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REGISTERED NUMBER: 02455684 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 December 2023

for


Legal and Insurance Services Limited



Legal and Insurance Services Limited (Registered number: 02455684)








Contents of the Financial Statements

for the Year Ended 31 December 2023





Page




Company Information  

1




Chartered Accountants' Report  

2




Balance Sheet  

3




Notes to the Financial Statements  

4





Legal and Insurance Services Limited



Company Information

for the Year Ended 31 December 2023









DIRECTORS:

R M Dresner


R A Daniell


W J Dresner







SECRETARY:

W J Dresner







REGISTERED OFFICE:

Friars Oak House


Bidborough


Tunbridge Wells


Kent


TN3 0LJ







REGISTERED NUMBER:

02455684 (England and Wales)







ACCOUNTANTS:

Deeks Evans Audit Services Limited


Chartered Accountants


First Floor, West Barn


North Frith Farm, Ashes Lane


Hadlow


Tonbridge


Kent


TN11 9QU


Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Legal and Insurance Services Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Legal and Insurance Services Limited for the year ended 31 December 2023 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.  


This report is made solely to the Board of Directors of Legal and Insurance Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Legal and Insurance Services Limited and state those matters that we have agreed to state to the Board of Directors of Legal and Insurance Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Legal and Insurance Services Limited and its Board of Directors, as a body, for our work or for this report.      


It is your duty to ensure that Legal and Insurance Services 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 Legal and Insurance Services Limited. You consider that Legal and Insurance Services 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 Legal and Insurance Services 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.  







Deeks Evans Audit Services Limited

Chartered Accountants

First Floor, West Barn

North Frith Farm, Ashes Lane

Hadlow

Tonbridge

Kent

TN11 9QU



8 August 2024



Legal and Insurance Services Limited (Registered number: 02455684)



Balance Sheet

31 December 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

370


370




CURRENT ASSETS

Debtors

5

2,815,364


3,128,612



Cash at bank

88,524


9,529



2,903,888


3,138,141



CREDITORS

Amounts falling due within one year

6

2,165,626


2,263,631



NET CURRENT ASSETS

738,262


874,510



TOTAL ASSETS LESS CURRENT

LIABILITIES

738,632


874,880




CAPITAL & RESERVES

Called up share capital

9

100


100



Capital redemption reserve

10

2


2



Retained earnings

10

738,530


874,778



SHAREHOLDERS' FUNDS

738,632


874,880




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





W J Dresner - Director




R A Daniell - Director




Legal and Insurance Services Limited (Registered number: 02455684)



Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Legal and Insurance Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.    



Turnover


Commissions receivable is the total amount receivable by the company in the ordinary course of business for services provided as an underwriting agency. Commission is recognised at the time the premium is received from the insured.



Commissions payable to brokers are recognised at the same time as the income to which they relate.



Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Fixtures & fittings

-

25% on reducing balance


Computer equipment

-

25% on reducing balance



Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 25 (2022 - 26 ) .



Legal and Insurance Services Limited (Registered number: 02455684)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


4.

TANGIBLE FIXED ASSETS


Fixtures


Computer



& fittings


equipment


Totals

£   

£   

£   



COST


At 1 January 2023


and 31 December 2023

93,964


180,289


274,253




DEPRECIATION


At 1 January 2023


and 31 December 2023

93,956


179,927


273,883




NET BOOK VALUE


At 31 December 2023

8


362


370




At 31 December 2022

8


362


370




5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

915,213


1,240,248




Other debtors

1,900,151


1,888,364



2,815,364


3,128,612




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade creditors

1,877,286


1,867,427




Taxation & social security

283,600


391,704




Other creditors

4,740


4,500



2,165,626


2,263,631




7.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022


£   

£   



Within one year

18,600


10,000




Between one and five years

55,800


-




In more than five years

12,400


-



86,800


10,000




8.

SECURED DEBTS



Registration of charge dated 30/04/2020 in respect of a fixed and floating charge over all properties or undertakings of the client.



Legal and Insurance Services Limited (Registered number: 02455684)



Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


9.

CALLED UP SHARE CAPITAL



Allotted, Issued and fully paid:


Number:


Class:


Nominal



2023



2022





value:



£   



£   





      2


'A' Ordinary


£1



2



2




      2


'B' Ordinary


£1



2



2




      2


'C' Ordinary


£1



-



-




      2


'D' Ordinary


£1



2



2




    94


'E' Ordinary


£1



94



94





100



100




10.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 January 2023

874,778


2


874,780




Profit for the year

775,752


775,752




Dividends

(912,000

)

(912,000

)



At 31 December 2023

738,530


2


738,532