REGISTERED NUMBER: |
AUTOHOME INSURANCE LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
AUTOHOME INSURANCE LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 | to | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 | to | 20 |
AUTOHOME INSURANCE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
INDEPENDENT AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
22-24 Harborough Road |
Kingsthorpe |
Northampton |
NN2 7AZ |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
We consider that our key performance indicators are those that communicate the financial performance of the company as a whole, these being premium income, profits and claims ratios. |
During the year premium income decreased by 1.3% compared to 2023. The ratio of claims to premiums receivable (net of claims handling and management fees) was 66.6% (2023: 73.7%). The company made a profit after tax for the year of £88,279 (2023: £81,888). |
Net assets have increased to £2,874,139 as a result of retained profits. |
The directors consider the financial performance of the company to be satisfactory and are confident in the company's strategy going forward. The company continues to seek to develop into new niche markets. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal financial risks faced by the company and the company's objectives and policies in relation to those risks are as follows:- |
CASH FLOW RISK |
The company closely monitors and manages its cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the company's policy to ensure that adequate cash funds are available at all times to meet all outgoings. |
CLAIMS RISK |
The company closely monitors its claims ratio for all types of policy sold on an ongoing basis and have a great deal of historical claims data available to assist with this monitoring process ensuring the risk of a deteriation in the claims ratio is kept to a minimum. |
ON BEHALF OF THE BOARD: |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
The director presents his report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of insuring the provision of a nationwide and continental motor vehicle recovery service. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2024 |
AUDITORS |
The auditors, Phipps Henson McAllister, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUTOHOME INSURANCE LIMITED |
Opinion |
We have audited the financial statements of Autohome Insurance Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 March 2024 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 UK, including the FRC'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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUTOHOME INSURANCE LIMITED |
Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director 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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUTOHOME INSURANCE LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, and UK corporate taxation laws. |
- | We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and other papers. |
- | We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: |
- | identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- | understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
- | assessing the extent of compliance with the relevant laws and regulations. |
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from an error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AUTOHOME INSURANCE LIMITED |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
22-24 Harborough Road |
Kingsthorpe |
Northampton |
NN2 7AZ |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Profit on sale of investment property | 5 |
112,759 | 95,190 |
Interest receivable and similar income |
117,663 | 96,077 |
Interest payable and similar expenses | 6 | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 8 |
Investment property | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 12 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Investment property revaluation reserve | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Investment |
Called up | property |
share | Retained | revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 | 318,000 | 2,434,861 | 32,999 | 2,785,860 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 | 32,999 |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Sale of investment property |
Interest received |
Net cash from investing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
421,755 |
Cash and cash equivalents at end of year | 2 | 694,425 | 609,238 |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Decrease in amounts owing from group | - | 998 |
Increase in amounts owing from group | (11,928 | ) | - |
Finance costs | (42 | ) | - |
Finance income | (4,904 | ) | (887 | ) |
100,831 | 96,188 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 694,425 | 609,238 |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 609,238 | 421,755 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash at bank | 609,238 | 85,187 | 694,425 |
609,238 | 694,425 |
Total | 609,238 | 85,187 | 694,425 |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Autohome Insurance Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have reviewed liquidity requirements across the Group and are confident that there is sufficient flexibility such that it continues to be appropriate to prepare the accounts on a going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Autohome Insurance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Mayleigh House Holdings Ltd, . |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
The turnover shown in the income statement represents premiums for providing a car recovery and breakdown service. These amounts are accounted for on a receivable basis, the premiums allocated to the period for which cover is provided. |
Creditors include a provision for unearned premiums which represents the proportion of premiums received up to the balance sheet date which relate to future accounting periods,calculated by reference to the number of days for which cover extends into future accounting periods. |
Insurance Contracts |
All of the company's turnover is derived from the provision of insurance contracts relating to vehicle recovery and breakdown services. |
Cost of sales includes the cost of settling claims and claims handling fees. Claims paid are calculated in accordance with the terms of each insurance agreement. |
Provision is made for the estimated cost of claims incurred but not settled at the balance sheet date including the cost of claims incurred but not yet reported to the company. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at fair value. No depreciation is provided. Changes in fair value are recognised in the income statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
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. |
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. |
Debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and estimation uncertainty |
To be able to prepare financial statements in accordance with FRS102, Autohome Insurance Limited must make certain estimates and judgements that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgement are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgements are made. Actual experience may vary from these estimates. |
The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below: |
Tangible Assets |
Autohome Insurance Ltd determines the estimated useful lives, residual values and related depreciation charges for its fixed assets with reference to the estimated periods that the company intends to derive future economic benefits from the use of these assets. Management will revise the depreciation charge where useful lives or residual values are materially different from those previously estimated. Actual economic lives may differ from estimated useful lives and actual residual values may differ from estimated useful values. Periodic review could result in a change in depreciable lives and residual values and therefore depreciation expenses in the future periods. |
Investment Properties |
The fair values of investment properties are reviewed annually, but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. |
Trade debtors |
In determining the recoverability of trade debtors, management provide for any trade debtors that they believe not to be recoverable. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
The average number of employees during the year was NIL (2023 - NIL). |
In the opinion of the directors, key management personnel are considered to be the directors only. No remuneration was paid to the directors during the year. |
2024 | 2023 |
£ | £ |
Director's remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Auditors' remuneration |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Profit on sale of investment property |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
HMRC Interest | ( |
) |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is the same as the standard rate of corporation tax in the UK. |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Disposal of property | - | (5,716 | ) |
Deferred tax | - | 1,650 |
Total tax charge | 29,426 | 14,189 |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Mayleigh House, Orchard Hill, Little Billing, Northampton, NN3 9AD |
Nature of business: |
% |
Class of shares: | holding |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
If the Investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
1 | 1 |
Cost |
The Investment property was valued at £33,000 on a open market existing use basis in July 2010 by Richard Greener Estate Agents. The director considers that the fair value of the property at 31 March 2024 is not materially different to this. |
No depreciation has been provided on investment properties as required by Companies Act 2006. This is in order to comply with FRS102 and to show a true and fair view. |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Provision for unearned premiums | 103,843 | 97,982 |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Accruals and deferred income |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 8,250 | 8,250 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Balance at 31 March 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 318,000 | 318,000 |
AUTOHOME INSURANCE LIMITED (REGISTERED NUMBER: 01178454) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | RESERVES |
Investment |
property |
Retained | revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 2,467,860 |
Profit for the year |
At 31 March 2024 | 2,556,139 |
Retained Earnings |
Retained earnings includes all current and prior year period retained profits and losses. |
Investment Property Revaluation Reserve |
Investment property revaluation reserve includes the cumulative increase in the fair value of properties at the date of reclassification in excess of any previous impaired losses. |
15. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Mayleigh House Holdings Limited, who hold 100% of the issued share capital. Mayleigh House Holdings Limited is a company registered in England and Wales, and a copy of the group accounts can be obtained from: Mayleigh House, Orchard Hill, Little Billing, Northampton, NN3 9AD. |
16. | RELATED PARTY DISCLOSURES |
The company was under the control of A Robinson, who controls 85% of the parent company's share capital. |