Protect Ins Ltd 09877077 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is is the provision of insurance services. Digita Accounts Production Advanced 6.30.9574.0 true 09877077 2022-12-01 2023-11-30 09877077 2023-11-30 09877077 bus:Director1 1 2023-11-30 09877077 core:RetainedEarningsAccumulatedLosses 2023-11-30 09877077 core:ShareCapital 2023-11-30 09877077 core:CurrentFinancialInstruments 2023-11-30 09877077 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 09877077 core:Non-currentFinancialInstruments 2023-11-30 09877077 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 09877077 core:FurnitureFittingsToolsEquipment 2023-11-30 09877077 bus:SmallEntities 2022-12-01 2023-11-30 09877077 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 09877077 bus:FullAccounts 2022-12-01 2023-11-30 09877077 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 09877077 bus:RegisteredOffice 2022-12-01 2023-11-30 09877077 bus:Director1 2022-12-01 2023-11-30 09877077 bus:Director1 1 2022-12-01 2023-11-30 09877077 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09877077 core:FurnitureFittings 2022-12-01 2023-11-30 09877077 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 09877077 core:OfficeEquipment 2022-12-01 2023-11-30 09877077 countries:EnglandWales 2022-12-01 2023-11-30 09877077 2022-11-30 09877077 bus:Director1 1 2022-11-30 09877077 core:FurnitureFittingsToolsEquipment 2022-11-30 09877077 2021-12-01 2022-11-30 09877077 2022-11-30 09877077 core:RetainedEarningsAccumulatedLosses 2022-11-30 09877077 core:ShareCapital 2022-11-30 09877077 core:CurrentFinancialInstruments 2022-11-30 09877077 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 09877077 core:Non-currentFinancialInstruments 2022-11-30 09877077 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 09877077 core:FurnitureFittingsToolsEquipment 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 09877077

Protect Ins Ltd

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Protect Ins Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Protect Ins Ltd

(Registration number: 09877077)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,556

2,010

Current assets

 

Debtors

5

10,047

8,723

Cash at bank and in hand

 

71,426

45,868

 

81,473

54,591

Creditors: Amounts falling due within one year

6

(33,885)

(19,672)

Net current assets

 

47,588

34,919

Total assets less current liabilities

 

49,144

36,929

Creditors: Amounts falling due after more than one year

6

(11,813)

(17,062)

Provisions for liabilities

(342)

(382)

Net assets

 

36,989

19,485

Capital and reserves

 

Called up share capital

1

1

Retained earnings

36,988

19,484

Shareholders' funds

 

36,989

19,485

 

Protect Ins Ltd

(Registration number: 09877077)
Statement of Financial Position as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 16 August 2024
 

.........................................
Mr James W Saxty
Director

   
     
 

Protect Ins Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Albion Apartments
75 Southgate Street
Gloucester
Gloucestershire
GL1 1UB
England

These financial statements were authorised for issue by the director on 16 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

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 amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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

 

Protect Ins Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Office equipment

33.33% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Protect Ins Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

5,267

5,267

Additions

1,006

1,006

At 30 November 2023

6,273

6,273

Depreciation

At 1 December 2022

3,257

3,257

Charge for the year

1,460

1,460

At 30 November 2023

4,717

4,717

Carrying amount

At 30 November 2023

1,556

1,556

At 30 November 2022

2,010

2,010

5

Debtors

Current

2023
£

2022
£

Trade debtors

10,047

8,723

 

10,047

8,723

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,250

5,250

Taxation and social security

 

18,171

8,807

Accruals and deferred income

 

9,200

3,000

Other creditors

 

1,264

2,615

 

33,885

19,672

 

Protect Ins Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

11,813

17,062

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,813

17,062

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,250

5,250

8

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr James W Saxty

Advances to the director repayable on demand

-

7,987

(7,987)

-