SELF ASSURED LIMITED |
Notes to the Accounts |
for the year ended 31 January 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes in respect of commissions for insurance brokerage services provided, including policy fees and profit commissions. Insurance commissions received or receivable that do not require further services to be rendered, are recognised as revenue on the effective commencement or renewal dates of the related policies. However, when it is probable that further services will be required to be rendered during the life of the policy, then the commissions or part of it, are deferred and recognised over the period during which the policy is in force. Policy fees are recognised as revenue at the inception date of the cover and profit commissions are recognised as revenue when payments are due from the insurers. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computers and office equipment |
over 4 years |
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Fixtures, fittings, tools and equipment |
over 4 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Kamiljit Sadra |
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Firm: |
Majainah Sadra Limited |
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Date of audit report: |
13 October 2023 |
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3 |
Directors emoluments |
2023 |
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2022 |
£ |
£ |
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Directors' remuneration |
163,744 |
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187,794 |
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163,744 |
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187,794 |
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4 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
11 |
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11 |
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5 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 February 2022 |
24,052 |
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Disposals |
(804) |
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At 31 January 2023 |
23,248 |
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Depreciation |
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At 1 February 2022 |
15,828 |
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Charge for the year |
4,456 |
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On disposals |
(804) |
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At 31 January 2023 |
19,480 |
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Net book value |
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At 31 January 2023 |
3,768 |
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At 31 January 2022 |
8,224 |
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6 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
102,298 |
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48,084 |
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Trade debtors - EURO |
5,488 |
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2,438 |
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Trade debtors - US$ |
1,513 |
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814 |
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Interest receivable - Debtors |
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1,589 |
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- |
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Prepayments - Office rent |
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916 |
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2,421 |
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Other debtors - Prepaid Insurance & rent deposits |
16,018 |
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15,343 |
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127,822 |
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69,100 |
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7 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
15,000 |
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16,963 |
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Creditors less than 1yr - Dividends payable - minority |
184,000 |
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136,000 |
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Taxation and social security costs |
206,802 |
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246,542 |
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Staff Expenses due |
1,914 |
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1,190 |
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Other creditors |
61,282 |
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102,123 |
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468,998 |
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502,818 |
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8 |
Controlling party |
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The controlling party is now Katherine Bushell. |
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9 |
Other information |
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These financial statements are reported in sterling. |
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SELF ASSURED LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Bourne house |
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475 Godstone Road |
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Croydon |
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CR3 0BL |