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REGISTERED NUMBER: 00993063 (England and Wales)















HERALD INSURANCE SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023






HERALD INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 00993063)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HERALD INSURANCE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: Mr E J Herbert
Mrs C J Herbert





SECRETARY: Mr E J Herbert





REGISTERED OFFICE: Second Floor
34 Lime Street
London
EC3M 7AT





REGISTERED NUMBER: 00993063 (England and Wales)





ACCOUNTANTS: Sinclairs Bartrum Lerner
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

HERALD INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 00993063)

BALANCE SHEET
30TH JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 20,140 21,886
Investment property 5 750,000 750,000
770,140 771,886

CURRENT ASSETS
Debtors 6 24,194 8,687
Cash at bank 89,657 115,221
113,851 123,908
CREDITORS
Amounts falling due within one year 7 30,593 53,577
NET CURRENT ASSETS 83,258 70,331
TOTAL ASSETS LESS CURRENT LIABILITIES 853,398 842,217

PROVISIONS FOR LIABILITIES 8 50,106 38,254
NET ASSETS 803,292 803,963

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 355,831 355,831
Fair value reserve (35,245 ) (23,329 )
Retained earnings 482,606 471,361
SHAREHOLDERS' FUNDS 803,292 803,963

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th 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.

HERALD INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 00993063)

BALANCE SHEET - continued
30TH 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 22nd February 2024 and were signed on its behalf by:





Mr E J Herbert - Director


HERALD INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 00993063)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

Herald 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.

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


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable.
The turnover of the company represents consultancy services charges receivable..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line on cost
Fixtures and fittings - 15% straight line on cost

Investment property
Investment properties are shown at their fair value. Any adjustment to the fair value of the investment properties is recognised in the profit and loss account for the year.

In accordance with FRS 102 1A no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view.

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.


HERALD INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 00993063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1st July 2022
and 30th June 2023 41,758 6,071 47,829
DEPRECIATION
At 1st July 2022 22,603 3,340 25,943
Charge for year 835 911 1,746
At 30th June 2023 23,438 4,251 27,689
NET BOOK VALUE
At 30th June 2023 18,320 1,820 20,140
At 30th June 2022 19,155 2,731 21,886

HERALD INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 00993063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st July 2022
and 30th June 2023 750,000
NET BOOK VALUE
At 30th June 2023 750,000
At 30th June 2022 750,000

Fair value at 30th June 2023 is represented by:
£   
Valuation in 2019 361,597
Valuation in 2020 (28,801 )
Cost 417,204
750,000

The fair value of the investment properties at the balance sheet date, in the opinion of the directors was £750,000
If the investment properties were sold for the revalued amounts at the balance sheet date, there would be a tax liability of £49,651.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 24,194 8,687

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 8,365 11,967
Other creditors 22,228 41,610
30,593 53,577

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 50,106 38,254

HERALD INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 00993063)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st July 2022 38,254
Provided during year 11,852
Balance at 30th June 2023 50,106

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £13,500 were paid to the directors .

Goldcrest Insurance Services Limited is considered a related party, as directors E J Herbert and Mrs C J Herbert are also directors and shareholders in that company.

During the year -The company fully repaid loan outstanding to Goldcrest Insurance Services limited of £20,000.
Loan outstanding at balance sheet date was £Nil (2022: £20,000).
This loan was interest free, unsecured and payable on demand