Registration number:
InetAssure (Underwriting) Limited
for the Year Ended 29 February 2024
InetAssure (Underwriting) Limited
Contents
Company Information |
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Director's Report |
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Profit and loss account |
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Balance Sheet |
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Notes to the Financial Statements |
InetAssure (Underwriting) Limited
Company Information
Director |
P G Brenchley |
Registered office |
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Accountants |
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InetAssure (Underwriting) Limited
Director's Report for the Year Ended 29 February 2024
The director presents his report and the financial statements for the year ended 29 February 2024.
Principal activity
The principal activity of the company is that of marine insurance brokerage.
Director of the company
The director who held office during the year and up to date of authorisation of this report was as follows:
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
Approved and authorised by the
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InetAssure (Underwriting) Limited
Profit and loss account
for the Year Ended 29 February 2024
Note |
2024 |
2023 |
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Turnover |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
4,157 |
10,142 |
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Other interest receivable and similar income |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Continuing operations
The above results were derived wholly from continuing operations.
InetAssure (Underwriting) Limited
(Registration number: 5039654)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of InetAssure (Underwriting) Limited were approved and authorised for issue by the
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Director
InetAssure (Underwriting) Limited
Notes to the Financial Statements
for the Year Ended 29 February 2024
General information |
InetAssure (Underwriting) Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
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.
Going concern
The financial statements have been prepared on a going concern basis.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Judgements and key sources of estimation uncertainties
In the opinion of the directors there are no judgements or key sources of estimation uncertainty which could materially affect the financial statements.
Revenue recognition
Turnover comprises the fair value of commissions and fees received in the ordinary course of the Company’s activities net of rebates and discounts. Commissions and fees are recognised on the date of inception of a policy or its date of renewal.
Taxation
The corporation tax expense for the period comprises current tax. Corporation 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 corporation 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.
InetAssure (Underwriting) Limited
Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)
2 |
Accounting policies (continued) |
Tangible fixed assets
Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment, fixture and fittings |
25% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and held at bank.
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.
Financial instruments
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
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Current taxation |
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UK corporation tax |
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- |
UK corporation tax adjustment to prior periods |
- |
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689 |
2,567 |
InetAssure (Underwriting) Limited
Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)
Tangible fixed assets |
Furniture, fittings and equipment |
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Cost |
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At 1 March 2023 |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
- |
Debtors |
2024 |
2023 |
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Trade receivables |
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Other debtors |
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Prepayments |
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Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Outstanding defined contribution pension costs |
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Other payables |
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Accruals |
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Corporation tax |
689 |
- |
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InetAssure (Underwriting) Limited
Notes to the Financial Statements
for the Year Ended 29 February 2024 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Reserves
The company has one class of share capital which carries no right to fixed income.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was