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Registration number: 02494622

Financial and Credit Insurance Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Financial and Credit Insurance Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Financial and Credit Insurance Services Limited

Company Information

Directors

R A Letheren

H L Lyon-Wall

Registered office

80 Granville Road
Sevenoaks
Kent
TN13 1HA

 

Financial and Credit Insurance Services Limited

(Registration number: 02494622)
Balance Sheet as at 30 April 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

7,606

 

7,227

Current assets

   

 

Debtors

5

82,053

 

92,698

 

Cash at bank and in hand

 

542,600

 

427,077

 

 

624,653

 

519,775

 

Creditors: Amounts falling due within one year

6

(89,068)

 

(91,278)

 

Net current assets

   

535,585

 

428,497

Total assets less current liabilities

   

543,191

 

435,724

Creditors: Amounts falling due after more than one year

6

 

(21,667)

 

(31,667)

Provisions for liabilities

 

(1,902)

 

-

Net assets

   

519,622

 

404,057

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

518,622

403,057

Total equity

 

519,622

404,057

For the financial year ending 30 April 2023 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.

 

Financial and Credit Insurance Services Limited

(Registration number: 02494622)
Balance Sheet as at 30 April 2023 (continued)

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 21 September 2023 and signed on its behalf by:
 

R A Letheren
Director

H L Lyon-Wall
Director

 
     
 

Financial and Credit Insurance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
80 Granville Road
Sevenoaks
Kent
TN13 1HA

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

Revenue recognition

Turnover comprises net brokerage, commission income and fees receivable for services provided. Net brokerage and commission income is recognised by reference to when the commission becomes due and payable, following the effective date that the insurance policy commences.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Revenue grants are recognised in the period in which the related cost was incurred and presented as part of other income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

 

Financial and Credit Insurance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

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 less their estimated residual value over their expected useful economic lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

Over the term of the lease

Furniture and fittings

20% straight line

Computer equipment

20% straight line

Motor costs

Over the term of the vehicle lease

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 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.

 

Financial and Credit Insurance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Financial and Credit Insurance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

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.

The company operates various defined contribution pension schemes. A separate self administered scheme, the FCIS Pension Fund, is also maintained for one director.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Financial and Credit Insurance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

4

Tangible assets

Improvements to property
£

Furniture and fittings
£

Computer equipment
£

Motor costs
 £

Total
£

Cost or valuation

At 1 May 2022

6,192

17,253

12,299

-

35,744

Additions

-

266

1,819

937

3,022

Disposals

-

(8,326)

(652)

-

(8,978)

At 30 April 2023

6,192

9,193

13,466

937

29,788

Depreciation

At 1 May 2022

6,192

17,253

5,072

-

28,517

Charge for the year

-

53

1,912

287

2,252

Eliminated on disposal

-

(8,326)

(261)

-

(8,587)

At 30 April 2023

6,192

8,980

6,723

287

22,182

Carrying amount

At 30 April 2023

-

213

6,743

650

7,606

At 30 April 2022

-

-

7,227

-

7,227

5

Debtors

Current

2023
£

2022
£

Trade debtors

52,085

38,982

Prepayments

29,968

30,888

Other debtors

-

22,828

 

82,053

92,698

 

Financial and Credit Insurance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,000

10,000

Trade creditors

 

11,941

20,883

Taxation and social security

 

43,638

42,630

Other creditors

 

1,900

10,126

Accruals and deferred income

 

21,589

7,639

 

89,068

91,278

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

21,667

31,667

The loans and borrowings represent a Bounce Back Loan which is not subject to any security by the company but covered by the UK Government's Bounce Back Loan Scheme guarantee.

 

Financial and Credit Insurance Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,822 (2022 - £Nil).

The total amount of financial commitments not included in the balance sheet concerning pensions is £12,400 (2022 - £13,750). This is an annual commitment in respect of the staff and directors' pension schemes.