REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Insurance Solutions Group Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Insurance Solutions Group Limited |
Insurance Solutions Group Limited (Registered number: 06524561) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Insurance Solutions Group Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Suites 5 & 6 The Printworks |
Hey Road |
Barrow |
Clitheroe |
Lancashire |
BB7 9WB |
Insurance Solutions Group Limited (Registered number: 06524561) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Insurance Solutions Group Limited (Registered number: 06524561) |
Balance Sheet - continued |
31 December 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Insurance Solutions Group Limited (Registered number: 06524561) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Insurance Solutions Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Insurance Solutions Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Insurance Solutions Group Limited (Registered number: 06524561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Insurance Solutions Group Limited (Registered number: 06524561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Lucas Claims Solutions Ltd | 376,886 | 383,025 |
Service Solutions Direct Inspections Ltd |
4,009 |
- |
Directors' current accounts | 58,294 | 57,982 |
Tax |
VAT |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Corporation tax |
Concept Building Solutions UK |
Limited | 1,790,309 | 1,755,663 |
Service Solutions Direct Ltd | 969,457 | 863,902 |
Service Solutions Assist Limited | 73,028 | 71,172 |
Surface Medic Limited | 38,239 | 35,334 |
Service Solutions Direct Inspections Ltd |
- |
6,740 |
Accruals and deferred income |
8. | SECURED DEBTS |
There is an unlimited multilateral guarantee dated 23 June 2011 given by Concept Building Solutions UK Limited, Service Solutions Direct Ltd and Insurance Solutions Group Limited to secure the group overdraft facility with HSBC. |
HSBC hold a fixed and floating charge over all of the assets of the company dated 11 May 2011. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
A Ordinary | 1p | 105 | 105 |
Insurance Solutions Group Limited (Registered number: 06524561) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
31.12.23 | 31.12.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
12. | SHARE-BASED PAYMENT TRANSACTIONS |
An option to purchase up to a total of 2326 A Ordinary shares at an exercise price of £0.01 a share is held by four directors. The option can only be exercised if an offer is made to purchase the issued share capital of the Company or if the Company undertakes to list on the London Stock Exchange. If not exercised the option will lapse on 31 October 2028. |