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COMPANY REGISTRATION NUMBER: 13697022
Home Insurance Consumer Action Limited
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 October 2023
Home Insurance Consumer Action Limited
Company Limited by Guarantee
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Current assets
Debtors
6
840
Cash at bank and in hand
108
----
----
948
Creditors: amounts falling due within one year
7
10
958
----
----
Net current liabilities
10
10
----
----
Total assets less current liabilities
( 10)
( 10)
----
----
Net liabilities
( 10)
( 10)
----
----
Capital and reserves
Profit and loss account
( 10)
( 10)
----
----
Members deficit
( 10)
( 10)
----
----
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 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his 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 4 March 2024 , and are signed on behalf of the board by:
K Wellington
Director
Company registration number: 13697022
Home Insurance Consumer Action Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Sycamore House, Sutton Quays Business Park, Sutton Weaver, Runcorn, Cheshire, WA7 3EH.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Company limited by guarantee
Each member of the company undertakes to contribute £1 to the assets of the company in the event of the company being wound up while he or she is a member, for payment of the debts and liabilities of the company before he or she ceases to be a member.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
6. Debtors
2023
2022
£
£
Other debtors
840
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
840
Director loan accounts
10
10
Other creditors
108
----
----
10
958
----
----
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
K Wellington
( 10)
( 10)
----
----
----
2022
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
K Wellington
( 10)
( 10)
----
----
----