2023-01-012023-12-312023-12-31false03607262SQUARE MILE INSURANCE SERVICES 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SQUARE MILE INSURANCE SERVICES LIMITED

Registered Number
03607262
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SQUARE MILE INSURANCE SERVICES LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

KNIGHTS, Janet Lesley

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

03607262 (England and Wales)
SQUARE MILE INSURANCE SERVICES LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets32,5403,386
2,5403,386
Current assets
Debtors478,46786,280
Cash at bank and on hand824,855787,337
903,322873,617
Creditors amounts falling due within one year5(296,541)(377,026)
Net current assets (liabilities)606,781496,591
Total assets less current liabilities609,321499,977
Provisions for liabilities6(635)-
Net assets608,686499,977
Capital and reserves
Called up share capital22
Profit and loss account608,684499,975
Shareholders' funds608,686499,977
The financial statements were approved and authorised for issue by the Director on 24 September 2024, and are signed on its behalf by:
KNIGHTS, Janet Lesley
Director
Registered Company No. 03607262
SQUARE MILE INSURANCE SERVICES 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 commission earned from insurance services provided.
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are initially stated at cost and subsequently at cost less depreciation. Depreciation is provided on all tangible assets as follows :

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Office Equipment25
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year88
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 January 2314,7151,85311,60628,174
At 31 December 2314,7151,85311,60628,174
Depreciation and impairment
At 01 January 2313,66081110,31724,788
Charge for year264261321846
At 31 December 2313,9241,07210,63825,634
Net book value
At 31 December 237917819682,540
At 31 December 221,0551,0421,2893,386
4.Debtors: amounts due within one year

2023

2022

££
Other debtors78,46786,280
Total78,46786,280
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables224,173260,344
Bank borrowings and overdrafts-37,273
Taxation and social security63,03752,272
Other creditors51127,137
Accrued liabilities and deferred income8,820-
Total296,541377,026
6.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)635-
Total635-
7.Related party transactions
Included in other debtors is an amount of £22,750 (2022 : £Nil) due from the director.