Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-316false62023-01-01No description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04016753 2023-01-01 2023-12-31 04016753 2022-01-01 2022-12-31 04016753 2023-12-31 04016753 2022-12-31 04016753 c:Director1 2023-01-01 2023-12-31 04016753 d:OfficeEquipment 2023-01-01 2023-12-31 04016753 d:OfficeEquipment 2023-12-31 04016753 d:OfficeEquipment 2022-12-31 04016753 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04016753 d:ComputerEquipment 2023-01-01 2023-12-31 04016753 d:ComputerEquipment 2023-12-31 04016753 d:ComputerEquipment 2022-12-31 04016753 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04016753 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04016753 d:CurrentFinancialInstruments 2023-12-31 04016753 d:CurrentFinancialInstruments 2022-12-31 04016753 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04016753 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04016753 d:ShareCapital 2023-12-31 04016753 d:ShareCapital 2022-12-31 04016753 d:RetainedEarningsAccumulatedLosses 2023-12-31 04016753 d:RetainedEarningsAccumulatedLosses 2022-12-31 04016753 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04016753 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04016753 c:FRS102 2023-01-01 2023-12-31 04016753 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04016753 c:FullAccounts 2023-01-01 2023-12-31 04016753 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04016753 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04016753










SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
REGISTERED NUMBER: 04016753

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,051
7,037

  
4,051
7,037

Current assets
  

Debtors: amounts falling due within one year
 5 
460,833
148,201

Cash at bank and in hand
 6 
126,122
260,409

  
586,955
408,610

Creditors: amounts falling due within one year
 7 
(241,819)
(136,710)

Net current assets
  
 
 
345,136
 
 
271,900

Total assets less current liabilities
  
349,187
278,937

Provisions for liabilities
  

Deferred tax
 8 
(1,013)
(1,888)

  
 
 
(1,013)
 
 
(1,888)

Net assets
  
348,174
277,049


Capital and reserves
  

Called up share capital 
  
40,002
40,002

Profit and loss account
  
308,172
237,047

  
348,174
277,049


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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
REGISTERED NUMBER: 04016753
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Johnson
Director

Date: 16 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
 
 
 
NOTES TO THE 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 the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company and its subsidiary form a small group. The company is therefore not required to produce consolidated financial statements and has not done so. These financial statements present information about the company as a single entity.

 
2.3

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.

 
2.4

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.

Page 3

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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
-
20%
straight line
Computer equipment
-
33%
straight 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.

 
2.5

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.

 
2.6

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. 
The company holds monies on behalf of clients and insurance underwriters in general bank accounts. The monies held in these bank accounts and the balances due to clients and underwriters are netted off and excluded from these financial statements. The total amounts of monies held in these accounts by the company as at 31 December 2023 was £325,064 (2022: £373,733). The company also nets off and excludes from these financial statements amounts due from customers which are directly due to underwriters at the balance sheet date.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.11

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.

 
2.12

Interest income

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

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 5

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 6

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
4,060
20,073
24,133



At 31 December 2023

4,060
20,073
24,133



Depreciation


At 1 January 2023
4,055
13,041
17,096


Charge for the year on owned assets
5
2,981
2,986



At 31 December 2023

4,060
16,022
20,082



Net book value



At 31 December 2023
-
4,051
4,051



At 31 December 2022
5
7,032
7,037

Page 7

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
373,324
143,457

Prepayments and accrued income
87,509
4,744

460,833
148,201



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
126,122
260,409

126,122
260,409



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
87,987
2,132

Amounts owed to group undertakings
1,000
1,000

Corporation tax
113,396
93,179

Other taxation and social security
6,768
8,428

Other creditors
30,616
30,171

Accruals and deferred income
2,052
1,800

241,819
136,710


Page 8

 
SIMMONS GAINSFORD INSURANCE SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
(1,888)


Charged to profit or loss
875



At end of year
(1,013)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,013)
(1,888)

(1,013)
(1,888)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £15,959 (2022 - £32,351). Contributions totalling £1591 (2022 - £1,494) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 9