Company registration number 02322691 (England and Wales)
H. S. COLEMAN (INSURANCE SERVICES) LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
H. S. COLEMAN (INSURANCE SERVICES) LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
H. S. COLEMAN (INSURANCE SERVICES) LTD.
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,813
Tangible assets
4
313
418
313
4,231
Current assets
Debtors
5
16,162
23,242
Cash at bank and in hand
262,284
216,139
278,446
239,381
Creditors: amounts falling due within one year
6
(17,807)
(11,782)
Net current assets
260,639
227,599
Net assets
260,952
231,830
Capital and reserves
Called up share capital
2,500
2,500
Profit and loss reserves
258,452
229,330
Total equity
260,952
231,830
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
The financial statements were approved and signed by the director and authorised for issue on 8 April 2024
J G Sidlin
Director
Company registration number 02322691 (England and Wales)
H. S. COLEMAN (INSURANCE SERVICES) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
H. S. Coleman (Insurance Services) Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Hathaway House, Popes Drive, Finchley, London, N3 1QF.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Turnover includes commission received or receivable and fees for advice given.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
33.3% Straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Fixtures and fittings
25% Written down value
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.
1.5
Impairment of fixed assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.
H. S. COLEMAN (INSURANCE SERVICES) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Financial assets include debtors and cash and bank balances. Debtors and cash and bank balances which are basic financial assets are measured at transaction price less any impairment. Any changes in fair value are recognised in the profit or loss. Financial assets are assessed for indicators of impairment at each reporting end date.
Financial liabilities includes creditors and debt instruments. Creditors and debt instruments which are basic financial liabilities are measured at transaction price. Any changes in value are recognised in the profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Other
£
Cost
At 1 November 2022 and 31 October 2023
11,439
Amortisation and impairment
At 1 November 2022
7,626
Amortisation charged for the year
3,813
At 31 October 2023
11,439
Carrying amount
At 31 October 2023
At 31 October 2022
3,813
H. S. COLEMAN (INSURANCE SERVICES) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
55,743
Depreciation and impairment
At 1 November 2022
55,325
Depreciation charged in the year
105
At 31 October 2023
55,430
Carrying amount
At 31 October 2023
313
At 31 October 2022
418
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
16,162
23,242
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
3,000
Corporation tax
9,067
6,070
Other creditors
5,740
5,712
17,807
11,782
7
Parent company
The company is a wholly owned subsidiary of JGS Financial Consultants Limited and has no other parent undertakings. JGS Financial Consultants Limited is incorporated in England and Wales.