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REGISTERED NUMBER: 06837377 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2022

for

Business Insurance Solutions Limited

Business Insurance Solutions Limited (Registered number: 06837377)






Contents of the Financial Statements
for the Year Ended 30 June 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 5

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Business Insurance Solutions Limited

Company Information
for the Year Ended 30 June 2022







DIRECTORS: E M McDonald
D C A Barrett
L Testa





SECRETARY: D C A Barrett





REGISTERED OFFICE: 1st Floor
2 Bishops Wharf
Walnut Tree Close
Guildford
Surrey
GU1 4UP





REGISTERED NUMBER: 06837377 (England and Wales)





AUDITORS: The Barnbrook Sinclair Partnership LLP
Chartered Accountants
Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

Business Insurance Solutions Limited (Registered number: 06837377)

Strategic Report
for the Year Ended 30 June 2022

The directors present their strategic report for the year ended 30 June 2022.

REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS
The directors are very pleased to report continued growth in revenue of 36% with an increase for the year from £15,754,386 to £21,484,610 and an increase in profit before tax of 58% from £3,218,479 to £5,074,999 and an increase in active policies of 20.1%.

The Directors have been delighted with our progress in the last 12 months. We continue to see steady and sustainable growth on the Commercial vehicle side of the business. Contribution from external price comparison suppliers has continued to improve. Our pricing and contact strategies continue to evolve supporting the growth from external price comparison sites. The Insurer panel continues to grow with the addition of both new products and the enhancement of rates because of our continued strong loss ratio performance. We have several high-profile IT projects well underway for deployment during 2022-2023 that will continue to improve our business development and cost effective servicing.

Whilst our core standard van market continues to grow we are pleased to report significant growth in our non-standard van and Business Compare commercial insurance divisions.

The Directors are confident of similar levels of growth in future years based on current strategies and investment.

KEY PERFORMANCE INDICATORS
The company considers its Key Performance Indicators to be turnover, profit before tax, net assets and cash.

2022 2021
£ £

Sales 21,484,610 15,754,386

Profit before tax 5,074,999 3,218,479

Net assets 7,254,381 6,032,623


PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial instruments comprise bank balances, group loans, trade debtors, and trade creditors. The main purpose of these instruments is to provide funds for the company's operations. Their existence exposes the company to a number of financial risks, which have been considered and are managed as follows:

Errors and omissions and claims
The company is subject to claims and litigation in the ordinary course of its business as an insurance broker. The company mitigates this risk through regular review of company processes and by securing appropriate insurance cover.

Regulatory and Compliance risk
The company is exposed to regulatory risk from the potential failure to comply with the relevant laws and regulations for insurance intermediaries. To mitigate this, the company has a risk and compliance function and has a control framework that has been rolled out and embedded within the culture throughout the company to reduce the risk of non-compliance. This includes regular assessment and monitoring of the compliance and regulatory requirements, with regulator reporting to the Risk Committee and Board of Directors, and the company has a proactive, open relationship with the regulator. The risk of non-compliance with rules set out by the Financial Conduct Authority and other relevant regulatory bodies could lead to financial penalties or the withdrawal of permissions. The risk of breach is mitigated by employing experienced and dedicated compliance staff and resources who are tasked with enabling the monitoring of compliance across the business, together with ensuring senior management continue to promote the established compliance culture within the company.

Business Insurance Solutions Limited (Registered number: 06837377)

Strategic Report
for the Year Ended 30 June 2022


Operational risk:
Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. The company is also subject to the risk of errors or omissions leading to the incorrect placement of client insurances, the protection of client information, the prevention of cyber crime and financial crime, and compliance with regulations.

To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment.


Liquidity risk:
Liquidity risk is the risk that the company will have insufficient resources to meet its financial liabilities as they fall due.The company's strategy to managing liquidity risk is to tightly control its cash flow by utilising group finance and ensure there is always sufficient cash flow to pay financial liabilities as they fall due. The directors monitor this on a daily basis to maintain the company's cashflow and manage the timing and level of repayment of any group finance.

Competition risk:
The company is in a highly competitive environment. There is a risk that larger competitors could undertake discounted prices using their retained capital which would impact the financial performance of the company. The company has managed this risk by securing long term contracts with its key insurer suppliers who would support the retention of business and improving customer loyalty by improving the customer experience.

GOING CONCERN
The company's business activities, together with the factors likely to affect its future development, performance and position are set out above.

After making enquiries, the directors have an expectation that the company's net assets as at 30 June 2022 of £7.3m and the company's cash position, forecasts and projections for a period of 12 months from the accounts signing date are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

ON BEHALF OF THE BOARD:





D C A Barrett - Director


5 September 2022

Business Insurance Solutions Limited (Registered number: 06837377)

Report of the Directors
for the Year Ended 30 June 2022

The directors present their report with the financial statements of the company for the year ended 30 June 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an insurance broker, specialising in the van insurance market.

DIVIDENDS
An interim dividend of 0.93p per share on the Ordinary £1 shares and 0.93p per share on the A Ordinary £1 shares was paid on the 31 December 2021.

A final dividend of 3.72p per share on the Ordinary £1 shares and 3.72p per share on the A Ordinary £1 shares was paid on the 1 August 2022.

The total distribution of dividends for the year ended 30 June 2022 will be £2,933,649.

RESEARCH AND DEVELOPMENT
The company has undertaken limited Research and Development activity as part of its efforts to develop and introduce IT projects to improve customer servicing and increase productivity through process automation.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report.

E M McDonald
D C A Barrett
L Testa

MATTERS INCLUDED IN THE STRATEGIC REPORT
The company has chosen to disclose information relating to future developments, financial risk assessment and fair review of the business in the Strategic Report in accordance with Section 414C (11) of the Companies Act 2006.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, The Barnbrook Sinclair Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D C A Barrett - Director


5 September 2022

Business Insurance Solutions Limited (Registered number: 06837377)

Statement of Directors' Responsibilities
for the Year Ended 30 June 2022

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Business Insurance Solutions Limited

Opinion
We have audited the financial statements of Business Insurance Solutions Limited (the 'company') for the year ended 30 June 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Business Insurance Solutions Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the Companies Act and tax legislation. In addition we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to incur or to avoid a material penalty, including the company's operating licences and environmental regulations.

Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governance, reviewing correspondence with relevant regulatory authorities and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Business Insurance Solutions Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Carpenter (FCA) (Senior Statutory Auditor)
for and on behalf of The Barnbrook Sinclair Partnership LLP
Chartered Accountants
Statutory Auditor
Chancery House
30 St Johns Road
Woking
Surrey
GU21 7SA

5 September 2022

Business Insurance Solutions Limited (Registered number: 06837377)

Statement of Income and
Retained Earnings
for the Year Ended 30 June 2022

30/6/22 30/6/21
Notes £    £   

TURNOVER 4 21,484,610 15,754,386

Cost of sales (6,430,049 ) (5,137,412 )
GROSS PROFIT 15,054,561 10,616,974

Administrative expenses (9,111,634 ) (7,392,872 )
OPERATING PROFIT 6 5,942,927 3,224,102

Interest receivable and similar income 1,834 -
5,944,761 3,224,102

Interest payable and similar expenses 7 (869,762 ) (5,623 )
PROFIT BEFORE TAXATION 5,074,999 3,218,479

Tax on profit 8 (919,591 ) (625,000 )
PROFIT FOR THE FINANCIAL YEAR 4,155,408 2,593,479

Retained earnings at beginning of year 5,395,680 2,802,201

Dividends 9 (2,933,649 ) -

RETAINED EARNINGS AT END OF
YEAR

6,617,439

5,395,680

Business Insurance Solutions Limited (Registered number: 06837377)

Statement of Financial Position
30 June 2022

30/6/22 30/6/21
Notes £    £   
FIXED ASSETS
Intangible assets 10 - 28,623
Tangible assets 11 346,987 192,218
346,987 220,841

CURRENT ASSETS
Debtors 12 9,394,541 8,140,530
Cash at bank 66,136 145,542
9,460,677 8,286,072
CREDITORS
Amounts falling due within one year 13 (2,553,282 ) (2,380,995 )
NET CURRENT ASSETS 6,907,395 5,905,077
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,254,382

6,125,918

CREDITORS
Amounts falling due after more than one
year

14

-

(93,295

)
NET ASSETS 7,254,382 6,032,623

CAPITAL AND RESERVES
Called up share capital 18 636,943 636,943
Retained earnings 19 6,617,439 5,395,680
SHAREHOLDERS' FUNDS 7,254,382 6,032,623

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2022 and were signed on its behalf by:





D C A Barrett - Director


Business Insurance Solutions Limited (Registered number: 06837377)

Statement of Cash Flows
for the Year Ended 30 June 2022

30/6/22 30/6/21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,963,282 2,588,191
Interest paid (869,437 ) (4,486 )
Interest element of hire purchase payments
paid

(325

)

(1,137

)
Tax paid (602,374 ) (758,276 )
Net cash from operating activities 3,491,146 1,824,292

Cash flows from investing activities
Purchase of tangible fixed assets (269,306 ) (147,636 )
Interest received 1,834 -
Net cash from investing activities (267,472 ) (147,636 )

Cash flows from financing activities
New loans in year 5,859 -
Amounts repaid to group undertakings (364,106 ) (1,926,000 )
Capital repayments in year (11,184 ) (48,289 )
Equity dividends paid (2,933,649 ) -
Net cash from financing activities (3,303,080 ) (1,974,289 )

Decrease in cash and cash equivalents (79,406 ) (297,633 )
Cash and cash equivalents at beginning of
year

2

145,542

443,175

Cash and cash equivalents at end of year 2 66,136 145,542

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30/6/22 30/6/21
£    £   
Profit before taxation 5,074,999 3,218,479
Depreciation charges 143,160 138,369
Finance costs 869,762 5,623
Finance income (1,834 ) -
6,086,087 3,362,471
Increase in trade and other debtors (1,254,011 ) (1,579,494 )
Increase in trade and other creditors 131,206 805,214
Cash generated from operations 4,963,282 2,588,191

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2022
30/6/22 1/7/21
£    £   
Cash and cash equivalents 66,136 145,542
Year ended 30 June 2021
30/6/21 1/7/20
£    £   
Cash and cash equivalents 145,542 443,175


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/21 Cash flow At 30/6/22
£    £    £   
Net cash
Cash at bank 145,542 (79,406 ) 66,136
145,542 (79,406 ) 66,136
Debt
Finance leases (11,184 ) 11,184 -
Debts falling due within 1 year (25,808 ) (5,859 ) (31,667 )
(36,992 ) 5,325 (31,667 )
Total 108,550 (74,081 ) 34,469

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements
for the Year Ended 30 June 2022

1. STATUTORY INFORMATION

Business Insurance Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006, including the provisions of the large and medium sized companies and groups (accounts and reports) regulations 2008, and under the historical cost convention.

Going Concern
After making enquiries, the directors have an expectation that the company's net assets as at 30 June 2022 of £7.3m and the company's cash position, forecasts and projections for a period of 12 months from the accounts signing date are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

Significant judgements and estimates
In the application of the company accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects that period, or in the period of revision and future profits where the revision affects both current and future periods.The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Prepaid customer acquisition costs
Customer acquisition costs are prepaid and amortised over the estimated period of benefit of the acquisition cost ranging from 2 to 3 years. The directors have assessed this period having regard to the period of benefit from prior periods. Whilst there has not been a material change in prior periods the assessment is inherently subjective as it is made on the basis on previous activity which may in future not prove to be accurate.

Turnover
Turnover represents commission from insurers, premium finance override commission, lead sales to other parties and claims referrals.

Commission and fees arising from insurance broking services are recognised upon the earlier of the effective date that the insurance policy commences and the debit date. Other income is recognised when it can be measured with reasonable certainty.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of 5 years.

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:-

Improvements to property - 10% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the profit and loss account.

Impairment of fixed assets
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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.

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.

Pension costs and other post-retirement benefits
The pension cost charged in the financial statements represent the contributions payable by the company during the year into a defined contribution pension scheme.

Employee benefits
The costs of short term employee benefits are recognised as a liability and an expense in the period in which these are incurred.

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

3. ACCOUNTING POLICIES - continued

Insurance debtor, creditors and bank balances
Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, are generally not liable as principals for amounts arising from such transactions. The company does not have any substantive interest in insurance debtors, apart from a right to its commission, and has no liability for the insurance creditor in the event of a default from the related insurance debtor. In recognition of this relationship, insurance debtors and creditors have been offset within the company's balance sheet as they do not represent assets or liabilities of the company.

The company, in the course of carrying on insurance broking activities, handles co-mingled insurance monies, being monies belonging to clients and monies belonging to insurers (known as risk transfer monies) representing cash in transit between policyholders and insurers with commission income available to the company in segregated bank accounts. In view of the fact that the company's terms of business state that it is entitled to retain investment income on any cash flows arising from insurance transactions, and the fact that the company has control over the operation of these bank accounts in relation to the settlement of accounts with clients, insurers, other intermediaries, surplus funds held in insurance bank accounts has been shown as an asset of the company.

Given the nature of the trust arrangements under which insurance monies are held and the control the company exerts over the operation of the segregated bank accounts, the company consider it appropriate to disclose only the net balance of insurance broking assets and liabilities as an asset of the company itself, representing income due and payable to the company to its own bank accounts from the segregated bank accounts at the appropriate time, in accordance with the FCA Client Asset Sourcebook rules.

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Debtors
Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where an arrangement with a debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of debtors is established when there is evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into.An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Equity instruments
Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Creditors
Creditors which are payable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Derecognition of financial assets and liabilities
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30/6/22 30/6/21
£    £   
United Kingdom 21,484,610 15,754,386
21,484,610 15,754,386

5. EMPLOYEES AND DIRECTORS
30/6/22 30/6/21
£    £   
Wages and salaries 3,752,293 3,014,589
Social security costs 405,541 311,236
Other pension costs 65,220 47,649
4,223,054 3,373,474

The average number of employees during the year was as follows:
30/6/22 30/6/21

Office and management 96 71

30/6/22 30/6/21
£    £   
Directors' remuneration 327,708 321,890
Directors' pension contributions to money purchase schemes 2,642 2,630

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
30/6/22 30/6/21
£    £   
Emoluments etc 130,480 129,162

6. OPERATING PROFIT

The operating profit is stated after charging:

30/6/22 30/6/21
£    £   
Depreciation - owned assets 114,537 109,747
Goodwill amortisation 28,623 28,623
Auditor's remuneration 18,000 15,000
Operating lease rentals 187,800 122,875

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/22 30/6/21
£    £   
Loan interest 869,437 4,486
Hire purchase interest 325 1,137
869,762 5,623

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/6/22 30/6/21
£    £   
Current tax:
UK corporation tax 976,128 625,000
Prior year under / (over) provision (56,537 ) -

Tax on profit 919,591 625,000

UK corporation tax has been charged at 19% (2021 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30/6/22 30/6/21
£    £   
Profit before tax 5,074,999 3,218,479
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2021 - 19%)

964,250

611,511

Effects of:
Expenses not deductible for tax purposes 15,219 3,312
Adjustments to tax charge in respect of previous periods (56,537 ) -
Other tax adjustments (3,341 ) 10,177
Total tax charge 919,591 625,000

9. DIVIDENDS
30/6/22 30/6/21
£    £   
Ordinary shares of £1 each
Interim 2,933,649 -

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 July 2021
and 30 June 2022 143,114
Amortisation
At 1 July 2021 114,491
Amortisation for year 28,623
At 30 June 2022 143,114
Net book value
At 30 June 2022 -
At 30 June 2021 28,623

Intangible fixed assets comprises an intangible asset relating to the book of business acquired by the company. Amortisation is charged to the Statement of Comprehensive Income within administrative expenses.

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
Cost
At 1 July 2021 77,350 12,464 518,719 608,533
Additions 87,669 44,480 137,157 269,306
Disposals (68,934 ) - (252,331 ) (321,265 )
At 30 June 2022 96,085 56,944 403,545 556,574
Depreciation
At 1 July 2021 69,419 5,360 341,536 416,315
Charge for year 7,735 4,113 102,689 114,537
Eliminated on disposal (68,934 ) - (252,331 ) (321,265 )
At 30 June 2022 8,220 9,473 191,894 209,587
Net book value
At 30 June 2022 87,865 47,471 211,651 346,987
At 30 June 2021 7,931 7,104 177,183 192,218

12. DEBTORS
30/6/22 30/6/21
£    £   
Amounts falling due within one year:
Trade debtors 124,643 308,954
Other debtors 190,374 613,808
Prepayments and accrued income 5,715,160 4,505,175
6,030,177 5,427,937

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

12. DEBTORS - continued
30/6/22 30/6/21
£    £   
Amounts falling due after more than one year:
Prepayments and accrued income 3,364,364 2,712,593

Aggregate amounts 9,394,541 8,140,530

Trade debtors include surplus insurance assets held at the period end date representing income due and payable to the company to be transferred to its own bank account from its segregated insurance bank accounts at the appropriate time in accordance with the FCA Client Asset Sourcebook rules.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/22 30/6/21
£    £   
Other loans (see note 15) 31,667 25,808
Hire purchase contracts (see note 16) - 11,184
Trade creditors 426,988 270,560
Amounts owed to group undertakings - 270,811
Tax 742,217 425,000
Social security and other taxes 129,886 123,559
Other creditors 532,066 15,881
Accruals and deferred income 690,458 1,238,192
2,553,282 2,380,995

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/22 30/6/21
£    £   
Amounts owed to group undertakings - 93,295

15. LOANS

An analysis of the maturity of loans is given below:

30/6/22 30/6/21
£    £   
Amounts falling due within one year or on demand:
Other loans 31,667 25,808

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30/6/22 30/6/21
£    £   
Gross obligations repayable:
Within one year - 11,509

Finance charges repayable:
Within one year - 325

Net obligations repayable:
Within one year - 11,184

Non-cancellable operating leases
30/6/22 30/6/21
£    £   
Within one year 75,558 122,875
Between one and five years 283,343 153,594
358,901 276,469

17. SECURED DEBTS

The following secured debts are included within creditors:

30/6/22 30/6/21
£    £   
Hire purchase contracts - 11,184

Obligations under finance leases and hire purchase contracts are secured by related assets.

18. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 30/6/22 30/6/21
value: £    £   
500,000 Ordinary £1 500,000 500,000

Allotted and issued:
Number: Class: Nominal 30/6/22 30/6/21
value: £    £   
136,943 A Ordinary £1 136,943 136,943

Business Insurance Solutions Limited (Registered number: 06837377)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

18. CALLED UP SHARE CAPITAL - continued

The ordinary shares have full rights with regards to voting, dividends and participation in an equity valuation or in the assets available for distribution on a winding up of the company.
The A ordinary £1 shares have no rights with regards to voting, however are eligible to receive dividends and have full rights with regard to participation in an equity valuation or in the assets available for distribution on a winding up of the company

19. RESERVES
Retained
earnings
£   

At 1 July 2021 5,395,680
Profit for the year 4,155,408
Dividends (2,933,649 )
At 30 June 2022 6,617,439

Retained earnings include all current and prior period retained profits and losses.

20. RELATED PARTY DISCLOSURES

At the year end the company had fully repaid the loan owed to Centurian 888 Global Ltd (2021: £270,811 included within amounts due to group undertakings due less than one year). On settlement of the loan cumulative interest of £731,826 was charged in the period.

At the year end the company had fully repaid the loan owed to Centurian Enterprise Trust (2021: £93,295 included within amounts due to group undertakings after one year). On settlement of the loan cumulative interest of £137,050 was charged in the period.

The company was charged Telesales agency fees of £1,670,000 (2021: £1,343,800) by ConnectAQuote Pty Limited "CAQ", a fellow subsidiary of Centurian 888 Global Ltd. No amount was due to CAQ at the year end (2021: £Nil).

21. ULTIMATE CONTROLLING PARTY

The immediate parent company is Centurian 888 Global Limited, a company registered in Jersey. The ultimate controlling party are the trustees of Centurian Enterprise Trust, registered in Jersey.