1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Land and buildings Leasehold 5% per annum on reducing balance basis
Fixtures, fittings & equipment 15% per annum on reducing balance basis or 20% straight
line basis
Motor vehicles 25% per annum reducing balance basis

Other accounting policies
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Insurance Broking Assets and Liabilities
The company acts as an agent in broking the insurable risks of its clients and generally is not liable as a principle for premiums due to underwriters not for claims payable to clients. Notwithstanding the company's legal relationship with clients and underwriters, and since in practice premium and claim monies are usually accounted for by insurance intermediaries, it has followed generally accepted accounting practice by showing cash, debtors and creditors relating to insurance business as assets and liabilitites of the company itself.

3Fixed assets Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:

Company Country of registration of incorporation Class Shares held

Subsidiary undertakings
Gateway Capital Ltd England and Wales Ordinary 100%

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and Reserves Profit/(Loss) for the year
Principal Activity 2013 2013
Gateway Capital Ltd Finance providers £2,822 £50,317

The unlisted investment represents two Welsh Rugby Union Debentures which were acquired for £2,640.