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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
Page
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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
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The Protection Specialist Limited Statement of financial position as at 30 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
45,038 
56,787 
Investments
- 
9,668 
45,038 
66,455 
Current assets
Debtors
199,151 
3,429,506 
Investments
- 
34 
Cash at bank and in hand
1,564,630 
2,000,574 
1,763,781 
5,430,114 
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 
Capital and reserves
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
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The Protection Specialist Limited Notes to the Accounts for the year ended 30 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
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 
£ 
Cost or valuation
At cost 
At 31 December 2022
58,745 
At 30 December 2023
58,745 
Depreciation
At 31 December 2022
1,958 
Charge for the year
11,749 
At 30 December 2023
13,707 
Net book value
At 30 December 2023
45,038 
At 30 December 2022
56,787 
5
Investments
Other investments 
£ 
Valuation at 31 December 2022
9,668 
Disposals
(9,668)
Valuation at 30 December 2023
- 
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The Protection Specialist Limited Notes to the Accounts for the year ended 30 December 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
4,577 
185,835 
Trade debtors
153,258 
151,915 
Accrued income and prepayments
38,515 
1,588,788 
Other debtors
2,801 
2,968 
199,151 
1,929,506 
Amounts falling due after more than one year
Other debtors
- 
1,500,000 
7
Investments held as current assets
2023 
2022 
£ 
£ 
Listed investments
34 
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 
Accruals
61,743 
249,598 
(278,906)
593,281 
9
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
11,260 
14,197 
2023 
2022 
£ 
£ 
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.
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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).
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