Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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2,912 | 4,887 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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112,367 | 112,820 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 38,058 | 41,293 | ||
Total assets less current liabilities | 40,970 | 46,180 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Medical Insurance Consultants Ltd. (registered number:
David John Downing
Director |
Simon John Downing
Director |
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Jacqueline Amy Read
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Medical Insurance Consultants Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Park House, 45 The Park, Yeovil, BA20 1DF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when the insurance policy on which commission is earned goes on risk.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Other intangible assets |
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Fixtures and fittings |
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Computer equipment |
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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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Fixtures and fittings | Computer equipment | Total | |||
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Cost | |||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
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£ | £ | ||
within one year |
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between one and five years |
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Transactions with the entity's directors
Advances
At 1 April 2023, the balance was (£25,081). During the year, £45,916 was advanced to the directors, and £50,553 was repaid by the directors. The balance owed to the company by the directors as at 31 March 2024 was (£20,444).
At 1 April 2022, the balance was (£23,180). During the year, £42,525 was advanced to the directors, and £40,624 was repaid by the directors. The balance owed to the company by the directors as at 31 March 2023 was (£25,081).
S J Downing and G E Downing joint directors loan account. The loan is interest free and repayable on demand.
At 1 April 2023, the balance was £10,387. During the year, £83,792 was advanced to the directors, and £71,441 was repaid by the directors. The balance owed to the company by the directors as at 31 March 2024 was £1,964.
At 1 April 2022, the balance was (£31,582). During the year, £79,383 was advanced to the directors, and £121,352 was repaid by the directors. The balance owed by the company to the directors as at 31 March 2023 was £10,387.