SolvedLLM4040 | Corporate members: accounts: the non-technical account
From HM Revenue & Customs · Lloyd's Manual
The profit or loss from the technical account is carried to the non-technical account - this is the figure of £4,135,000 shown at the foot of the technical account in LLM4030.
The non-technical account also includes any other income received and expenses incurred by the member directly, rather than via syndicates. Investment income that does not arise from syndicate membership will appear in the non-technical account. This might include, for example, interest from sums held on deposit by the company.
| - | 2006 | 2005 |
|---|---|---|
| - | £’000 | £’000 |
| Balance on the technical account | 4,135 | 2,925 |
| Investment income | 430 | 251 |
| Expenses | (101) | (77) |
| Profit on ordinary activities before tax | 4,464 | 3,099 |
| Tax on profit on ordinary activities | (1,384) | (961) |
| Profit on ordinary activities after tax | 3,080 | 2,138 |
| Dividend payable | (2,500) | (2,000) |
| Retained profit | 580 | 138 |