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Registration number: 04826045

Steve Wassell Insurance Management Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2024

 

Steve Wassell Insurance Management Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Abridged Financial Statements

8 to 14

 

Steve Wassell Insurance Management Ltd

Company Information

Director

Mr Stephen Wassell

Registered office

Investment House
Tamar St
Torpoint
Cornwall, England
Cornwall
PL11 2AW

Accountants

Carey Accountancy Ltd
Higher Treyone
Polbathic
Cornwall
PL11 3HE

 

Steve Wassell Insurance Management Ltd

Director's Report for the Year Ended 31 July 2024

The director presents his report and the abridged financial statements for the year ended 31 July 2024.

Director of the company

The director who held office during the year was as follows:

Mr Stephen Wassell

Principal activity

The principal activity of the company is Insurance and pension broker

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 13 August 2024
 

.........................................
Mr Stephen Wassell
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Steve Wassell Insurance Management Ltd
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steve Wassell Insurance Management Ltd for the year ended 31 July 2024 as set out on pages 4 to 14 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that Steve Wassell Insurance Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Steve Wassell Insurance Management Ltd. You consider that Steve Wassell Insurance Management Ltd 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 accounts of Steve Wassell Insurance Management Ltd. 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 accounts.

......................................

Carey Accountancy Ltd
Higher Treyone
Polbathic
Cornwall
PL11 3HE

13 August 2024

 

Steve Wassell Insurance Management Ltd

Abridged Profit and Loss Account for the Year Ended 31 July 2024

Note

2024
£

2023
£

Gross profit

 

82,643

120,559

Administrative expenses

 

(89,052)

(73,458)

Other interest receivable and similar income

 

9,056

4,735

Interest payable and similar expenses

 

75

434

Profit before tax

4

2,722

52,270

Tax on profit

 

(287)

(10,035)

Profit for the financial year

 

2,435

42,235

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Steve Wassell Insurance Management Ltd

Statement of Comprehensive Income for the Year Ended 31 July 2024

2024
£

2023
£

Profit for the year

2,435

42,235

Total comprehensive income for the year

2,435

42,235

 

Steve Wassell Insurance Management Ltd

(Registration number: 04826045)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

99,163

97,953

Current assets

 

Debtors

6

-

7,104

Cash at bank and in hand

 

281,945

303,787

 

281,945

310,891

Creditors: Amounts falling due within one year

(13,608)

(10,035)

Net current assets

 

268,337

300,856

Net assets

 

367,500

398,809

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

367,499

398,808

Shareholders' funds

 

367,500

398,809

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 13 August 2024
 

.........................................
Mr Stephen Wassell
Director

   
     
 

Steve Wassell Insurance Management Ltd

Statement of Changes in Equity for the Year Ended 31 July 2024

Share capital
£

Retained earnings
£

Total
£

At 1 August 2023

1

398,808

398,809

Profit for the year

-

2,435

2,435

Dividends

-

(33,744)

(33,744)

At 31 July 2024

1

367,499

367,500

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

1

389,548

389,549

Profit for the year

-

42,235

42,235

Dividends

-

(32,975)

(32,975)

At 31 July 2023

1

398,808

398,809

 

Steve Wassell Insurance Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Investment House
Tamar St
Torpoint
Cornwall, England
Cornwall
PL11 2AW
England

These financial statements were authorised for issue by the director on 13 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Steve Wassell Insurance Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straightline - 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Steve Wassell Insurance Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 7).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

153

204

 

Steve Wassell Insurance Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

97,341

27,178

124,519

Additions

-

1,363

1,363

At 31 July 2024

97,341

28,541

125,882

Depreciation

At 1 August 2023

-

26,566

26,566

Charge for the year

-

153

153

At 31 July 2024

-

26,719

26,719

Carrying amount

At 31 July 2024

97,341

1,822

99,163

At 31 July 2023

97,341

612

97,953

Included within the net book value of land and buildings above is £97,341 (2023 - £97,341) in respect of freehold land and buildings.
 

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

       
 

Steve Wassell Insurance Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1.00 per each Ordinary

33,744

32,974

 

 

9

Related party transactions

 

Steve Wassell Insurance Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Transactions with the director

2024

At 1 August 2023
£

At 31 July 2024
£

Mr Stephen Wassell

Director Loan Account

7,103

7,103

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mr Stephen Wassell

Director Loan Account

-

7,103

7,103

 

Steve Wassell Insurance Management Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

13,001

12,983

Contributions paid to money purchase schemes

60,000

60,000

73,001

72,983