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Registration number: 2813133

Lumley Insurance Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Lumley Insurance Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Lumley Insurance Limited

Company Information

Directors

J E R Lumley

R M Garforth-Bles

C F R Lumley

S Davies

P S Davies

Company secretary

R M Garforth-Bles

Registration number

2813133

Registered office

Lumley House
56 Elliott Road
Cirencester
Gloucestershire
GL7 1YS

Accountants

mca Shepherd Smail
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

 

Lumley Insurance Limited

(Registration number: 2813133)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

92,477

69,206

Current assets

 

Stocks

5

19,138

-

Debtors

6

518,536

795,938

Cash at bank and in hand

 

1,130,148

1,355,763

 

1,667,822

2,151,701

Creditors: Amounts falling due within one year

7

(1,420,456)

(1,389,064)

Net current assets

 

247,366

762,637

Net assets

 

339,843

831,843

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

339,723

831,723

Shareholders' funds

 

339,843

831,843

 

Lumley Insurance Limited

(Registration number: 2813133)
Balance Sheet as at 31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

P S Davies

Director

 

Lumley Insurance Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
Lumley House
56 Elliott Road
Cirencester
Gloucestershire
GL7 1YS
England

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

Lumley Insurance Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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

Plant and machinery

10% straight line basis

Computer equipment

25% straight line basis

Leasehold property

10% straight line basis

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

Lumley Insurance Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 and subsequently measured at amortised cost using the effective interest method.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Lumley Insurance Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

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 directors) during the year, was 34 (2020 - 32).

 

Lumley Insurance Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

41,973

260,951

302,924

Additions

30,227

14,341

44,568

At 31 December 2021

72,200

275,292

347,492

Depreciation

At 1 January 2021

13,653

220,065

233,718

Charge for the year

7,220

14,077

21,297

At 31 December 2021

20,873

234,142

255,015

Carrying amount

At 31 December 2021

51,327

41,150

92,477

At 31 December 2020

28,320

40,886

69,206

Included within the net book value of land and buildings above is £51,327 (2020 - £28,320) in respect of long leasehold land and buildings.
 

5

Stocks

2021
£

2020
£

Other inventories

19,138

-

6

Debtors

2021
£

2020
£

Trade debtors

513,948

748,112

Other debtors

4,588

47,826

518,536

795,938

 

Lumley Insurance Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

979,169

935,608

Taxation and social security

63,784

87,754

Accruals and deferred income

334,673

333,935

Other creditors

42,830

31,767

1,420,456

1,389,064

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary "A" shares of £0.10 each

450

45.00

450

45.00

Ordinary "B" shares of £0.10 each

750

75.00

750

75.00

 

1,200

120

1,200

120

9

Dividends

   

2021

 

2020

   

£

 

£

Interim dividend of £538 (2020 - £4) per ordinary share

 

645,000

 

5,000