Custom Insurance & Mortgage Solutions Limited 09133981 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true false false 09133981 2023-01-01 2023-12-31 09133981 2023-12-31 09133981 core:CapitalRedemptionReserve 2023-12-31 09133981 core:RetainedEarningsAccumulatedLosses 2023-12-31 09133981 core:ShareCapital 2023-12-31 09133981 core:SharePremium 2023-12-31 09133981 core:CurrentFinancialInstruments 2023-12-31 09133981 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09133981 bus:SmallEntities 2023-01-01 2023-12-31 09133981 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09133981 bus:FullAccounts 2023-01-01 2023-12-31 09133981 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09133981 bus:RegisteredOffice 2023-01-01 2023-12-31 09133981 bus:Director1 2023-01-01 2023-12-31 09133981 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09133981 bus:Agent1 2023-01-01 2023-12-31 09133981 core:Subsidiary1 2023-01-01 2023-12-31 09133981 core:Subsidiary1 countries:AllCountries 2023-01-01 2023-12-31 09133981 countries:EnglandWales 2023-01-01 2023-12-31 09133981 core:CostValuation 2022-12-31 09133981 2022-01-01 2022-12-31 09133981 2022-12-31 09133981 core:CapitalRedemptionReserve 2022-12-31 09133981 core:RetainedEarningsAccumulatedLosses 2022-12-31 09133981 core:ShareCapital 2022-12-31 09133981 core:SharePremium 2022-12-31 09133981 core:CurrentFinancialInstruments 2022-12-31 09133981 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09133981 1 2022-12-31 09133981 core:Subsidiary1 2022-01-01 2022-12-31 09133981 1 2022-01-01 2022-12-31 09133981 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 09133981

Custom Insurance & Mortgage Solutions Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Company Information

Directors

Mr J C Madeley

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Bankers

Natwest Bank plc

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

627,867

627,867

Current assets

 

Debtors

5

22,579

423,040

Cash at bank and in hand

 

239,065

119,559

 

261,644

542,599

Creditors: Amounts falling due within one year

6

(43,996)

(68,014)

Net current assets

 

217,648

474,585

Net assets

 

845,515

1,102,452

Capital and reserves

 

Called up share capital

100

150

Share premium reserve

819,800

819,800

Capital redemption reserve

100

50

Profit and loss account

25,515

282,452

Total equity

 

845,515

1,102,452

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 September 2024
 

.........................................
Mr J C Madeley
Director

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

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

4

Investments

2023
£

2022
£

Investments in subsidiaries

627,867

627,867

Subsidiaries

£

Cost or valuation

At 1 January 2023

627,867

Provision

Carrying amount

At 31 December 2023

627,867

At 31 December 2022

627,867

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Custom Mortgage Solutions Limited

Ordinary shares

49%

49%

 

England and Wales

     

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

22,579

158,040

Other debtors

 

-

265,000

Total current trade and other debtors

 

22,579

423,040

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

24,600

Other creditors

 

41,496

40,914

Accrued expenses

 

2,500

2,500

 

43,996

68,014

 

Custom Insurance & Mortgage Solutions Limited
(Registration number: 09133981)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

24,600

8

Related party transactions

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Interest free loan

14,761

13,500

(28,261)

-