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Registered number: 04693136










ONE CALL INSURANCE SERVICES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ONE CALL INSURANCE SERVICES LIMITED
 

COMPANY INFORMATION


Directors
J L Radford 
N Springthorpe 
S L Chadburn 
J M Parker 
O P Rose (resigned 5 March 2023)
J Steele 
W L Broughton (resigned 1 July 2023)
C M Radford 
J C Barnsdale (resigned 1 July 2023)
P G Long 
J D Goacher 
J R Thorpe 
J S Rice (appointed 28 April 2023)




Company secretary
A M Sheriff



Registered number
04693136



Registered office
Saturn Building
First Point

Balby Carr Bank

Doncaster

South Yorkshire

DN4 5JQ




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
ONE CALL INSURANCE SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 25


 
ONE CALL INSURANCE SERVICES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors have pleasure in submitting their strategic report for One Call Insurance Services Limited for the year ended 31 December 2023.

Business review
 
The results for the period and financial position of the company are shown in the financial statements.
The company had a further year of strong sales, and this together with a particular focus on renewal retention rates saw the overall policy count remain consistent with a 1.7% decrease. This has resulted in a 21% increase in profit before tax to £22,019,577 (2022: £18,192,339).
The company maintained a strong position with retained earnings of £56,960,472 (2022: £50,772,408) and cash and cash equivalents of £32,689,852 (2022: £25,044,279).

Principal risks and uncertainties
 
The company maintains a comprehensive risk management strategy that is overseen by the compliance committee on behalf of the board. The compliance committee is comprised of board members and is chaired by a non-executive director. Risk appetite across different categories of risk is set by the board. The principal operational and strategic risks are recorded on the company risk register, which is regularly updated and monitored by the compliance committee.
The principal risks that the company faces are:
The competitive environment of the general insurance market: The company manages this risk by maintaining strong working relationships with its insurer and aggregator business partners. This is achieved by regular contact and producing and analysing MI to identify areas of underperformance or improvement opportunities.
Regulation: The company is regulated by the Financial Conduct Authority. This risk is managed as follows: The company has an adequately resourced compliance department overseen by the compliance director. A comprehensive program of training and knowledge checking is operated across the business. Compliance is monitored by a rigorous "three lines of defence" approach. The compliance committee monitors this area and reports into the board.
IT and cyber risks: The company extensively transacts over the internet, and continues to invest in training and its IT infrastructure to maintain data security and integrity, provide business resilience and to identify emerging threats in this fast-moving arena.

Financial key performance indicators
 
Given the straightforward nature of the business, the company’s directors are of the opinion that analysis of key performance indicators below gives an understanding of the development, performance and position of the business.

Profit and loss analysis (expressed as a percentage of sales):

2023
2022
Administrative expenses

55%

65%

Balance sheet analysis:

Current ratio

1.9

2.2

Return on capital employed (ROCE)

52%

36%


Page 1

 
ONE CALL INSURANCE SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other key performance indicators
 
The company continues to follow its clearly defined strategic objectives to deliver sustained internal growth across its car, van and home insurance business lines, whilst continually looking to product innovation and maintaining the agility to seize business opportunities as they arise.

Directors' statement of compliance with duty to promote the success of the Company
 
The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of One Call Insurance Services Limited for the benefit of its sole member, and in doing so had regard, amongst other matters, to:
• The likely consequences of any decision in the long-term. The board considers the long-term     consequences if its decisions and is guided by both its business plan and its risk appetite and framework.
• The interests of the company's employees. The board believes in the importance of communication and    engagement with employees. Communication is facilitated by the staff intranet and newsletters, along with  regular one to one contact with every staff member. Regular anonymous staff culture surveys are carried   out, overseen by an independent non-executive director. The company maintains an awareness of    mental health in the workplace, with all managers receiving basic training and mental health "first-aiders"   with more in depth training.
• The need to foster the company's business relationships with customers, suppliers, the regulator and    others. Seeking good customer outcomes is central to the success of the business. Management keep    track of how customers perceive our products and services and review them to ensure they continue to    meet the needs of our customers. Root cause analysis and learnings from complaints is also key to    achieving this.
Key supplier relationships are managed by individual senior managers or directors who are in regular communication to foster a mutually beneficial relationship. Our insurer partnerships are fundamental to the success of the business.
The FCA is a key stakeholder and the board prioritises positive, open and transparent engagement. The focus on good customer outcomes will go a long way to fostering this relationship, and there is a strong program to monitor and respond to developments in regulation.
• The impact of the company's operations on the community and the environment. The board is committed   to ensuring the company is a good corporate citizen with a committed workforce.
• The desirability of the company maintaining a reputation for high standards of business conduct. The    board believes that maintaining trust and credibility is essential to the success of the business, and that    this attitude to business flows from the top throughout the business. This goes hand in hand with all the    areas above in promoting the success of the company.
• To act fairly between members of the company.


This report was approved by the board and signed on its behalf.



................................................
J D Goacher
Director

Date: 30 September 2024

Page 2

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is insurance brokerage.

Results and dividends

The profit for the year, after taxation, amounted to £6,454,414 (2022 - £15,164,352).

The directors recommend that no final dividend be paid.

Directors

The directors who served during the year were:

J L Radford 
N Springthorpe 
S L Chadburn 
J M Parker 
O P Rose (resigned 5 March 2023)
J Steele 
W L Broughton (resigned 1 July 2023)
C M Radford 
J C Barnsdale (resigned 1 July 2023)
P G Long 
J D Goacher 
J R Thorpe 
J S Rice (appointed 28 April 2023)

Page 3

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The management remain confident that 2024 will remain profitable and enable the company to maintain and consolidate its current performance.

Engagement with employees

The company values its staff as its most important asset. Important factors affecting the company and its employees are regularly broadcast on the company's internal website. There are regular staff meetings and training programmes which are considered essential to the wellbeing of the company and its employees.
The company has a Recruitment and Selection Policy in place which covers equal opportunities and monitoring and is satisfied that both policies and systems and controls in place are sufficient.
The company also has in place a Training and Competence Policy and Procedures which govern the provision of information, employee engagement and involvement, performance, appraisals, staff consultation and communication of factors affecting the company and is confident that the controls in place are sufficient.

Disabled employees

Equal opportunity guides all aspects of employment, including recruitment and promotion, and provides encouragement to employees at all levels to act fairly and to prevent discrimination on any grounds, including disability. It is the company's policy that applications for employment by disabled persons are always fully considered. In the event of an existing employee becoming disabled, all reasonable effort and adjustments are made to ensure that their employment with the company can continue. It is our policy that the training, career development and promotion of disabled persons are, as far as possible, the same as that of all other employees in the company.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
4
4

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
121
133

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
542,043
596,341

The above figures have been calculated using fuel receipts, monthly utility bills and estimates including:
- burning a litre of diesel produces approximately 2.62kg of CO2
- burning a litre of petrol produces approximately 2.39kg of CO2
- 0.233kg of CO2e per KWH of electricity
- 0.184kg of CO2e per KWH of gas
- 1 litre of diesel = 38MJ = 10KWH
- 1 litre of petrol = 32.6MJ = 9.1KWH

Emissions from purchase of electricity per employee = 0.28 (2022: 0.34) tonnes of CO2 per employee.

Page 4

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
J D Goacher
Director

Date: 30 September 2024

Page 5

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE CALL INSURANCE SERVICES LIMITED
 

Opinion


We have audited the financial statements of One Call Insurance Services Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE CALL INSURANCE SERVICES LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE CALL INSURANCE SERVICES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company including FCA regulations. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
 
management bias in respect of accounting estimates and judgements made;
management override of control;
posting of unusual journals or transactions.

We focussed on those areas that could give rise to a material misstatement in the company financial statements. Our procedures included, but were not limited to:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. In particular the impairment of insurance debtors.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE CALL INSURANCE SERVICES LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Bagley (Senior Statutory Auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

30 September 2024
Page 9

 
ONE CALL INSURANCE SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
65,131,710
52,358,752

Gross profit
  
65,131,710
52,358,752

Administrative expenses
  
(35,591,681)
(34,238,694)

Other operating income
 5 
419,739
-

Operating profit
 6 
29,959,768
18,120,058

Interest receivable and similar income
 10 
539,176
72,281

Exceptional interest charges
13
(8,479,367)
-

Profit before tax
  
22,019,577
18,192,339

Tax on profit
 11 
(15,565,163)
(3,027,987)

Profit for the financial year
  
6,454,414
15,164,352

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
ONE CALL INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 04693136

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
3,287,505
3,443,512

Current assets
  

Stocks
 15 
19,810
55,800

Debtors: amounts falling due after more than one year
 16 
2,247,982
2,797,705

Debtors: amounts falling due within one year
 16 
76,036,196
60,332,636

Cash at bank and in hand
 17 
32,689,852
25,044,279

  
110,993,840
88,230,420

Creditors: amounts falling due within one year
 18 
(57,140,773)
(40,721,424)

Net current assets
  
 
 
53,853,067
 
 
47,508,996

Total assets less current liabilities
  
57,140,572
50,952,508

  

Net assets
  
57,140,572
50,952,508


Capital and reserves
  

Called up share capital 
 20 
100
100

Capital redemption reserve
 21 
180,000
180,000

Profit and loss account
 21 
56,960,472
50,772,408

  
57,140,572
50,952,508


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 13 to 25 form part of these financial statements.

Page 11

 
ONE CALL INSURANCE SERVICES LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
180,000
50,376,806
50,556,906


Comprehensive income for the year

Profit for the year
-
-
15,164,352
15,164,352

Dividends: Equity capital
-
-
(14,768,750)
(14,768,750)



At 1 January 2023
100
180,000
50,772,408
50,952,508


Comprehensive income for the year

Profit for the year
-
-
6,454,414
6,454,414

Dividends: Equity capital
-
-
(266,350)
(266,350)


At 31 December 2023
100
180,000
56,960,472
57,140,572


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

1.


General information

One Call Insurance Services Limited is a company limited by shares and incorporated in England and Wales. The registered company number is 04693136 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are prepared in sterling which is the functional currency of the Company and 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 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
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

In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities and uncertainties affecting the company. 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 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.
Turnover relating to multi-year contracts is recognised according to the inception of each annual policy.
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.

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ONE CALL INSURANCE SERVICES LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line
Plant and machinery
-
10% - 20% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Transfers of property between group entities have been made at net book value which is considered to be the fair value. There is no commercial impact on the group as a result of such transactions.

Page 14

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

  
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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 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 in case of an
Page 15

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)

out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows 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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors make estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Recoverability of insurance debtors
The directors make estimates of the recoverable value of insurance debtors. When assessing impairment of insurance debtors, the directors consider the historical collection data and ageing profile of debtors.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Insurance brokerage income
65,131,710
52,358,752


All turnover arose within the United Kingdom.

A detailed analysis of turnover by type has not been disclosed as in the opinion of the Directors this would seriously prejudice the Company's interests.


5.


Other operating income

2023
2022
£
£

Insurance claims receivable
419,739
-


Page 16

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
68,000
108,267

Depreciation
163,339
97,385


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
39,375
37,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
10,200,729
9,667,047

Social security costs
844,577
896,549

Cost of defined contribution scheme
268,520
252,435

11,313,826
10,816,031


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
219
202



Sales and customer services
209
178



Directors
9
9

437
389

Page 17

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
619,770
524,142

Company contributions to defined contribution pension schemes
37,101
36,634

656,871
560,776


During the year retirement benefits were accruing to 8 directors (2022 - 8) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £105,841 (2022 - £162,182).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £20,000 (2022 - £20,000).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
539,176
72,281


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
5,211,519
3,103,460

Adjustments in respect of previous periods
10,353,644
(75,473)


Total current tax
15,565,163
3,027,987

Page 18

 
ONE CALL INSURANCE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
22,019,577
18,192,339


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
5,179,005
3,456,544

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,965
14,480

Capital allowances for year in excess of depreciation
29,549
(2,728)

Adjustments to tax charge in respect of prior periods
10,353,644
(75,473)

Group relief
-
(364,836)

Total tax charge for the year
15,565,163
3,027,987


12.


Dividends

2023
2022
£
£


Interim
266,350
14,768,750


13.


Exceptional items

2023
2022
£
£



Interest on overdue tax
8,479,367
-

8,479,367
-

The above interest relates to the recognition of a historic tax settlement.

Page 19

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

14.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost


At 1 January 2023
3,300,000
538,086
3,838,086


Additions
-
7,332
7,332



At 31 December 2023

3,300,000
545,418
3,845,418



Depreciation


At 1 January 2023
20,930
373,644
394,574


Charge for the year on owned assets
83,720
79,619
163,339



At 31 December 2023

104,650
453,263
557,913



Net book value



At 31 December 2023
3,195,350
92,155
3,287,505



At 31 December 2022
3,279,070
164,442
3,443,512

Page 20

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

15.


Stocks

2023
2022
£
£

Stocks
19,810
55,800



16.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
885,160
2,797,705

Amounts owed by companies under common control
1,362,822
-

Due within one year

Trade debtors
94,743
106,220

Amounts owed by group undertakings
1,521,936
6,102,886

Amounts owed by companies under common control
6,014,601
69,025

Other debtors
93,300
49,078

Prepayments and accrued income
906,210
981,538

Insurance debtors
67,405,406
53,023,889

78,284,178
63,130,341


Amounts owed by group undertakings and amounts owed by companies under common control are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 


17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
32,689,852
25,044,279


The above balance includes £24,041,906 (2022: £19,043,262) of fiduciary insurer trust accounts.

Page 21

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Insurance creditors
24,911,282
18,462,082

Trade creditors
466,620
259,990

Amounts owed to group undertakings
1,249,290
59,850

Amounts owed to companies under common control
9,134
-

Corporation tax
21,601,244
993,783

Other taxation and social security
568,433
466,364

Other creditors
5,705,057
14,951,394

Accruals and deferred income
2,629,713
5,527,961

57,140,773
40,721,424


Amounts owed to group undertakings and amounts owed to companies under common control are unsecured, interest free, have no fixed date of repayment and are repayable on demand.


19.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
32,689,852
25,044,279

Financial assets that are debt instruments measured at amortised cost
77,284,668
62,099,725

109,974,520
87,144,004


Financial liabilities


Financial liabilities measured at amortised cost
26,636,326
(18,781,922)


Financial assets measured at fair value through profit or loss comprise cash at bank.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, insurance debtors, amounts owed by group undertakings and amounts owed by associated undertakings.


Financial liabilities measured at amortised cost comprise trade creditors, insurance creditors, amounts owed to group undertakings and amounts owed to associated undertakings.


20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £0.10 each
100
100


Page 22

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

21.


Reserves

Capital redemption reserve

This reserve records the nominal value received for shares sold, less transaction costs.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


22.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £268,520 (2022: £252,435).
Contributions totalling £100,106 (2022: £91,801) were payable to the fund at the balance sheet date.


23.Other financial commitments

A fixed and floating charge over company assets was provided to Lloyds Bank plc on 24 November 2017 securing all monies and liabilities due to the bank.


24.


Transactions with directors

As at the balance sheet date an amount of £4,651,727 (2022: £10,906,781) was due to the directors.
No interest has been charged on these loans.
The directors have provided guarantees against loss or damage caused by a breach of terms and conditions with various insurers.

Page 23

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

25.


Related party transactions

A company under common control
Sales and recharges to the related company totalled £48,108 (2022: £33,238). There is a debtor within amounts owed by companies under common control of £nil (2022: £nil).
A company under common control
Sales and recharges to the related company totalled £68,570 (2022: £49,440). There is a debtor within amounts owed by companies under common control of £33 (2022: £3,489). 
A company with directors in common
Sales and recharges to the related company totalled £16,188 (2022: £10,447). Purchases from the related company totalled £nil (2022: £10,892). There is a debtor within amounts owed by companies under common control of £7,204 (2022: £37,596).
A company under common control
During the year commission of £7,502,766 (2022: £11,769,006) was paid to the company from the related party, a company under common control, based on net premiums of £85,172,724 (2022: £69,159,855). At 31 December 2023, insurance monies owing by the company to One Insurance Limited totalled £184,324 (2022: £7,626,404). Other sales and recharges to the related company totalled £79,874 (2022: £9,756). There is a creditor within other creditors of £911,877 (2022: £3,928,223).
A company under common control
Rent charges of £12,000 (2022: £24,000) were paid to the company. There is a debtor within amounts owed by companies under common control of £18,961 (2022: £18,961).
A company under common control
There is a debtor within amounts owed by companies under common control of £nil (2022: £7,059).
A company under common control
Sponsorship costs totalled £1,570,000 (2022: £1,221,667). There is a debtor within amounts owed by companies under common control amounting to £360,000 (2022: £nil).
An associated undertaking
Sales and recharges to the related company totalled £6,231 (2022: £1,704). There is a debtor within other debtors of £35,272 (2022: £34,815).
A company under common control 
Sales to the related company totalled £7,041,161 and purchases from the related company totalled £12,668. There is a debtor within amounts owed by companies under common control amounting to £4,303,898.
A company under common control 
Sales to the related company totalled £1,605,989 and purchases from the related company totalled £90,010. There is a debtor within amounts owed by companies under common control amounting to £1,319,900.
A company under common control 
Sales to the related company totalled £615,039. There is a debtor within amounts owed by companies
Page 24

 
ONE CALL INSURANCE SERVICES LIMITED
 

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

25.Related party transactions (continued)



26.


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.


Page 25