Registered number: 04711155
YACHTMASTER INSURANCE SERVICES LTD
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
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YACHTMASTER INSURANCE SERVICES LTD
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CONTENTS
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Notes to the Abbreviated Accounts
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YACHTMASTER INSURANCE SERVICES LTD
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF YACHTMASTER INSURANCE SERVICES LTD
FOR THE YEAR ENDED 30 SEPTEMBER 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yachtmaster Insurance Services Ltd for the year ended 30 September 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/membership/regulations-standards-and-guidance.
 
This report is made solely to the Board of Directors of Yachtmaster Insurance Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely
to prepare for your approval the financial statements of Yachtmaster Insurance Services Ltd and state those matters that we have agreed to state to the Board of Directors of Yachtmaster Insurance Services Ltd, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF . To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yachtmaster Insurance Services Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Yachtmaster Insurance Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Yachtmaster Insurance Services Ltd. You consider that Yachtmaster Insurance Services Ltd is exempt from the statutory audit requirement for the year.
We
have not been instructed to carry out an audit or review of the financial statements of Yachtmaster Insurance Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Scrutton Bland
Chartered Accountants
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
24 March 2017
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YACHTMASTER INSURANCE SERVICES LTD
REGISTERED NUMBER:
04711155
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ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
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Creditors:
amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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YACHTMASTER INSURANCE SERVICES LTD
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ABBREVIATED BALANCE SHEET
(continued)
AS AT
30 SEPTEMBER 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
17 March 2017
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Mr D Long
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The notes on pages 4 to 6 form part of these financial statements.
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YACHTMASTER INSURANCE SERVICES LTD
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.
Accounting Policies
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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The turnover shown in the profit and loss account represents the commission receivable on insurance policies.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss Account over its estimated economic life.
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Amortisation is provided at the following rates:
 
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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YACHTMASTER INSURANCE SERVICES LTD
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.
Accounting Policies (continued)
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Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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2.
Intangible fixed assets
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At 1 October 2015 and 30 September 2016
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At 1 October 2015 and 30 September 2016
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3.
Tangible fixed assets
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YACHTMASTER INSURANCE SERVICES LTD
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
4.
Share capital
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Allotted, called up and fully paid
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5.
Related party transactions
At 30 September 2016 Mr D Long owed the company £10,124 (2015: £19,764).
6.
Ultimate Parent Undertaking
The ultimate parent undertaking is Longship Limited, a company incorporated in England and Wales.
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