Company registration number 12837939 (England and Wales)
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,306
Current assets
Debtors
5
51,913
Cash at bank and in hand
8,894
6,237
8,894
58,150
Creditors: amounts falling due within one year
6
(3,665)
(684,137)
Net current assets/(liabilities)
5,229
(625,987)
Net assets/(liabilities)
5,229
(618,681)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,129
(618,781)
Total equity
5,229
(618,681)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
P Hayman
Director
Company registration number 12837939 (England and Wales)
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
MAG Home Claims Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 High Street, Aylesbury, HP20 1SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
1.3
Turnover
Turnover represents management fees charged for home insurance claims handling services.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
IT Equipment
3 years straight line
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
IT Equipment
£
Cost
At 1 January 2023
10,193
Additions
860
Disposals
(11,053)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
2,887
Depreciation charged in the year
1,511
Eliminated in respect of disposals
(4,398)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
7,306
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
17,180
Other debtors
34,733
51,913
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
49,567
Taxation and social security
1,483
Loan
622,125
Other creditors
3,665
10,962
3,665
684,137
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Simmonds
Statutory Auditor:
UHY Hacker Young
Date of audit report:
2 September 2024
8
Related party transactions
MAG HOME CLAIMS SERVICES LIMITED
(FORMERLY HASTINGS HOME CLAIMS SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions
(Continued)
- 6 -
On the 11th of September 2023, the main shareholder (SBS Insurance Services Limited) of the Hastings Home Claims Services Limited now MAG Home Claims Services Limited ceased to be person with significant control.
During the year the company made no purchases from the shareholder MAGroup Limited (2022: £60,847). As at the year end the company owed Nil (2022: £3,520) to MAGroup Limited and the balance is included within trade creditors.
During the year the company made no purchases from the shareholder SBS Insurance Services Ltd (2022: £67,890). As at the year end the company owed Nil (2022: £14,925) to SBS Insurance Services Ltd and the loan balance owed as at the date of dissolution was written off by SBS Insurance Services.
During the year, the company made a transfer/ disposal of its current tangible fixed assets to MAAssist. At the date of transfer, the assets had a total cost of £11,053 and an accumulated depreciation of £4,398. There was no profit or loss that was made on the transaction.
9
Events after the reporting date
There were no events after the reporting period.