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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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SEBASTIAN MCLEAN INTERNATIONAL LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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SEBASTIAN MCLEAN INTERNATIONAL LIMITED |
SEBASTIAN MCLEAN INTERNATIONAL LIMITED (REGISTERED NUMBER: 03108639) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SEBASTIAN MCLEAN INTERNATIONAL LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
SEBASTIAN MCLEAN INTERNATIONAL LIMITED (REGISTERED NUMBER: 03108639) |
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ABRIDGED BALANCE SHEET |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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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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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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Revaluation reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
SEBASTIAN MCLEAN INTERNATIONAL LIMITED (REGISTERED NUMBER: 03108639) |
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ABRIDGED BALANCE SHEET - continued |
31 December 2017 |
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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 Board of Directors on
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SEBASTIAN MCLEAN INTERNATIONAL LIMITED (REGISTERED NUMBER: 03108639) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Sebastian McLean International Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is brokerage income earned excluding Insurance Premium tax. |
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In the opinion of the directors, 60% of the the turnover is attributable to markets outside the UK. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties |
are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value |
can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and |
losses arising from changes in the fair value of investment properties are included in profit or loss in the period |
in which they arise. |
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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 balance sheet 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 balance |
sheet 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account within turnover. |
SEBASTIAN MCLEAN INTERNATIONAL LIMITED (REGISTERED NUMBER: 03108639) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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Investments |
Investments are included at cost less amounts written off. Profits or loss arising from disposals of fixed asset |
investments are treated as part of the result from ordinary activities, |
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Insurance broking transactions |
Insurance brokers usually act as agents in placing the insurable risks of their clients with insurers and, as such, |
generally are not liable as principals for amounts arising from such transactions. Despite these legal relationships |
debtors and creditors arising from insurance broking transactions are shown as assets and liabilities. This |
recognises that the insurance broker has the right to retain the investment income on any cash flows arising from |
these transactions. |
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Debtors and creditors arising from a transaction between client and insurers are recorded simultaneously. |
Consequently there is a high level of correlation between the amounts reported as insurance broking debtors and |
creditors.The position of the insurance broker as agent means that generally the credit risk is borne by the |
principals. There can be circumstances where the insurance broker acquires credit risk-through statute, or |
through the act of omission of the insurance broker or one of the principals. There is much legal uncertainty |
surrounding the circumstances and the extent of such exposures and consequently they can not be evaluated. |
However, the total of insurance broking debtors appearing in the balance sheet is not an indication of credit risk. |
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It is normal practice for insurance brokers to settle accounts with other intermediaries, clients, insurers and |
market settlement bureaux on a net basis. Thus , large changes in both insurance broking debtors and creditors |
can result from comparatively small cash settlements. For this reason, the totals of insurance broking debtors and |
creditors give no indication of future cash flow. The legal status of the practice of net settlement is uncertain and |
in the event of an insolvency it is generally abandoned. Financial reporting standard No.5. reporting on the |
substance of transactions requires that offsets of assets and liabilities should be recognised in financial |
statements where, and only where, the offset would survive the insolvency of the other party. Accordingly, only |
such offsets have been recognised in calculating insurance broking debtors and creditors. |
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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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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2017 |
and 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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SEBASTIAN MCLEAN INTERNATIONAL LIMITED (REGISTERED NUMBER: 03108639) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 January 2017 |
and 31 December 2017 | 25,000 |
NET BOOK VALUE |
At 31 December 2017 | 25,000 |
At 31 December 2016 | 25,000 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2017 |
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Disposals | ( |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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