Company Registration No. 05250150 (England and Wales)
THE INSURANCE NETWORK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE INSURANCE NETWORK LIMITED
COMPANY INFORMATION
Directors
Mr J W Burgess
Mr P D Middleton
Secretary
Mr P D Middleton
Company number
05250150
Registered office
Springfield Rag Room
Mill Lane
Maidstone
Kent
ME14 1GU
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
THE INSURANCE NETWORK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE INSURANCE NETWORK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,740
3,718
Current assets
Debtors
4
318,895
209,109
Cash at bank and in hand
170,583
224,899
489,478
434,008
Creditors: amounts falling due within one year
5
(410,218)
(322,301)
Net current assets
79,260
111,707
Total assets less current liabilities
88,000
115,425
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
87,900
115,325
Total equity
88,000
115,425
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 Act 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.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr J W Burgess
Director
Company Registration No. 05250150
THE INSURANCE NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
The Insurance Network Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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 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.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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 of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% Reducing balance
Computer equipment
3 Years straight line
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE INSURANCE NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2022 - 7).
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
8,166
13,257
21,423
Additions
9,870
9,870
At 31 December 2023
8,166
23,127
31,293
Depreciation and impairment
At 1 January 2023
6,420
11,285
17,705
Depreciation charged in the year
262
4,586
4,848
At 31 December 2023
6,682
15,871
22,553
Carrying amount
At 31 December 2023
1,484
7,256
8,740
At 31 December 2022
1,746
1,972
3,718
THE INSURANCE NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
110,095
184,717
Other debtors
23,137
5,373
Prepayments and accrued income
87,163
19,019
220,395
209,109
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
98,500
Total debtors
318,895
209,109
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,705
11,890
Corporation tax
57,228
36,445
Other taxation and social security
43,004
33,010
Other creditors
26,632
14,428
Accruals and deferred income
267,649
226,528
410,218
322,301
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
80 Ordinary shares of £1 each
80
80
1,000 Ordinary B shares of £1 each
1,000
1,000
1,080
1,080
Issued and fully paid
80 Ordinary shares of £1 each
80
80
20 Ordinary B shares of £1 each
20
20
100
100
THE INSURANCE NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr P D Middleton -
-
5,000
15,000
(5,000)
15,000
5,000
15,000
(5,000)
15,000