REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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BAINBRIDGE COLLINS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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BAINBRIDGE COLLINS LIMITED |
BAINBRIDGE COLLINS LIMITED (REGISTERED NUMBER: 02619997) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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BAINBRIDGE COLLINS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
Grove House |
Coombs Wood Court |
Steel Park Road |
Halesowen |
West Midlands |
B62 8BF |
BAINBRIDGE COLLINS LIMITED (REGISTERED NUMBER: 02619997) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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BAINBRIDGE COLLINS LIMITED (REGISTERED NUMBER: 02619997) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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Bainbridge Collins Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents brokerage, commission and fees earned from placing insurance policies on behalf of clients. The company recognises brokerage and commission at policy inception and fees at the date work is complete. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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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 profit or loss in the period to which they relate. |
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Insurance debtors and creditors |
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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BAINBRIDGE COLLINS LIMITED (REGISTERED NUMBER: 02619997) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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During the year the company paid Mr Gallagher a rent of £18,000 (2019: £18,000). There was no balance outstanding at the end of the year in regard to these transactions. |
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Mr Gallagher's directors' loan account at the year end is a credit balance of £95,583 (2019: £114,333). |
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There is a balance owing to Mrs M Gallagher in regards to dividends unpaid at the year end of £32,500 (2019: £38,750) |