Company Registration No. 06969129 (England and Wales)
The Protection Specialist Limited
Unaudited accounts
for the year ended 30 December 2023
The Protection Specialist Limited
Unaudited accounts
Contents
The Protection Specialist Limited
Company Information
for the year ended 30 December 2023
Directors
Mark Jonathan Lance
Victoria Hemmings
Company Number
06969129 (England and Wales)
Registered Office
FAIR TRADE HOUSE
3 WHITTLE AVENUE
FAREHAM
HAMPSHIRE
PO15 5SH
The Protection Specialist Limited
Statement of financial position
as at 30 December 2023
Tangible assets
45,038
56,787
Cash at bank and in hand
1,564,630
2,000,574
Creditors: amounts falling due within one year
278,906
(593,281)
Net current assets
2,042,687
4,836,833
Total assets less current liabilities
2,087,725
4,903,288
Provisions for liabilities
Deferred tax
(11,260)
(14,197)
Net assets
2,076,465
4,889,091
Called up share capital
180
180
Capital redemption reserve
20
20
Profit and loss account
2,076,265
4,888,891
Shareholders' funds
2,076,465
4,889,091
For the year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by
Mark Jonathan Lance
Director
Company Registration No. 06969129
The Protection Specialist Limited
Notes to the Accounts
for the year ended 30 December 2023
The Protection Specialist Limited is a private company, limited by shares, registered in England and Wales, registration number 06969129. The registered office is FAIR TRADE HOUSE, 3 WHITTLE AVENUE, FAREHAM, HAMPSHIRE, PO15 5SH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
20% Straight Line for Computer Equipment
4
Tangible fixed assets
Computer equipment
At 31 December 2022
58,745
At 30 December 2023
58,745
Charge for the year
11,749
At 30 December 2023
13,707
At 30 December 2023
45,038
At 30 December 2022
56,787
5
Investments
Other investments
Valuation at 31 December 2022
9,668
Valuation at 30 December 2023
-
The Protection Specialist Limited
Notes to the Accounts
for the year ended 30 December 2023
Amounts falling due within one year
Trade debtors
153,258
151,915
Accrued income and prepayments
38,515
1,588,788
Amounts falling due after more than one year
7
Investments held as current assets
2023
2022
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
(39,038)
114,213
Taxes and social security
(303,628)
222,997
Other creditors
2,017
6,473
9
Deferred taxation
2023
2022
Accelerated capital allowances
11,260
14,197
Provision at start of year
14,197
-
(Credited)/charged to the profit and loss account
(2,937)
14,197
Provision at end of year
11,260
14,197
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent
that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such
assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets
and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated
at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the profit and loss account , except when it relates to items charged or credited directly to equity, in which
case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally
enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the
same tax authority.
The Protection Specialist Limited
Notes to the Accounts
for the year ended 30 December 2023
10
Transactions with related parties
The company made a distribution of £2,990,000 to the Employee Ownership Trust.
The company is related to Your Mortgage People Limited as key management personnel from The Protection Specialist Limited have joint control of Your Mortgage People Limited. At the balance sheet date, Your Mortgage People Limited owed The Protection Specialist Limited £0 (2022 - £1,500,000).
During the year The Protection Specialist Limited provided services to Your Mortgage People Limited amounting to £520,032, this was made on an arm's length basis.
11
Post balance sheet events
After the year end, the directors of The Protection Specialist Limited were contacted by a third-party regarding concerns over a mutual party that they were both working with on undisclosed commission claims and potential revenue related to those claims.
Upon investigation it was found that the mutual party had been withholding data and that the contracting between all involved either did not exist or was misleading to the point of it being void.
Months of conversation and investigation has unfortunately resulted in the reality that there will be no further income for any of the work that have been undertaken on undisclosed commission claims.
While this relationship was entered in good faith and the forecasted revenue based on company internal, or wider industry statistics, all the accrued income for this revenue channel has had to have been reversed within this year. The income which has been reversed traverses 2022 and 2023.
12
Average number of employees
During the year the average number of employees was 9 (2022: 23).