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COMPANY REGISTRATION NUMBER: 04016271
Unique Insurance Solutions Limited
Filleted Unaudited Financial Statements
31 March 2023
Unique Insurance Solutions Limited
Financial Statements
Year ended 31st March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Unique Insurance Solutions Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
8,083
13,822
Current assets
Debtors
6
253,457
234,070
Cash at bank and in hand
543,136
255,456
---------
---------
796,593
489,526
Creditors: amounts falling due within one year
7
280,195
245,839
---------
---------
Net current assets
516,398
243,687
---------
---------
Total assets less current liabilities
524,481
257,509
---------
---------
Net assets
524,481
257,509
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
524,381
257,409
---------
---------
Shareholders funds
524,481
257,509
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
Mr H R Ryles
Director
Company registration number: 04016271
Unique Insurance Solutions Limited
Notes to the Financial Statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard House, 66a Victoria Road, Chelmsford, Essex, CM1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
Over 15 years
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible assets
Leasehold buildings
Equipment
Total
£
£
£
Cost
At 1st April 2022
76,977
76,315
153,292
Additions
1,952
1,952
--------
--------
---------
At 31st March 2023
76,977
78,267
155,244
--------
--------
---------
Depreciation
At 1st April 2022
74,803
64,667
139,470
Charge for the year
2,142
5,549
7,691
--------
--------
---------
At 31st March 2023
76,945
70,216
147,161
--------
--------
---------
Carrying amount
At 31st March 2023
32
8,051
8,083
--------
--------
---------
At 31st March 2022
2,174
11,648
13,822
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
244,479
223,606
Prepayments and accrued income
8,978
10,464
---------
---------
253,457
234,070
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
4,530
4,715
Corporation tax
169,762
147,964
Social security and other taxes
88,617
74,928
Director loan accounts
48
25
Other creditors
17,238
18,207
---------
---------
280,195
245,839
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
At the year end the directors were owed £48 (2022 - £25) which is shown amongst creditors. During the year, rent of £38,400 (2022 - £38,400) was paid on a property owned by the directors.