Registration number:
Insured4Business Ltd
for the Year Ended 31 July 2024
Insured4Business Ltd
formerly known as Lorc Capital Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Insured4Business Ltd
formerly known as Lorc Capital Limited
(Registration number: 10272273)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
( |
( |
|
Shareholders' deficit |
( |
( |
Insured4Business Ltd
formerly known as Lorc Capital Limited
(Registration number: 10272273)
Balance Sheet as at 31 July 2024
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 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Insured4Business Ltd
formerly known as Lorc Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 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 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.
The company has sufficient financial support from the director and as a consequence, he believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, he continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of insurance services in the ordinary course of the company’s activities. Turnover is recognised at the start of a policy period.
Tax
The tax expense for the period comprises current tax payable.
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.
Insured4Business Ltd
formerly known as Lorc Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
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 |
25% straight line basis |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademark |
10% straight line |
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.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Insured4Business Ltd
formerly known as Lorc Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Trademarks, patents and licenses |
Total |
|
Cost or valuation |
||
At 1 August 2023 |
|
|
At 31 July 2024 |
|
|
Amortisation |
||
At 1 August 2023 |
|
|
Amortisation charge |
|
|
At 31 July 2024 |
|
|
Carrying amount |
||
At 31 July 2024 |
|
|
At 31 July 2023 |
|
|
Insured4Business Ltd
formerly known as Lorc Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tangible assets |
Office equipment |
Total |
|
Cost or valuation |
||
At 1 August 2023 |
|
|
At 31 July 2024 |
|
|
Depreciation |
||
At 1 August 2023 |
|
|
Charge for the year |
|
|
At 31 July 2024 |
|
|
Carrying amount |
||
At 31 July 2024 |
|
|
At 31 July 2023 |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
- |
Other debtors |
- |
|
|
|
Insured4Business Ltd
formerly known as Lorc Capital Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Loans and borrowings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
2024 |
2023 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|