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Company No: 03356946 (England and Wales)

MEDICAL INSURANCE CONSULTANTS LTD.

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MEDICAL INSURANCE CONSULTANTS LTD.

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MEDICAL INSURANCE CONSULTANTS LTD.

BALANCE SHEET

As at 31 March 2024
MEDICAL INSURANCE CONSULTANTS LTD.

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 20 40
Tangible assets 4 2,892 4,847
2,912 4,887
Current assets
Debtors 5 90,803 93,230
Cash at bank and in hand 21,564 19,590
112,367 112,820
Creditors: amounts falling due within one year 6 ( 74,309) ( 71,527)
Net current assets 38,058 41,293
Total assets less current liabilities 40,970 46,180
Net assets 40,970 46,180
Capital and reserves
Called-up share capital 130 130
Profit and loss account 40,840 46,050
Total shareholders' funds 40,970 46,180

For the financial year ending 31 March 2024 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 Medical Insurance Consultants Ltd. (registered number: 03356946) were approved and authorised for issue by the Board of Directors on 02 August 2024. They were signed on its behalf by:

David John Downing
Director
Simon John Downing
Director
Jacqueline Amy Read
Director
MEDICAL INSURANCE CONSULTANTS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MEDICAL INSURANCE CONSULTANTS LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Medical Insurance Consultants Ltd. (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 Park House, 45 The Park, Yeovil, BA20 1DF, 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the insurance policy on which commission is earned goes on risk.

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 Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Computer equipment 3 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 14

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 April 2023 400 400
At 31 March 2024 400 400
Accumulated amortisation
At 01 April 2023 360 360
Charge for the financial year 20 20
At 31 March 2024 380 380
Net book value
At 31 March 2024 20 20
At 31 March 2023 40 40

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 April 2023 53,378 32,993 86,371
Additions 0 1,038 1,038
At 31 March 2024 53,378 34,031 87,409
Accumulated depreciation
At 01 April 2023 52,682 28,842 81,524
Charge for the financial year 174 2,819 2,993
At 31 March 2024 52,856 31,661 84,517
Net book value
At 31 March 2024 522 2,370 2,892
At 31 March 2023 696 4,151 4,847

5. Debtors

2024 2023
£ £
Trade debtors 62,735 66,141
Other debtors 28,068 27,089
90,803 93,230

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 10,033 6,263
Trade creditors 10,086 14,602
Corporation tax 37,022 25,203
Other taxation and social security 2,522 3,053
Other creditors 14,646 22,406
74,309 71,527

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 58,344 42,690
between one and five years 35,963 63,206
94,307 105,896

8. Related party transactions

Transactions with the entity's directors

Advances

D J Downing and J A Read's joint directors loan account. The loan is interest free and repayable on demand.

At 1 April 2023, the balance was (£25,081). During the year, £45,916 was advanced to the directors, and £50,553 was repaid by the directors. The balance owed to the company by the directors as at 31 March 2024 was (£20,444).

At 1 April 2022, the balance was (£23,180). During the year, £42,525 was advanced to the directors, and £40,624 was repaid by the directors. The balance owed to the company by the directors as at 31 March 2023 was (£25,081).


S J Downing and G E Downing joint directors loan account. The loan is interest free and repayable on demand.

At 1 April 2023, the balance was £10,387. During the year, £83,792 was advanced to the directors, and £71,441 was repaid by the directors. The balance owed to the company by the directors as at 31 March 2024 was £1,964.

At 1 April 2022, the balance was (£31,582). During the year, £79,383 was advanced to the directors, and £121,352 was repaid by the directors. The balance owed by the company to the directors as at 31 March 2023 was £10,387.