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.

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:

Office equipment - 15% reducing balance
Fixtures & fittings - 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 20 years.

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

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

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 reognised 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.

4Fixed assets Investments
Cost
At 1 January 2013 - £3500
At 31 December 2013 - £3500

Net Book Values
At 31 December 2013 - £3500
At 31 December 2012 - £3500