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REGISTERED NUMBER: SC135773 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2023

FOR

PARK PLACE INSURANCE SERVICES LIMITED

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARK PLACE INSURANCE SERVICES LIMITED

COMPANY INFORMATION
for the year ended 29 December 2023







DIRECTORS: D Nicholson
A Colquhoun
K Anderson





REGISTERED OFFICE: 53 High Street
Kirkcaldy
Fife
KY1 1LL





REGISTERED NUMBER: SC135773 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

BALANCE SHEET
29 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,477 24,744
Tangible assets 5 126,412 128,236
134,889 152,980

CURRENT ASSETS
Debtors 6 325,750 284,896
Cash at bank and in hand 182,936 199,092
508,686 483,988
CREDITORS
Amounts falling due within one year 7 277,883 309,192
NET CURRENT ASSETS 230,803 174,796
TOTAL ASSETS LESS CURRENT
LIABILITIES

365,692

327,776

CREDITORS
Amounts falling due after more than one
year

8

(17,415

)

(24,167

)

PROVISIONS FOR LIABILITIES 10 - (5,417 )
NET ASSETS 348,277 298,192

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 348,177 298,092
SHAREHOLDERS' FUNDS 348,277 298,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

BALANCE SHEET - continued
29 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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:





D Nicholson - Director


PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 December 2023

1. STATUTORY INFORMATION

Park Place Insurance Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

TURNOVER
Turnover represents commissions on the sale of insurance policies.

GOODWILL
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

During the year Goodwill has been assess and now fully written off due to its reduced useful economic life.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website are being amortised evenly over their estimated useful life of three years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 1% on cost
Improvements to property - 10% per annum on cost
Fixtures and fittings - 15% per annum reducing balance
Computer equipment - 33% per annum on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Heritable property is not depreciated as carrying value is deemed to in line with residual value.

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 December 2023

2. ACCOUNTING POLICIES - continued

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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 December 2023

2. ACCOUNTING POLICIES - continued

PROVISIONS FOR LIABILITIES
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 30 December 2022
and 29 December 2023 24,167 20,000 44,167
AMORTISATION
At 30 December 2022 14,500 4,923 19,423
Amortisation for year 2,417 6,600 9,017
Impairments 7,250 - 7,250
At 29 December 2023 24,167 11,523 35,690
NET BOOK VALUE
At 29 December 2023 - 8,477 8,477
At 29 December 2022 9,667 15,077 24,744

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Heritable to and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST
At 30 December 2022 130,279 13,100 40,834 20,156 204,369
Additions 480 - - 5,839 6,319
At 29 December 2023 130,759 13,100 40,834 25,995 210,688
DEPRECIATION
At 30 December 2022 15,474 13,100 39,704 7,855 76,133
Charge for year - - 170 7,973 8,143
At 29 December 2023 15,474 13,100 39,874 15,828 84,276
NET BOOK VALUE
At 29 December 2023 115,285 - 960 10,167 126,412
At 29 December 2022 114,805 - 1,130 12,301 128,236



6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 156,492 150,414
Director loan account 42,723 -
Tax 14,423 -
Other debtors 107,951 130,321
Prepayments 4,161 4,161
325,750 284,896

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 29,822 41,016
Taxation and social security 14,423 37,696
Other creditors 233,638 230,480
277,883 309,192

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 17,415 24,167

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 17,687 31,017
Bank loans 29,550 34,166
47,237 65,183

The Bank of Scotland has a bond and floating charge on all property and assets present and future of the company including uncalled capital.

The Bank of Scotland has a standard security over the company property.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 5,417

Deferred
tax
£   
Balance at 30 December 2022 5,417
Credit to Statement of Income and Retained Earnings during year (5,417 )
Balance at 29 December 2023 -

The provision for deferred taxation is made up of fixed asset timing differences.

11. OTHER FINANCIAL COMMITMENTS

The company had total commitments under a non-cancellable operating lease totalling £2,760 (2022 - £4,416)

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 December 2023 and 29 December 2022:

2023 2022
£    £   
D Nicholson
Balance outstanding at start of year (7,442 ) (9,338 )
Amounts advanced 75,420 54,276
Amounts repaid (25,242 ) (52,380 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 42,736 (7,442 )

PARK PLACE INSURANCE SERVICES LIMITED (REGISTERED NUMBER: SC135773)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 December 2023

13. RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £13 (2022 - £7,443) due to a director from the company.
This loan is interest free and has no fixed terms of repayment.