Registered Number 01592392

THOMPSON & RICHARDSON (LINCOLN) LTD

Abbreviated Accounts

31 December 2015

THOMPSON & RICHARDSON (LINCOLN) LTD Registered Number 01592392

Abbreviated Balance Sheet as at 31 December 2015

Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 40,000 50,000
Tangible assets 3 97,273 87,246
Investments 4 3,500 3,500
140,773 140,746
Current assets
Debtors 1,743,353 1,810,535
Cash at bank and in hand 1,178,769 1,130,637
2,922,122 2,941,172
Creditors: amounts falling due within one year (2,142,480) (2,108,500)
Net current assets (liabilities) 779,642 832,672
Total assets less current liabilities 920,415 973,418
Provisions for liabilities (7,726) (8,569)
Total net assets (liabilities) 912,689 964,849
Capital and reserves
Called up share capital 5 10,000 10,000
Profit and loss account 902,689 954,849
Shareholders' funds 912,689 964,849
  • For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 9 May 2016

And signed on their behalf by:
Nicholas Thomas Jewitt, Director

THOMPSON & RICHARDSON (LINCOLN) LTD Registered Number 01592392

Notes to the Abbreviated Accounts for the period ended 31 December 2015

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 January 2015.

Turnover policy
Turnover is the amount receivable in respect of commissions, fees and charges on insurance business transacted in the year.
Income from commission is received for selling and administering insurance policies and is recognised in the profit and loss account at policy inception. Provisions are maintained to meet potential subsequent bad debts and cancellations.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Plant and machinery - 15% reducing balance
Fixtures, fittings and equipment - 25% straight line
Motor vehicles - 25% reducing balance

Other accounting policies
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.

Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pensions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings.

Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

Going concern
The company acts as an agent of insurance companies in broking and administering insurance products and is liable as a principal for premiums due to those underwriters. The company has followed generally accepted accounting practice for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself.

Ultimate parent undertaking
The ultimate parent undertaking is Orangechart Limited, which owns 100% of the issued share capital.

2Intangible fixed assets
£
Cost
At 1 January 2015 238,698
Additions -
Disposals -
Revaluations -
Transfers -
At 31 December 2015 238,698
Amortisation
At 1 January 2015 188,698
Charge for the year 10,000
On disposals -
At 31 December 2015 198,698
Net book values
At 31 December 2015 40,000
At 31 December 2014 50,000
3Tangible fixed assets
£
Cost
At 1 January 2015 327,603
Additions 33,104
Disposals (13,500)
Revaluations -
Transfers -
At 31 December 2015 347,207
Depreciation
At 1 January 2015 240,357
Charge for the year 15,642
On disposals (6,065)
At 31 December 2015 249,934
Net book values
At 31 December 2015 97,273
At 31 December 2014 87,246

4Fixed assets Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.
At 31 December 2015 - £3500
At 31 December 2014 - £3500

5Called Up Share Capital
Allotted, called up and fully paid:
2015
£
2014
£
10,000 Ordinary shares of £1 each 10,000 10,000