Company registration number 02586372 (England and Wales)
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
80,002
80,002
Tangible assets
4
47,425
52,744
Investments
5
1,000
1,000
128,427
133,746
Current assets
Debtors
6
645,113
524,195
Cash at bank and in hand
838,885
1,192,668
1,483,998
1,716,863
Creditors: amounts falling due within one year
7
(219,045)
(276,956)
Net current assets
1,264,953
1,439,907
Total assets less current liabilities
1,393,380
1,573,653
Provisions for liabilities
(9,746)
(7,112)
Net assets
1,383,634
1,566,541
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
1,383,534
1,566,441
Total equity
1,383,634
1,566,541
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 29 February 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.
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
J Hucks
Director
Company registration number 02586372 (England and Wales)
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Starpeak Insurance Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dovetail House, Wycombe Road, Stokenchurch, Buckinghamshire, HP14 3RQ.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the invoiced amounts received or receivable for the intermediation of insurance services in the normal course of business, and is shown net of discounts and IPT. Revenue is recognised at the time of invoice.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Development costs represent costs incurred designing and producing software for commercial use.
Amortisation 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:
Software
20% straight line
Development costs
20% straight line
1.5
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:
Leasehold improvements
20% straight line
Computers
50% straight line
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.8
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.
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
22
3
Intangible fixed assets
Other
£
Cost
At 1 March 2023
518,605
Additions
40,000
At 29 February 2024
558,605
Amortisation and impairment
At 1 March 2023
438,603
Amortisation charged for the year
40,000
At 29 February 2024
478,603
Carrying amount
At 29 February 2024
80,002
At 28 February 2023
80,002
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Leasehold improvements
Computers
Total
£
£
£
Cost
At 1 March 2023
94,349
29,443
123,792
Additions
11,868
10,973
22,841
At 29 February 2024
106,217
40,416
146,633
Depreciation and impairment
At 1 March 2023
48,610
22,438
71,048
Depreciation charged in the year
20,507
7,653
28,160
At 29 February 2024
69,117
30,091
99,208
Carrying amount
At 29 February 2024
37,100
10,325
47,425
At 28 February 2023
45,739
7,005
52,744
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
645,113
524,195
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
23,603
13,867
Trade creditors
125,541
71,569
Taxation and social security
60,290
183,277
Other creditors
9,611
8,243
219,045
276,956
STARPEAK INSURANCE SOLUTIONS LIMITED
(PREVIOUSLY KNOWN AS SPORTSCOVER DIRECT LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,000
10,000
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
63,300
62,775
Between two and five years
253,200
189,900
In over five years
79,125
205,725
395,625
458,400