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Registered number: 09859287










YOGA INSURANCE SERVICES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
YOGA INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 09859287

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
32,501
116,110

  
32,501
116,110

Current assets
  

Debtors: amounts falling due within one year
 5 
1,936,146
1,925,290

Cash at bank and in hand
 6 
5,709,334
1,646,647

  
7,645,480
3,571,937

Creditors: amounts falling due within one year
 7 
(6,616,204)
(3,685,070)

Net current assets/(liabilities)
  
 
 
1,029,276
 
 
(113,133)

Total assets less current liabilities
  
1,061,777
2,977

  

Net assets
  
1,061,777
2,977


Capital and reserves
  

Called up share capital 
  
1,351,000
1,351,000

Profit and loss account
  
(289,223)
(1,348,023)

  
1,061,777
2,977


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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J D Goacher
Director

Date: 30 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
YOGA INSURANCE SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
901,000
(838,934)
62,066


Comprehensive income for the year

Loss for the year
-
(509,089)
(509,089)

Shares issued during the year
450,000
-
450,000



At 1 January 2023
1,351,000
(1,348,023)
2,977


Comprehensive income for the year

Profit for the year
-
1,058,800
1,058,800


At 31 December 2023
1,351,000
(289,223)
1,061,777


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
YOGA INSURANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Yoga Insurance Services Limited is a company limited by shares and incorporated in England and Wales. The registered company number is 09859287 and the registered office is Saturn Building, First Point, Balby Carr Bank, Doncaster, South Yorkshire, DN4 5JQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Sterling which is the functional currency of the company.
The financial statements are rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of RSCPBR Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Cardiff, CF4 3UZ.

 
2.3

Going concern

It has been necessary for the directors to review the cash flow forecasts and the facilities provided by the bank and they have confirmed that the company has sufficient funds in place to support the business. The directors have also paid due regard to relevant forecast financial information, including cash flows. In the directors' opinion, the company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

 
2.4

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the total value of brokerage, fees, commissions and other products receivable during the year. Turnover relating to insurance broking is recognised at the later of the policy inception date or when the policy placement has been completed and confirmed.
Charges applied and written off within a short timescale are treated as a reduction in turnover. Costs involved in earning commissions, fees or other income are written off to the profit and loss account as they occur unless they involve contractual performance over a period of time.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
YOGA INSURANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.10

Insurance debtors and creditors

The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has followed generally accepted accounting practice for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment income on any cash flows arising from these transactions.
In the ordinary course of insurance broking business, settlement is required to be made with certain insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which it represents.
However, under Financial Reporting Standard 102 ("FRS102") assets and liabilities may not be offset unless net settlement is legally enforceable, and therefore insurance broking debtors and creditors are shown gross within these financial statements.
The company bears the bad debt risk for non payment of premiums in certain circumstances. Insurance debtor balances are adjusted for irrecoverable amounts.

Page 4

 
YOGA INSURANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).


4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
287,729



At 31 December 2023

287,729



Amortisation


At 1 January 2023
171,619


Charge for the year on owned assets
83,609



At 31 December 2023

255,228



Net book value



At 31 December 2023
32,501



At 31 December 2022
116,110



Page 5

 
YOGA INSURANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
660
-

Amounts owed by group undertakings
1,250,000
58,366

Prepayments and accrued income
246,787
110,806

Insurance debtors
438,699
1,756,118

1,936,146
1,925,290



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,709,334
1,646,647


The above balance includes £3,766,917 (2022: £1,394,453) of fiduciary insurer trust accounts.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Insurance creditors
4,848,623
2,825,559

Trade creditors
236,768
79,945

Amounts owed to group undertakings
1,084
1,748

Corporation tax
351,575
-

Other creditors
-
286,609

Accruals and deferred income
1,178,154
491,209

6,616,204
3,685,070



8.


Prior year adjustment

There has been a reclassification of bank charges to administration expenses from bank overdraft interest in finance costs of £49,616.


9.


Related party transactions

A company under common control
During the year commission of £1,409,040 (2022: £2,909,039) was paid to the company from a company under common control, based on net premiums of £19,601,266 (2022: £26,574,817). At 31 December 2023, insurance monies owing by the company to the company under common control totalled £3,657,477 (2022: £2,545,524).

Page 6

 
YOGA INSURANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Post balance sheet events

In January 2024, there was a reduction in share capital of £1,250,000 with a corresponding reduction in amounts owed by group undertakings.


11.


Controlling party

The immediate parent company is One Call Group Companies Ltd, the intermediate holding company as of 31 December 2023 is RSCPBR A Limited. The ultimate holding company is RSCPBR Limited, a company incorporated in England and Wales. Consolidated accounts are available from Companies House, Cardiff, CF4 3UZ. The registered office of the ultimate parent company is Saturn Building, Firstpoint, Balby Carr Bank, Doncaster, DN4 5JQ.
The controlling party is Mr J L Radford.


12.
 

Provisions available for audits of small entities

The entity qualifies for PAASE and therefore in common with many other businesses of this size and nature, the company uses their auditors to assist with the preparation of the financial statements.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 September 2024 by James Bagley (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.


Page 7