A Letton Percival & Co. Limited - Abbreviated accounts 16.1

A LETTON PERCIVAL & CO. LIMITED

Abbreviated Unaudited Accounts

for the Year Ended 30th June 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

N A Leaver

J D Leaver

A W Leaver

J Mather

SECRETARY:

Priory Nominees Limited

REGISTERED OFFICE:

The Old Malthouse

Trueman Street

Liverpool

Merseyside

L3 2BA

REGISTERED NUMBER:

02187897 (England and Wales)

ACCOUNTANTS:

The Priory Partnership

Chartered Accountants

1 Abbots Quay

Monks Ferry

Birkenhead

Merseyside

CH41 5LH

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

54,333

66,003

54,333

66,003

CURRENT ASSETS

Debtors

640,785

528,223

Cash at bank and in hand

541,482

312,817

1,182,267

841,040

CREDITORS

Amounts falling due within one year

728,805

497,556

NET CURRENT ASSETS

453,462

343,484

TOTAL ASSETS LESS CURRENT LIABILITIES

507,795

409,487

CREDITORS

Amounts falling due after more than one
year

(26,790

)

(32,914

)

PROVISIONS FOR LIABILITIES

(3,144

)

(3,531

)

NET ASSETS

477,861

373,042

CAPITAL AND RESERVES

Called up share capital

4

103,700

125,700

Capital redemption reserve

101,300

79,300

Profit and loss account

272,861

168,042

SHAREHOLDERS' FUNDS

477,861

373,042

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11th August 2016 and were signed on its behalf
by:

N A Leaver - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents commission and brokerage receivable and excludes VAT. Credit is taken at the date of

inception of policies at which point the company is contractually entitled to brokerage. Alterations in

brokerage arising from return and additional premiums and adjustments are taken into account as and when

these occur.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Over the period of the lease

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period.

The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to the profit and loss account in the period to which they relate.

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 principal

for premiums due to underwriters or for claims payable to clients. Notwithstanding the company's legal

relationship with clients and underwriters and since in practice premium monies are usually accounted for by

the insurance intermediaries, it has followed generally accepted accounting practice by showing cash, debtors

and creditors relating to insurance business as assets and liabilities of the company itself.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st July 2015

and 30th June 2016

200,000

AMORTISATION

At 1st July 2015

and 30th June 2016

200,000

NET BOOK VALUE

At 30th June 2016

-

At 30th June 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st July 2015

270,432

Additions

10,302

At 30th June 2016

280,734

DEPRECIATION

At 1st July 2015

204,429

Charge for year

21,972

At 30th June 2016

226,401

NET BOOK VALUE

At 30th June 2016

54,333

At 30th June 2015

66,003

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

4,492

Ordinary

£1

4,492

1

A Ordinary

£1

1

3

B Ordinary

£1

3

2

C Ordinary

£1

2

1

D Ordinary

£1

1

E Ordinary

£1

1

120,700

Preference

£1

98,700

120,700

250

F Ordinary

£1

250

G Ordinary

£1

250

103,700

125,700

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th June 2016 and

30th June 2015:

2016

2015

£

N A Leaver

Balance outstanding at start of year

2,809

-

Amounts advanced

-

17,745

Amounts repaid

(2,809

)

(14,936

)

Balance outstanding at end of year

-

2,809