2023-01-012023-12-312023-12-31false08164227WALSINGHAM MOTOR INSURANCE 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WALSINGHAM MOTOR INSURANCE LIMITED

Registered Number
08164227
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

WALSINGHAM MOTOR INSURANCE LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

GRAY, Martin Bevis
HOLLYWOOD, Brendan Joseph
TWIDELL, Stephen
WATSON, Garry Clifford

Registered Address

Northover House 132a Bournemouth Road
Chandler's Ford
Eastleigh
SO53 3AL

Registered Number

08164227 (England and Wales)
WALSINGHAM MOTOR INSURANCE LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3182,752105,942
Tangible assets42,5091,099
185,261107,041
Current assets
Debtors51,859,8822,702,046
Cash at bank and on hand288,456419,912
2,148,3383,121,958
Creditors amounts falling due within one year6(1,747,176)(1,025,613)
Net current assets (liabilities)401,1622,096,345
Total assets less current liabilities586,4232,203,386
Net assets586,4232,203,386
Capital and reserves
Called up share capital1,4321,432
Share premium599,568599,568
Profit and loss account(14,577)1,602,386
Shareholders' funds586,4232,203,386
The financial statements were approved and authorised for issue by the Board of Directors on 24 September 2024, and are signed on its behalf by:
WATSON, Garry Clifford
Director
Registered Company No. 08164227
WALSINGHAM MOTOR INSURANCE 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 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.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account. Software development is being amortised evenly over its estimated useful life of five years.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Straight line (years)
Office Equipment5
2.Average number of employees

20232022
Average number of employees during the year1112
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 23131,295131,295
Additions116,520116,520
At 31 December 23247,815247,815
Amortisation and impairment
At 01 January 2325,35325,353
Charge for year39,71039,710
At 31 December 2365,06365,063
Net book value
At 31 December 23182,752182,752
At 31 December 22105,942105,942
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 2310,84010,840
Additions2,1312,131
Disposals(8,895)(8,895)
At 31 December 234,0764,076
Depreciation and impairment
At 01 January 239,7419,741
Charge for year721721
On disposals(8,895)(8,895)
At 31 December 231,5671,567
Net book value
At 31 December 232,5092,509
At 31 December 221,0991,099
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables1,825,513677,313
Amounts owed by group undertakings-1,980,648
Other debtors-13,711
Prepayments and accrued income34,36930,374
Total1,859,8822,702,046
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables451,947138,637
Taxation and social security127,36681,662
Other creditors4,4489,421
Accrued liabilities and deferred income1,163,415795,893
Total1,747,1761,025,613
7.Related party transactions
During the reporting period a loan of £3,163,085 owed from Humn.ai Ltd was written off. Ownership of Walsingham Motor Insurance Limited was transferred to WMIL Group Limited in December 2023. Humn.ai Ltd, the former parent company of Walsingham Motor Insurance Limited, subsequently went into administration in December 2023 and the loan receivable from Humn.ai Ltd is not recoverable.
8.Controlling party
The company's ultimate controlling party was Humn.ai Ltd by virtue of its ownership of 100% of the issued share capital in the company, however the ownership transferred to WMIL Group Limited on 11 December 2023, and Humn.ai Ltd went into administration. The company's ultimate controlling party is WMIL Group Limited by virtue of its ownership of 100% of the issued share capital in the company.