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COMPANY REGISTRATION NUMBER: 10828107
Expression Insurance Services Limited
Filleted Unaudited Financial Statements
30 June 2023
Expression Insurance Services Limited
Balance Sheet
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
16,524
56,789
Current assets
Debtors
6
23,799
21,518
Cash at bank and in hand
3,137
581,122
--------
---------
26,936
602,640
Creditors: amounts falling due within one year
7
4,288
48,290
--------
---------
Net current assets
22,648
554,350
--------
---------
Total assets less current liabilities
39,172
611,139
Creditors: amounts falling due after more than one year
8
531,578
506,578
Provisions
3,139
10,790
---------
---------
Net (liabilities)/assets
( 495,545)
93,771
---------
---------
Capital and reserves
Called up share capital
1,331
1,331
Share premium account
1,467,467
1,467,467
Capital redemption reserve
101
101
Profit and loss account
( 1,964,444)
( 1,375,128)
------------
------------
Shareholders (deficit)/funds
( 495,545)
93,771
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Expression Insurance Services Limited
Balance Sheet (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
Mr H G W Stanford
Mr S C Wright
Director
Director
Company registration number: 10828107
Expression Insurance Services Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park House East Street, Hambledon, Waterlooville, PO7 4SB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Website development
-
33% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified 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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Tangible assets
Website development
Office Equipment
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
114,233
12,170
126,403
---------
--------
---------
Depreciation
At 1 July 2022
61,463
8,151
69,614
Charge for the year
38,077
2,188
40,265
---------
--------
---------
At 30 June 2023
99,540
10,339
109,879
---------
--------
---------
Carrying amount
At 30 June 2023
14,693
1,831
16,524
---------
--------
---------
At 30 June 2022
52,770
4,019
56,789
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
17,391
4,102
Other debtors
6,408
17,416
--------
--------
23,799
21,518
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
33,550
Social security and other taxes
1,343
12,640
Other creditors
2,945
2,100
-------
--------
4,288
48,290
-------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
531,578
506,578
---------
---------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
24,408
592,358
--------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
534,977
543,110
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,996
----
-------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr H G W Stanford
( 253,834)
( 25,000)
( 278,834)
Mr S C Wright
( 252,744)
( 252,744)
---------
--------
---------
( 506,578)
( 25,000)
( 531,578)
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr H G W Stanford
( 253,826)
( 8)
( 253,834)
Mr S C Wright
( 252,735)
( 9)
( 252,744)
---------
----
---------
( 506,561)
( 17)
( 506,578)
---------
----
---------