Silverfin false 31/03/2023 01/04/2022 31/03/2023 E J Tyler 03/11/2009 K D Williams 03/11/2009 16 November 2023 The principal activity of the Company during the financial year was insurance broking.

The company ceased trading on 31 January 2023.
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Company No: 07064423 (England and Wales)

FIRST CALL PAYMENT PROTECTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

FIRST CALL PAYMENT PROTECTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

FIRST CALL PAYMENT PROTECTION LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
FIRST CALL PAYMENT PROTECTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,888 6,351
3,888 6,351
Current assets
Debtors 4 356,473 139,777
Cash at bank and in hand 73,768 394,124
430,241 533,901
Creditors: amounts falling due within one year 5 ( 54,172) ( 206,477)
Net current assets 376,069 327,424
Total assets less current liabilities 379,957 333,775
Provision for liabilities 0 ( 345)
Net assets 379,957 333,430
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 379,857 333,330
Total shareholder's funds 379,957 333,430

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of First Call Payment Protection Limited (registered number: 07064423) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

K D Williams
Director
E J Tyler
Director
FIRST CALL PAYMENT PROTECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
FIRST CALL PAYMENT PROTECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

First Call Payment Protection Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Loxley House 21 Coker Road, Worle, Weston Super Mare, BS22 6BX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

On 31 January 2023 the company ceased trading. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

Turnover

Turnover represents commission receivable and is recognised in the profit and loss account when the company has met its contractual obligations and therefore earned the right to consideration. Commissions are recognised on an earned basis according to the amount of insurance payments received.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Fixtures and fittings 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 10

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 1,650 6,041 7,691
At 31 March 2023 1,650 6,041 7,691
Accumulated depreciation
At 01 April 2022 229 1,111 1,340
Charge for the financial year 550 1,913 2,463
At 31 March 2023 779 3,024 3,803
Net book value
At 31 March 2023 871 3,017 3,888
At 31 March 2022 1,421 4,930 6,351

4. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 107,211 0
Amounts owed by fellow subsidiaries 0 131,956
Prepayments and accrued income 249,262 7,821
356,473 139,777

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 7,957 14,752
Amounts owed to Group undertakings 0 407
Accruals and deferred income 2,337 5,294
Corporation tax 43,282 20,739
Other taxation and social security 472 3,778
Other creditors 124 161,507
54,172 206,477

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 120 972

8. Related party transactions

The company has taken advantage of the exemption contained in FRS 102 (section 33.1A) from disclosing transactions with wholly owned group companies.