Company Registration No. 04852091 (England and Wales)
AWC INSURANCE SERVICES LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AWC INSURANCE SERVICES LTD
CONTENTS
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 5
AWC INSURANCE SERVICES LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,463
2,597
Current assets
Debtors
5
146,149
112,689
Cash at bank and in hand
102,318
135,480
248,467
248,169
Creditors: amounts falling due within one year
6
(182,106)
(187,011)
Net current assets
66,361
61,158
Total assets less current liabilities
68,824
63,755
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
68,724
63,655
Total equity
68,824
63,755
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 and signed by the director and authorised for issue on 25 October 2024
Mr P Marley
Director
Company Registration No. 04852091
AWC INSURANCE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
AWC Insurance Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24 Church Street West, Coxhoe, City of Durham, DH6 4HE.
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 principal accounting policies adopted are set out below.
1.2
Going concern
The director, having regard to the nature, size and complexity of the business, has assessed the financial risks affecting the company and its operations for the 12 months from the approval of the financial statements and considers it appropriate to prepare the financial statements on a going concern basis.true
1.3
Turnover
Turnover represents amounts receivable for commissions and fees earned.
Revenue from contracts for the provision of professional services is recognised at the point of provision of service. Commission earned is recognised once a customer has committed to an insurance product.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over remaining life of lease
Fixtures, fittings & equipment
25% on net book value
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.
AWC INSURANCE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
AWC INSURANCE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
107,500
Amortisation and impairment
At 1 April 2023 and 31 March 2024
107,500
Carrying amount
At 31 March 2024
At 31 March 2023
4
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2023
53,549
37,948
91,497
Additions
785
785
Disposals
(23,650)
(23,650)
At 31 March 2024
53,549
15,083
68,632
Depreciation and impairment
At 1 April 2023
53,549
35,351
88,900
Depreciation charged in the year
919
919
Eliminated in respect of disposals
(23,650)
(23,650)
At 31 March 2024
53,549
12,620
66,169
Carrying amount
At 31 March 2024
2,463
2,463
At 31 March 2023
2,597
2,597
AWC INSURANCE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
146,149
109,027
Other debtors
3,662
146,149
112,689
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
148,039
106,039
Corporation tax
14,755
13,692
Other taxation and social security
2,018
2,117
Other creditors
17,294
65,163
182,106
187,011
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100