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Registered number: 04141510


W.I.B. INSURANCE CONSULTANTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
W.I.B. INSURANCE CONSULTANTS LIMITED
REGISTERED NUMBER: 04141510

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,342
5,732

  
4,342
5,732

Current assets
  

Debtors: amounts falling due within one year
 5 
10,478
38,774

Cash at bank and in hand
 6 
438,605
444,147

  
449,083
482,921

Creditors: amounts falling due within one year
 7 
(170,954)
(219,541)

Net current assets
  
 
 
278,129
 
 
263,380

Total assets less current liabilities
  
282,471
269,112

  

Net assets
  
282,471
269,112


Capital and reserves
  

Called up share capital 
 9 
700
700

Capital redemption reserve
  
300
300

Profit and loss account
  
281,471
268,112

  
282,471
269,112


Page 1

 
W.I.B. INSURANCE CONSULTANTS LIMITED
REGISTERED NUMBER: 04141510
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 income and retained earnings 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 by: 




................................................
Georgina Robinson
Director

Date: 9 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
W.I.B. INSURANCE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

W.I.B. Insurance Consultants Limited is a limited company incorporated in England being part of the United Kingdom whose registered office is  1st Floor, 24 Bankside, Kidlington, Oxfordshire, OX5 1JE.
The principal place of business is:
 1st Floor, 24 Bankside, Kidlington, Oxfordshire, OX5 1JE.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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

Interest income

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

 
2.4

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 3

 
W.I.B. INSURANCE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Taxation

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.

  
2.6

Insurance debtors, creditors and cash

In the normal course of business, settlement is required to be made with insurance companies on 
the basis of the net settlement due to or from the Company in question, rather than the amounts 
due to or from the individual parties which it represents. Insurance debtors and creditors reflect the 
treatment  required,  which  precludes  assets  and  liabilities  being  offset  unless  net 
settlement is legally enforceable. 
Funds held in connection with insurance broking  transactions are generally  required to  be held  in 
regulated bank  accounts and  are generally  not available for purposes other than settling  insurance broking transactions. 

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
15%
straight line
Computer equipment
-
33%
striaght line

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.

 
2.8

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 4

 
W.I.B. INSURANCE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
W.I.B. INSURANCE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.


Dividends

2024
2023
£
£


Dividends paid
60,000
65,000

60,000
65,000


4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
85,497
12,852
98,349


Additions
-
428
428



At 31 March 2024

85,497
13,280
98,777



Depreciation


At 1 April 2023
80,616
12,002
92,618


Charge for the year on owned assets
1,627
191
1,818



At 31 March 2024

82,243
12,193
94,436



Net book value



At 31 March 2024
3,254
1,087
4,341



At 31 March 2023
4,882
850
5,732

Page 6

 
W.I.B. INSURANCE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Other debtors
-
31,938

Prepayments and accrued income
10,478
6,836

10,478
38,774



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
438,605
444,147

438,605
444,147



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
136,458
191,315

Corporation tax
21,134
16,985

Other taxation and social security
4,957
4,392

Accruals and deferred income
8,405
6,849

170,954
219,541



8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
438,605
444,147




Financial assets measured at fair value through profit or loss comprise of cash and cash equivalents.

 

Page 7

 
W.I.B. INSURANCE CONSULTANTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,000 (2023 - 7,000) Ordinary 'A' shares of £0.10 each
700
700



10.


Pension commitments

The company contributes into a defined contributions pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds.
The pension cost charge represents contributions payable by the company to the funds and this amounted to £80,089 (2023 - £69,042). Contributions totalling £1,238  were payable to the fund at the year end (2023 - £1,238).


11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
1,222
1,222

Later than 1 year and not later than 5 years
2,444
3,666

3,666
4,888

2024
2023

£
£



Not later than 1 year
15,000
15,000

Later than 1 year and not later than 5 years
45,000
45,000

Later than 5 years
45,000
60,000

105,000
120,000


12.


Controlling party

The ultimate controlling party is Grid (Oxford) Limited who owns the entirety of the Company's shareholding.

 
Page 8