Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3017falsetrue2023-07-01Insurance16trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03589692 2023-07-01 2024-06-30 03589692 2022-07-01 2023-06-30 03589692 2024-06-30 03589692 2023-06-30 03589692 c:Director2 2023-07-01 2024-06-30 03589692 d:MotorVehicles 2023-07-01 2024-06-30 03589692 d:MotorVehicles 2024-06-30 03589692 d:MotorVehicles 2023-06-30 03589692 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03589692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03589692 d:FurnitureFittings 2023-07-01 2024-06-30 03589692 d:FurnitureFittings 2024-06-30 03589692 d:FurnitureFittings 2023-06-30 03589692 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03589692 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03589692 d:OfficeEquipment 2023-07-01 2024-06-30 03589692 d:OfficeEquipment 2024-06-30 03589692 d:OfficeEquipment 2023-06-30 03589692 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03589692 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03589692 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03589692 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 03589692 d:Goodwill 2024-06-30 03589692 d:Goodwill 2023-06-30 03589692 d:CurrentFinancialInstruments 2024-06-30 03589692 d:CurrentFinancialInstruments 2023-06-30 03589692 d:Non-currentFinancialInstruments 2024-06-30 03589692 d:Non-currentFinancialInstruments 2023-06-30 03589692 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 03589692 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 03589692 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 03589692 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 03589692 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 03589692 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-06-30 03589692 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 03589692 d:ShareCapital 2024-06-30 03589692 d:ShareCapital 2023-06-30 03589692 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03589692 d:RetainedEarningsAccumulatedLosses 2024-06-30 03589692 d:RetainedEarningsAccumulatedLosses 2023-06-30 03589692 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03589692 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03589692 d:RetirementBenefitObligationsDeferredTax 2024-06-30 03589692 d:RetirementBenefitObligationsDeferredTax 2023-06-30 03589692 c:OrdinaryShareClass1 2023-07-01 2024-06-30 03589692 c:OrdinaryShareClass1 2024-06-30 03589692 c:OrdinaryShareClass1 2023-06-30 03589692 c:OrdinaryShareClass2 2023-07-01 2024-06-30 03589692 c:OrdinaryShareClass2 2024-06-30 03589692 c:OrdinaryShareClass2 2023-06-30 03589692 c:FRS102 2023-07-01 2024-06-30 03589692 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 03589692 c:FullAccounts 2023-07-01 2024-06-30 03589692 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03589692 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 03589692 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 03589692 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 03589692 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 03589692 2 2023-07-01 2024-06-30 03589692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-06-30 03589692 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-30 03589692 d:LeasedAssetsHeldAsLessee 2024-06-30 03589692 d:LeasedAssetsHeldAsLessee 2023-06-30 03589692 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03589692










GREENLANDS INSURANCE SERVICES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
GREENLANDS INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 03589692

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
156,207
105,351

  
156,207
105,351

Current assets
  

Stocks
  
62,944
62,325

Debtors: amounts falling due within one year
 7 
679,824
545,807

Cash at bank and in hand
 8 
466,603
515,619

  
1,209,371
1,123,751

Creditors: amounts falling due within one year
 9 
(843,874)
(751,105)

Net current assets
  
 
 
365,497
 
 
372,646

Total assets less current liabilities
  
521,704
477,997

Creditors: amounts falling due after more than one year
 10 
(119,581)
(119,067)

Provisions for liabilities
  

Deferred tax
 13 
(35,425)
(26,175)

  
 
 
(35,425)
 
 
(26,175)

Net assets
  
366,698
332,755


Capital and reserves
  

Called up share capital 
 14 
42
42

Profit and loss account
 15 
366,656
332,713

  
366,698
332,755


Page 1

 
GREENLANDS INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 03589692
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2024.




J R Williams
Director

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Greenlands Insurance Services Limited (03589692) is a private company, limited by shares, incorporated in England and Wales, with it's registered address and principal place of business at Unit 1, The Science Park, Aberystwyth, Ceredigion, SY23 3AH.
The principal activity of the Company for this period continued to be insurance brokerage.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

Page 4

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

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

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

 
2.11

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.

Page 5

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
15%
Fixtures and fittings
-
25%
Website costs
-
25%

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.

  
2.12

Insurance broking debtors and creditors

The Company acts as an agent in broking the insurance risks of clients and, generally speaking, is not liable as a principle for premiums due to underwriters or for return premiums and claims payable to clients. Not withstanding the legal relationship with clients and underwriters, the Company has followed generally accepted accounting policies for insurance intermediaries by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the Company itself.
In the ordinary course of insurance broking business, settlement is required to be made within certain market settlement bureau, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due or from the individual third parties which it represents. Under FRS102, assets and liabilities may not be offset unless settlement is legally enforceable, therefore, insurance debtors and creditors are shown gross within these financial statements.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

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.

Page 6

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

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

 
2.19

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. 
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the Directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 17).

Page 7

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
28,527



At 30 June 2024

28,527



Amortisation


At 1 July 2023
28,527



At 30 June 2024

28,527



Net book value



At 30 June 2024
-



At 30 June 2023
-



Page 8

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Website costs
Total

£
£
£
£



Cost or valuation


At 1 July 2023
39,944
82,442
259,396
381,782


Additions
63,655
7,654
18,744
90,053



At 30 June 2024

103,599
90,096
278,140
471,835



Depreciation


At 1 July 2023
7,980
68,413
200,037
276,430


Charge for the year on owned assets
5,027
5,421
19,434
29,882


Charge for the year on financed assets
9,316
-
-
9,316



At 30 June 2024

22,323
73,834
219,471
315,628



Net book value



At 30 June 2024
81,276
16,262
58,669
156,207



At 30 June 2023
31,964
14,029
59,358
105,351

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
52,790
24,526

52,790
24,526

Page 9

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Trade debtors
369,396
239,942

Other debtors
310,115
305,469

Prepayments and accrued income
313
396

679,824
545,807


Included within trade debtors are client insurance related balances of £369,396 (2023: £239,942).


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
466,603
515,619

466,603
515,619


Included within cash at bank are monies held on behalf of clients totaling £385,189 (2023: £423,747).

Page 10

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
14,796
13,984

Trade creditors
704,338
599,234

Corporation tax
14,132
21,594

Other taxation and social security
10,749
9,066

Obligations under finance lease and hire purchase contracts
10,459
4,692

Other creditors
68,875
93,819

Accruals and deferred income
20,525
8,716

843,874
751,105


Included within trade creditors are gross insurance related balances of £656,931 (2023: £530,566).

The following liabilities were secured:

2024
2023
£
£



Bank loans
4,614
4,052

Hire purchase contracts
10,459
4,692

15,073
8,744

Details of security provided:

Loans are secured over all assets and trade, now or in the future, of the Company. 
The amount of £10,182 (2023: £9,932) included in creditors due within one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender. 
The balances owed under Hire Purchase contracts are secured upon the assets to which the agreements relate.

Page 11

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
90,219
104,451

Net obligations under finance leases and hire purchase contracts
29,362
14,616

119,581
119,067


The following liabilities were secured:

2024
2023
£
£



Bank loans
77,126
81,179

Hire Purchase contracts
29,362
14,616

106,488
95,795

Details of security provided:

Loans are secured over all assets and trade, now or in the future, of the Company. 
The amount of £13,093 (2023: £23,272) included in creditors due after one year is subject to a UK Government guarantee. The facility is provided through the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The BBLS guarantee is provided to the lender. 
The balances owed under Hire Purchase contracts are secured upon the assets to which the agreements relate.

Page 12

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
14,796
13,983


14,796
13,983

Amounts falling due 1-2 years

Bank loans
15,450
14,582


15,450
14,582

Amounts falling due 2-5 years

Bank loans
20,421
28,695


20,421
28,695

Amounts falling due after more than 5 years

Bank loans
54,348
61,174

54,348
61,174

105,015
118,434



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
10,459
4,692

Between 1-5 years
29,362
14,616

39,821
19,308

Page 13

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Deferred taxation




2024


£






At beginning of year
26,175


Charged to profit or loss
9,250



At end of year
35,425

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
35,615
26,337

Pension liability
(190)
(162)

35,425
26,175


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,998 (2023 - 3,998) Ordinary A shares of £0.01 each
40
40
211 (2023 - 211) Ordinary B shares of £0.01 each
2
2

42

42



15.


Reserves

Profit and loss account

The profit and loss accounts represents the accumulate profits of the Company since incorporation less distributions made to shareholders. 


16.


Pension commitments

The Company operates a defined contributions 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 £8,395 (2023: £7,223). Contributions totaling £1,771 (2023: £1,514) were payable to the fund at the balance sheet date and are included in creditors.

Page 14

 
GREENLANDS INSURANCE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Related party transactions

Included with other debtors are balances due from associated companies under common control, repayable on demand of £305,716 (2023: £305,467).

 
Page 15