Registered Number 01592392
THOMPSON & RICHARDSON (LINCOLN) LTD
Abbreviated Accounts
31 December 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Investments | 4 |
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Current assets | |||
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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( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 5 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
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
Plant and machinery - 15% reducing balance
Fixtures, fittings and equipment - 25% straight line
Motor vehicles - 25% reducing balance
Other accounting policies
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.
£ | |
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Cost | |
At 1 January 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2015 |
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Amortisation | |
At 1 January 2015 |
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Charge for the year |
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On disposals |
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At 31 December 2015 |
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Net book values | |
At 31 December 2015 | 40,000 |
At 31 December 2014 | 50,000 |
£ | |
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Cost | |
At 1 January 2015 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 December 2015 |
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Depreciation | |
At 1 January 2015 |
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Charge for the year |
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On disposals |
( |
At 31 December 2015 |
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Net book values | |
At 31 December 2015 | 97,273 |
At 31 December 2014 | 87,246 |
4Fixed assets Investments
At 31 December 2015 - £3500
At 31 December 2014 - £3500