InetAssure (Underwriting) Limited 5039654 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of marine insurance brokerage. Digita Accounts Production Advanced 6.30.9574.0 true true 5039654 2022-03-01 2023-02-28 5039654 2023-02-28 5039654 bus:OrdinaryShareClass1 2023-02-28 5039654 core:RetainedEarningsAccumulatedLosses 2023-02-28 5039654 core:ShareCapital 2023-02-28 5039654 core:CurrentFinancialInstruments 2023-02-28 5039654 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 5039654 core:FurnitureFittingsToolsEquipment 2023-02-28 5039654 bus:SmallEntities 2022-03-01 2023-02-28 5039654 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 5039654 bus:FullAccounts 2022-03-01 2023-02-28 5039654 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 5039654 bus:RegisteredOffice 2022-03-01 2023-02-28 5039654 bus:Director2 2022-03-01 2023-02-28 5039654 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 5039654 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 5039654 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 5039654 core:UKTax 2022-03-01 2023-02-28 5039654 countries:AllCountries 2022-03-01 2023-02-28 5039654 core:FurnitureFittingsToolsEquipment 2022-02-28 5039654 2021-03-01 2022-02-28 5039654 2022-02-28 5039654 bus:OrdinaryShareClass1 2022-02-28 5039654 core:RetainedEarningsAccumulatedLosses 2022-02-28 5039654 core:ShareCapital 2022-02-28 5039654 core:CurrentFinancialInstruments 2022-02-28 5039654 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 5039654 core:UKTax 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 5039654

InetAssure (Underwriting) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

InetAssure (Underwriting) Limited

Contents

Company Information

1

Director's Report

2

Profit and loss account

3

Balance Sheet

4

Notes to the Financial Statements

5 to 8

 

InetAssure (Underwriting) Limited

Company Information

Director

P G Brenchley

Registered office

129 Stanhope Grove
Beckenham
Kent
BR3 3HL

Accountants

Harmer Slater Limited
79a High Street
Teddington
Middlesex
TW11 8HG

 

InetAssure (Underwriting) Limited

Director's Report for the Year Ended 28 February 2023

The director presents his report and the financial statements for the year ended 28 February 2023.

Principal activity

The principal activity of the company is that of marine insurance brokerage.

Director of the company

The director who held office during the year and up to date of authorisation of this report was as follows:

P G Brenchley

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the director on 6 November 2023
 

.........................................
P G Brenchley
Director

 

InetAssure (Underwriting) Limited

Profit and loss account
for the Year Ended 28 February 2023

Note

2023
£

2022
£

Turnover

 

59,013

32,799

Gross profit

 

59,013

32,799

Administrative expenses

 

(48,871)

(52,120)

Operating profit/(loss)

 

10,142

(19,321)

Other interest receivable and similar income

 

399

10

Profit/(loss) before tax

10,541

(19,311)

Tax on profit/(loss)

 

(2,567)

-

Profit/(loss) for the financial year

 

7,974

(19,311)

Continuing operations
The above results were derived wholly from continuing operations.

 

InetAssure (Underwriting) Limited

(Registration number: 5039654)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

6,695

11,573

Cash at bank and in hand

 

125,573

112,876

 

132,268

124,449

Payables: Amounts falling due within one year

6

(21,960)

(22,115)

Net assets

 

110,308

102,334

Capital reserves

 

Called up share capital

7

2

2

Retained earnings

7

110,306

102,332

Total equity

 

110,308

102,334

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of InetAssure (Underwriting) Limited were approved and authorised for issue by the director on 6 November 2023
 

.........................................

P G Brenchley
Director

 

InetAssure (Underwriting) Limited

Notes to the Financial Statements
for the Year Ended 28 February 2023

1

General information

InetAssure (Underwriting) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

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

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.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Judgements and key sources of estimation uncertainties

In the opinion of the directors there are no judgements or key sources of estimation uncertainty which could materially affect the financial statements.

Revenue recognition

Turnover comprises the fair value of commissions and fees received in the ordinary course of the Company’s activities net of rebates and discounts. Commissions and fees are recognised on the date of inception of a policy or its date of renewal.

Taxation

The corporation tax expense for the period comprises current tax. Corporation 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 corporation 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.

 

InetAssure (Underwriting) Limited

Notes to the Financial Statements
for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment, fixture and fittings

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and held at bank.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

2,567

-

 

InetAssure (Underwriting) Limited

Notes to the Financial Statements
for the Year Ended 28 February 2023 (continued)

4

Tangible fixed assets

Furniture, fittings and equipment
 £

Cost

At 1 March 2022

1,819

At 28 February 2023

1,819

Depreciation

At 1 March 2022

1,819

At 28 February 2023

1,819

Carrying amount

At 28 February 2023

-

5

Debtors

2023
£

2022
£

Trade receivables

2,697

5,136

Other debtors

300

2,567

Prepayments

3,698

3,870

6,695

11,573

6

Creditors

2023
£

2022
£

Due within one year

Social security and other taxes

-

155

Outstanding pension costs

350

350

Other payables

20,140

20,140

Accrued expenses

1,470

1,470

21,960

22,115

 

InetAssure (Underwriting) Limited

Notes to the Financial Statements
for the Year Ended 28 February 2023 (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

8

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).