Company registration number 03137109 (England and Wales)
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Warwick Davis (Insurance Consultants) Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Warwick Davis (Insurance Consultants) Limited, as a body, in accordance with the terms of our engagement letter dated 5 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Warwick Davis (Insurance Consultants) Limited and state those matters that we have agreed to state to the board of directors of Warwick Davis (Insurance Consultants) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Warwick Davis (Insurance Consultants) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Warwick Davis (Insurance Consultants) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Warwick Davis (Insurance Consultants) Limited. You consider that Warwick Davis (Insurance Consultants) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Warwick Davis (Insurance Consultants) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
17 April 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
152,897
122,960
Current assets
Debtors
5
604,775
412,493
Cash at bank and in hand
89,031
211,912
693,806
624,405
Creditors: amounts falling due within one year
6
(119,695)
(87,456)
Net current assets
574,111
536,949
Total assets less current liabilities
727,008
659,909
Creditors: amounts falling due after more than one year
7
(81,163)
(61,081)
Provisions for liabilities
(36,900)
(28,256)
Net assets
608,945
570,572
Capital and reserves
Called up share capital
8
102
102
Profit and loss reserves
608,843
570,470
Total equity
608,945
570,572
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
Mr N P Kerkhove
Director
Company registration number 03137109 (England and Wales)
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Warwick Davis (Insurance Consultants) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true
1.3
Turnover
Turnover represents income receivable under contracts for professional services. Turnover is recognised when and to the extent that the firm obtains the right to consideration in exchange for its performance of those contracts. It represents the amounts chargeable to clients including expenses and disbursements but excluding value added tax.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill acquired on two separate occasions are considered to have finite useful lives and are amortised on a systematic basis over their expected lives, which are 20 years and 15 years respectively.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
Over the term of the lease
Fixtures, fittings and equipment
20% p.a. diminishing balance
Computer equipment
20% p.a. diminishing balance
Motor vehicles
25% p.a. diminishing balance
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2022 - 6).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
54,905
Amortisation and impairment
At 1 January 2023 and 31 December 2023
54,905
Carrying amount
At 31 December 2023
At 31 December 2022
4
Tangible fixed assets
Land and buildings leasehold
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
2,690
61,846
84,785
128,965
278,286
Additions
1,800
1,759
64,340
67,899
Disposals
(5,800)
(5,800)
At 31 December 2023
2,690
63,646
86,544
187,505
340,385
Depreciation and impairment
At 1 January 2023
2,690
53,045
62,129
37,462
155,326
Depreciation charged in the year
1,910
4,707
30,291
36,908
Eliminated in respect of disposals
(4,746)
(4,746)
At 31 December 2023
2,690
54,955
66,836
63,007
187,488
Carrying amount
At 31 December 2023
8,691
19,708
124,498
152,897
At 31 December 2022
8,801
22,656
91,503
122,960
WARWICK DAVIS (INSURANCE CONSULTANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
371,482
368,693
Other debtors
233,293
43,800
604,775
412,493
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
81,411
57,146
Other creditors
38,284
30,310
119,695
87,456
Included within other creditors above is £30,409 (2022 - £26,909) relating to hire purchase loan agreements.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
81,163
61,081
Included within other creditors above is £81,163 (2022 - £61,081) relating to hire purchase loan agreements.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
"A" Ordinary shares of £1 each
2
2
2
2
102
102
102
102
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
3,000