Company registration number 04502527 (England and Wales)
P J AIKEN INSURANCE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
P J AIKEN INSURANCE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
P J AIKEN INSURANCE SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,566
3,132
Current assets
Debtors
4
611,361
299,706
Cash at bank and in hand
168,591
304,787
779,952
604,493
Creditors: amounts falling due within one year
5
(108,189)
(94,493)
Net current assets
671,763
510,000
Total assets less current liabilities
673,329
513,132
Provisions for liabilities
(85)
(409)
Net assets
673,244
512,723
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
673,144
512,623
Total equity
673,244
512,723
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
Mr I J Penfold
Director
Company registration number 04502527 (England and Wales)
P J AIKEN INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
P J Aiken Insurance Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Exchange, 521 Wimborne Road East, Ferndown, Dorset, BH22 9NH. .
The principal place of business is; First floor, 44 South Street, Dorchester, DT1 1DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
1.2
Turnover
The turnover and profit before taxation is attributable to the Commissions and profits due from the principal activity of the Insurance Brokerage, together with profits from participating interests. Insurance brokerage commissions are recognised at the point a client accepts the underlying insurance policy and where the company has fulfilled its obligations through the arrangement of an insurance policy.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Straight line over 2 or 3 years
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
P J AIKEN INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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.
1.7
Retirement benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior
periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
P J AIKEN INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
1.9
Client monies and underwriting liabilities
In line with FCA guidelines, any client monies held at the Balance Sheet date for which risk transfer to the underwriter has already taken place are netted off against the underwriting liability. This shows the substance of the transaction as well as the strict legal form.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
87,012
Additions
926
At 31 March 2024
87,938
Depreciation and impairment
At 1 April 2023
83,880
Depreciation charged in the year
2,492
At 31 March 2024
86,372
Carrying amount
At 31 March 2024
1,566
At 31 March 2023
3,132
P J AIKEN INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
53,068
68,450
Other debtors
558,293
231,256
611,361
299,706
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
42,042
38,050
Corporation tax
54,060
39,714
Other taxation and social security
2,371
3,307
Other creditors
9,716
13,422
108,189
94,493
6
Financial commitments, guarantees and contingent liabilities
The company, together with its related parties A One Insurance Services (Bmth) Limited, A One Holdings Limited and Fowler Penfold Scheme Brokers Ltd, has provided a cross company guarantee to secure bank borrowings.
7
Operating lease commitments
Lessee
The total amount of financial commitments not included in the balance sheet is £8,100 (2023; £8,100)
8
Parent company
The company's immediate parent is A One Holdings Limited, incorporated in England.
The ultimate controlling party is Mr I Penfold, by virtue of the fact that he owns 83% of the ordinary shares issued, of A One Holdings Limited.