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Balance Sheet Year 1
Traditional InsuranceCustomer’s BALANCE SHEET (edited) |
Synergy MicroCaptive™Customer’s BALANCE SHEET (edited) |
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| £ | £ | ||
| BANK ACCOUNT 1: | BANK ACCOUNT 1: | ||
| Balance brought forward | 0 | Balance brought forward | 0 |
| Funds deposited | 105,000 | Funds deposited | 105,000 |
| Premium & IPT paid | (105,000) | Premium & IPT paid | (63,000) |
| Transfer of funds to Small Loss Account (bank account 2) | (42,000) | ||
| Claim expense | 0 | Claim expense | 0 |
| Balance carried forward: | 0 | Balance carried forward: | 0 |
| BANK ACCOUNT 2: | |||
| Balance brought forward | 0 | ||
| Transfer of funds from Bank account 1 | 42,000 | ||
| Administration fee paid to Synergy | (2,000) | ||
| Small Loss Paid | (10,000) | ||
| Interest received | 1,750 | ||
| Balance carried forward | 31,750 | ||
| PRE TAX ASSETS / LIABILITIES | 0 | PRE TAX ASSETS / LIABILITIES | 31,750 |