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REGISTERED NUMBER: 06809003 (England and Wales)















THINK INSURANCE SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THINK INSURANCE SERVICES LIMITED

COMPANY INFORMATION
For The Year Ended 30 JUNE 2023







DIRECTORS: R J Fullerton
G M Hussey
Mrs H Fullerton
Miss J Whitehouse





REGISTERED OFFICE: Suite 1
1st Floor
26 Newhall Street
Walsall
West Midlands
WS1 3DZ





REGISTERED NUMBER: 06809003 (England and Wales)





ACCOUNTANTS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 50,000 75,000
Tangible assets 5 322,908 162,147
372,908 237,147

CURRENT ASSETS
Debtors 6 3,670,600 2,980,271
Cash at bank and in hand 2,900,846 2,485,354
6,571,446 5,465,625
CREDITORS
Amounts falling due within one year 7 2,914,936 2,146,737
NET CURRENT ASSETS 3,656,510 3,318,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,029,418

3,556,035

CREDITORS
Amounts falling due after more than one
year

8

(266,698

)

(86,196

)

PROVISIONS FOR LIABILITIES 11 (60,161 ) (30,808 )
NET ASSETS 3,702,559 3,439,031

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,702,459 3,438,931
SHAREHOLDERS' FUNDS 3,702,559 3,439,031

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2023 and were signed on its behalf by:





R J Fullerton - Director


THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 JUNE 2023


1. STATUTORY INFORMATION

Think Insurance Services 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises net commission receivable and related fees on business incepting up to the year end.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office equipment - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 99 (2022 - 88 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 100,000
AMORTISATION
At 1 July 2022 25,000
Charge for year 25,000
At 30 June 2023 50,000
NET BOOK VALUE
At 30 June 2023 50,000
At 30 June 2022 75,000

5. TANGIBLE FIXED ASSETS
Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 53,999 166,268 91,186 311,453
Additions - 230,626 - 230,626
Disposals (566 ) - - (566 )
At 30 June 2023 53,433 396,894 91,186 541,513
DEPRECIATION
At 1 July 2022 53,978 41,567 53,761 149,306
Charge for year - 51,177 18,687 69,864
Eliminated on disposal (565 ) - - (565 )
At 30 June 2023 53,413 92,744 72,448 218,605
NET BOOK VALUE
At 30 June 2023 20 304,150 18,738 322,908
At 30 June 2022 21 124,701 37,425 162,147

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022 166,268
Additions 230,626
At 30 June 2023 396,894
DEPRECIATION
At 1 July 2022 41,567
Charge for year 51,177
At 30 June 2023 92,744
NET BOOK VALUE
At 30 June 2023 304,150
At 30 June 2022 124,701

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 2,682,869 2,020,665
Other debtors 987,731 959,606
3,670,600 2,980,271

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts (see note 9) 5,561 58
Trade creditors 2,195,525 1,593,356
Amounts owed to group undertakings 52,372 -
Taxation and social security 360,771 239,442
Other creditors 300,707 313,881
2,914,936 2,146,737

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts (see note 9) 266,698 86,196

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2023


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 5,561 58
Between one and five years 266,698 86,196
272,259 86,254

Non-cancellable operating leases
30.6.23 30.6.22
£    £   
Within one year 67,935 36,000
Between one and five years 174,259 144,000
In more than five years 33,000 69,000
275,194 249,000

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Hire purchase contracts 272,259 86,254

11. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax
Accelerated capital allowances 60,161 30,808

Deferred
tax
£   
Balance at 1 July 2022 30,808
Charge to Income Statement during year 29,353
Balance at 30 June 2023 60,161

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
G M Hussey
Balance outstanding at start of year 359,004 328,731
Amounts advanced 15,499 30,273
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 374,503 359,004

R J Fullerton
Balance outstanding at start of year 304,701 304,701
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 304,701 304,701