN11 9BH |
IMPCOM LIMITED (REGISTERED NUMBER: 07242736) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 December 2021 |
31/12/21 | 31/12/20 |
£ | £ |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
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 |
IMPCOM LIMITED (REGISTERED NUMBER: 07242736) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Impcom Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experiences and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover represents net commissions received on brokerage of insurance policies. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
IMPCOM LIMITED (REGISTERED NUMBER: 07242736) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Insurance broking assets and liabilities |
The company acts as an agent in the broking of insurance. In general the company is not liable as principal for premiums due to underwriters or for claims payable to clients. Notwithstanding these legal relationships, cash, debtors and creditors relating to insurance broking are shown as assets and liabilities of the company because they the provide the insurance broker with access to future economic benefits and, such meet the definition of assets and liabilities set out in Financial Reporting Standard 5 "Reporting the substance of transactions". FRS 5 require that offset of assets and liabilities should be recognised in financial statements where, and only where, the offset would survive the insolvency of the other party. Accordingly only such offsets have been recognised in calculating insurance broking debtors and creditors. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2020 - NIL). |
4. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
5. | RELATED PARTY DISCLOSURES |
During the year, the Company paid £24,169 (2020: £50,908) in gross premiums to JM Marketing Limited, a company which own 55% of the share capital of Impcom Limited. At 31 December 2021 the company owed JM Marketing Limited £4,934 (2020: £6,671). |
6. | ULTIMATE CONTROLLING PARTY |
JM Marketing Limited is the controlling party of Impcom Limited by virtue of their 55% shareholding. Consolidated group accounts are prepared for this company and are available from the registered office, The White House, Castle Road Saltwood, Hythe, Kent, CT21 4QY. |
JMM Group Holdings Limited (incorporated in the UK) is regarded by the directors as being the company's ultimate parent company . No consolidated financial statements are prepared for this company. |
7. | INSURANCE BALANCES |
2021 | 2020 |
£ | £ |
Gross insurance debtors | 2,154 | 3,443 |
Insurance cash at bank | 13,018 | 9,647 |
Gross insurance creditors | (5,785 | ) | (7,076 | ) |
9,387 | 6,014 |