2023-01-012023-12-312023-12-31false12789800Insurx 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Insurx Limited

Registered Number
12789800
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Insurx Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Gilbert William Frederick Harrap
William Michael Iles

Registered Address

Lloyd's 1986 Building 1 Lime Street
London
EC3M 7DQ

Registered Number

12789800 (England and Wales)
Insurx Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets37,6121,907
7,6121,907
Current assets
Debtors349,2955,551
Cash at bank and on hand489,60465,221
838,89970,772
Creditors amounts falling due within one year4(336,293)(110,071)
Net current assets (liabilities)502,606(39,299)
Total assets less current liabilities510,218(37,392)
Net assets510,218(37,392)
Capital and reserves
Called up share capital1,1421,044
Share premium1,011,524214,879
Profit and loss account(502,448)(253,315)
Shareholders' funds510,218(37,392)
The financial statements were approved and authorised for issue by the Board of Directors on 12 September 2024, and are signed on its behalf by:
Gilbert William Frederick Harrap
Director
Registered Company No. 12789800
Insurx Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred. For the 2023 financial year the Directors have reviewed the criteria under Section 18 and decided that the R&D projects being undertaken by the Company should not be capitalised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
2.Average number of employees

20232022
Average number of employees during the year30
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 233,2163,216
Additions7,8767,876
At 31 December 2311,09211,092
Depreciation and impairment
At 01 January 231,3091,309
Charge for year2,1712,171
At 31 December 233,4803,480
Net book value
At 31 December 237,6127,612
At 31 December 221,9071,907
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables121,260-
Other creditors111,723110,071
Accrued liabilities and deferred income103,310-
Total336,293110,071