Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30false2022-07-01Insurance1718truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03589692 2022-07-01 2023-06-30 03589692 2021-07-01 2022-06-30 03589692 2023-06-30 03589692 2022-06-30 03589692 c:Director2 2022-07-01 2023-06-30 03589692 d:MotorVehicles 2022-07-01 2023-06-30 03589692 d:MotorVehicles 2023-06-30 03589692 d:MotorVehicles 2022-06-30 03589692 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03589692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 03589692 d:FurnitureFittings 2022-07-01 2023-06-30 03589692 d:FurnitureFittings 2023-06-30 03589692 d:FurnitureFittings 2022-06-30 03589692 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03589692 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 03589692 d:OfficeEquipment 2022-07-01 2023-06-30 03589692 d:OfficeEquipment 2023-06-30 03589692 d:OfficeEquipment 2022-06-30 03589692 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03589692 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 03589692 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03589692 d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 03589692 d:Goodwill 2022-07-01 2023-06-30 03589692 d:Goodwill 2023-06-30 03589692 d:Goodwill 2022-06-30 03589692 d:CurrentFinancialInstruments 2023-06-30 03589692 d:CurrentFinancialInstruments 2022-06-30 03589692 d:Non-currentFinancialInstruments 2023-06-30 03589692 d:Non-currentFinancialInstruments 2022-06-30 03589692 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03589692 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 03589692 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03589692 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 03589692 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 03589692 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-06-30 03589692 d:ShareCapital 2023-06-30 03589692 d:ShareCapital 2022-06-30 03589692 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03589692 d:RetainedEarningsAccumulatedLosses 2023-06-30 03589692 d:RetainedEarningsAccumulatedLosses 2022-06-30 03589692 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03589692 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 03589692 d:RetirementBenefitObligationsDeferredTax 2023-06-30 03589692 d:RetirementBenefitObligationsDeferredTax 2022-06-30 03589692 c:OrdinaryShareClass1 2022-07-01 2023-06-30 03589692 c:OrdinaryShareClass1 2023-06-30 03589692 c:OrdinaryShareClass1 2022-06-30 03589692 c:OrdinaryShareClass2 2022-07-01 2023-06-30 03589692 c:OrdinaryShareClass2 2023-06-30 03589692 c:OrdinaryShareClass2 2022-06-30 03589692 c:FRS102 2022-07-01 2023-06-30 03589692 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 03589692 c:FullAccounts 2022-07-01 2023-06-30 03589692 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03589692 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 03589692 d:HirePurchaseContracts d:WithinOneYear 2022-06-30 03589692 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 03589692 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-06-30 03589692 2 2022-07-01 2023-06-30 03589692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-30 03589692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-06-30 03589692 d:LeasedAssetsHeldAsLessee 2023-06-30 03589692 d:LeasedAssetsHeldAsLessee 2022-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03589692










GREENLANDS INSURANCE SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
GREENLANDS INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 03589692

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
105,351
106,733

  
105,351
106,733

Current assets
  

Stocks
  
62,325
63,720

Debtors: amounts falling due within one year
 7 
545,807
569,765

Cash at bank and in hand
 8 
515,619
418,088

  
1,123,751
1,051,573

Creditors: amounts falling due within one year
 9 
(751,105)
(702,931)

Net current assets
  
 
 
372,646
 
 
348,642

Total assets less current liabilities
  
477,997
455,375

Creditors: amounts falling due after more than one year
 10 
(119,067)
(135,209)

Provisions for liabilities
  

Deferred tax
 13 
(26,175)
(26,328)

  
 
 
(26,175)
 
 
(26,328)

Net assets
  
332,755
293,838


Capital and reserves
  

Called up share capital 
 14 
42
42

Profit and loss account
 15 
332,713
293,796

  
332,755
293,838


Page 1

 
GREENLANDS INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 03589692
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.




J R Williams
Director

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Greenlands Insurance Services Limited (03589692) is a private company, limited by shares, incorporated in England and Wales, with it's registered address and principal place of business at Unit 1, The Science Park, Aberystwyth, Ceredigion, SY23 3AH.
The principal activity of the Company for this period continued to be insurance brokerage.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
15%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.12

Insurance broking debtors and creditors

The Company acts as an agent in broking the insurance risks of clients and, generally speaking, is not liable as a principle for premiums due to underwriters or for return premiums and claims payable to clients. Not withstanding the legal relationship with clients and underwriters, the Company has followed generally accepted accounting policies for insurance intermediaries by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the Company itself.
In the ordinary course of insurance broking business, settlement is required to be made within certain market settlement bureau, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due or from the individual third parties which it represents. Under FRS102, assets and liabilities may not be offset unless settlement is legally enforceable, therefore, insurance debtors and creditors are shown gross within these financial statements.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Page 7

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 18).


5.


Intangible assets




Goodwill

£



Cost


At 1 July 2022
28,527



At 30 June 2023

28,527



Amortisation


At 1 July 2022
28,527



At 30 June 2023

28,527



Net book value



At 30 June 2023
-



At 30 June 2022
-



Page 8

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Website costs
Total

£
£
£
£



Cost or valuation


At 1 July 2022
31,194
77,863
244,126
353,183


Additions
8,750
4,579
15,270
28,599



At 30 June 2023

39,944
82,442
259,396
381,782



Depreciation


At 1 July 2022
2,340
63,737
180,373
246,450


Charge for the year on owned assets
1,313
4,676
19,664
25,653


Charge for the year on financed assets
4,328
-
-
4,328



At 30 June 2023

7,981
68,413
200,037
276,431



Net book value



At 30 June 2023
31,963
14,029
59,359
105,351



At 30 June 2022
28,854
14,126
63,753
106,733

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
24,526
28,854

24,526
28,854

Page 9

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Debtors

2023
2022
£
£


Trade debtors
239,942
254,053

Other debtors
305,469
315,383

Prepayments and accrued income
396
329

545,807
569,765


Included within trade debtors are client insurance related balances of £239,942 (2022: £254,053).


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
515,619
418,088

515,619
418,088


Included within cash at bank are monies held on behalf of clients totaling £423,747 (2022: £380,984).

Page 10

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
13,984
16,341

Trade creditors
599,234
574,466

Corporation tax
21,594
7,330

Other taxation and social security
9,066
9,149

Obligations under finance lease and hire purchase contracts
4,692
4,077

Other creditors
93,819
85,321

Accruals and deferred income
8,716
6,247

751,105
702,931


Included within trade creditors are gross insurance related balances of £530,566 (2022: £517,317).

The following liabilities were secured:

2023
2022
£
£



Bank loans
4,052
6,652

Hire purchase contracts
4,692
4,077

8,744
10,729

Details of security provided:

Loans are secured over all assets and trade, now or in the future, of the Company. 
The amount of £9,932 (2022: £9,686) included in creditors due within one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender. 
The balances owed under Hire Purchase contracts are secured upon the assets to which the agreements relate.

Page 11

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
104,451
115,901

Net obligations under finance leases and hire purchase contracts
14,616
19,308

119,067
135,209


The following liabilities were secured:

2023
2022
£
£



Bank loans
81,179
82,691

Hire Purchase contracts
14,616
19,308

95,795
101,999

Details of security provided:

Loans are secured over all assets and trade, now or in the future, of the Company. 
The amount of £23,272 (2022: £33,210) included in creditors due after one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender. 
The balances owed under Hire Purchase contracts are secured upon the assets to which the agreements relate.

Page 12

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
13,983
16,338


13,983
16,338

Amounts falling due 1-2 years

Bank loans
14,582
16,863


14,582
16,863

Amounts falling due 2-5 years

Bank loans
28,695
45,877


28,695
45,877

Amounts falling due after more than 5 years

Bank loans
61,174
53,161

61,174
53,161

118,434
132,239



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
4,692
4,077

Between 1-5 years
14,616
19,308

19,308
23,385

Page 13

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

13.


Deferred taxation




2023


£






At beginning of year
26,328


Charged to profit or loss
(153)



At end of year
26,175

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
26,337
26,472

Pension liability
(162)
(144)

26,175
26,328


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,998 (2022 - 3,998) Ordinary A shares of £0.01 each
40
40
211 (2022 - 211) Ordinary B shares of £0.01 each
2
2

42

42



15.


Reserves

Profit and loss account

The profit and loss accounts represents the accumulate profits of the Company since incorporation less distributions made to shareholders. 


16.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,223 (2022: £7,657). Contributions totaling £1,514 (2022: £1,349) were payable to the fund at the balance sheet date and are included in creditors.

Page 14

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

17.


Related party transactions

Included with other debtors are balances due from associated companies under common control, repayable on demand of £305,467 (2022: £315,382).

 
Page 15