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COMPANY REGISTRATION NUMBER: 04729079
SHIELD INSURANCE BROKERS (LONDON) LTD
Filleted Unaudited Financial Statements
31 December 2023
SHIELD INSURANCE BROKERS (LONDON) LTD
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,672
8,829
Investments
6
3,500
3,500
-------
--------
8,172
12,329
Current assets
Debtors
7
13,185
32,067
Cash at bank and in hand
236,484
168,544
---------
---------
249,669
200,611
Creditors: amounts falling due within one year
8
24,962
22,927
---------
---------
Net current assets
224,707
177,684
---------
---------
Total assets less current liabilities
232,879
190,013
Creditors: amounts falling due after more than one year
9
21,750
30,750
---------
---------
Net assets
211,129
159,263
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
211,029
159,163
---------
---------
Shareholders funds
211,129
159,263
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SHIELD INSURANCE BROKERS (LONDON) LTD
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
J S BAHD
Director
Company registration number: 04729079
SHIELD INSURANCE BROKERS (LONDON) LTD
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 165, WESTERN ROAD, SOUTHALL, MIDDX, UB2 5HP, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
all fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
10% reducing balance
Fixture & fittings
-
25% reducing balance
Equipments
-
25% reducing balance
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
37,305
24,060
25,466
86,831
Additions
500
1,983
2,483
--------
--------
--------
--------
At 31 December 2023
37,305
24,560
27,449
89,314
--------
--------
--------
--------
Depreciation
At 1 January 2023
32,222
21,827
23,953
78,002
Charge for the year
5,083
683
874
6,640
--------
--------
--------
--------
At 31 December 2023
37,305
22,510
24,827
84,642
--------
--------
--------
--------
Carrying amount
At 31 December 2023
2,050
2,622
4,672
--------
--------
--------
--------
At 31 December 2022
5,083
2,233
1,513
8,829
--------
--------
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
3,500
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
3,500
-------
At 31 December 2022
3,500
-------
7. Debtors
2023
2022
£
£
Trade debtors
13,185
29,067
Other debtors
3,000
--------
--------
13,185
32,067
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
16,722
14,366
Social security and other taxes
1,177
3,679
Other creditors
7,063
4,882
--------
--------
24,962
22,927
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bounce back loan
21,750
30,750
--------
--------
10. Directors' advances, credits and guarantees
Directors loan account relates to directors current account.
11. Related party transactions
The company was under the control of Mr J S BAHD throughout the current and previous year. Mr J S BAHD is the managing director holding 80% of shares and remaining shares are held by G K Kang.