REGISTERED NUMBER: |
ORACLE UNDERWRITING LIMITED |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
REGISTERED NUMBER: |
ORACLE UNDERWRITING LIMITED |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
ORACLE UNDERWRITING LIMITED (REGISTERED NUMBER: 06358114) |
Contents of the Financial Statements |
for the year ended 31 August 2023 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 4 | to | 5 |
ORACLE UNDERWRITING LIMITED |
Company Information |
for the year ended 31 August 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
Bankers: |
34 Poplar Road |
Solihull |
West Midlands |
B91 3AF |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Oracle Underwriting Limited |
The following reproduces the text of the report prepared for the director 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 Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director 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 Oracle Underwriting Limited for the year ended 31 August 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position 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 director of Oracle Underwriting Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oracle Underwriting Limited and state those matters that we have agreed to state to the director of Oracle Underwriting Limited 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 Oracle Underwriting Limited and its director for our work or for this report. |
It is your duty to ensure that Oracle Underwriting 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 loss of Oracle Underwriting Limited. You consider that Oracle Underwriting 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 Oracle Underwriting 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. |
CUBO Birmingham |
3rd Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
ORACLE UNDERWRITING LIMITED (REGISTERED NUMBER: 06358114) |
Statement of Financial Position |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ORACLE UNDERWRITING LIMITED (REGISTERED NUMBER: 06358114) |
Notes to the Financial Statements |
for the year ended 31 August 2023 |
1. | Statutory information |
Oracle Underwriting Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
The turnover shown in the profit and loss account represents commission earned on insurance policies underwritten during the period. |
Fixed assets |
All fixed assets are initially recorded at cost. |
Depreciation |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Equipment | 33.3% straight line basis |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
ORACLE UNDERWRITING LIMITED (REGISTERED NUMBER: 06358114) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
4. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 September 2022 |
and 31 August 2023 |
Depreciation |
At 1 September 2022 |
and 31 August 2023 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
8. | Related party disclosures |
The company provides underwriting services to Adler Insurance Brokers Limited, a company in which Anthony J Adler is a director. The company earns commission income on business introduced to it by Adler Insurance Brokers Limited and in turn passes a proportion of this commission back to Adler Insurance Brokers Limited. It is not possible to accurately identify the amount of commission income retained. All transactions with Adler Insurance Brokers Limited are made at arm's length. |
At the 31 August 2023 an amount of £3,402 (2022: £5,404) was outstanding from Adler Insurance Brokers Limited on the sales ledger. |
Included in other creditors are the following loans to the company from related parties: |
Mr Anthony J Adler (director and shareholder) £4,000 (2022: £4,000). |
Other shareholders £4,000 (2022: £4,000). |