IRIS Accounts Production v24.3.0.553 07981993 Board of Directors 31.3.23 31.3.24 31.3.24 FUW Insurance Services Limited (www.fuwinsurance.co.uk) is the leading agricultural insurance broker in Wales. The company's close operational ties with its parent company FUW Ltd and with the Farmers' Union of Wales / Undeb Amaethwyr Cymru (founded in 1955) provide unique insight and understanding of the risks in the agricultural sector. The ethos of "Live local, work local, insure local" means that we provide all insurance covers for all the communities of Wales with a particular affinity with the agricultural sector. The surplus profits of the business financially supports FUW Ltd to better serve the Members of the Union and the wider rural communities across Wales. true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079819932023-03-30079819932024-03-31079819932023-03-312024-03-31079819932022-03-30079819932022-03-312023-03-30079819932023-03-3007981993ns15:EnglandWales2023-03-312024-03-3107981993ns14:PoundSterling2023-03-312024-03-3107981993ns10:Director12023-03-312024-03-3107981993ns10:PrivateLimitedCompanyLtd2023-03-312024-03-3107981993ns10:FRS1022023-03-312024-03-3107981993ns10:Audited2023-03-312024-03-3107981993ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-312024-03-3107981993ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-312024-03-3107981993ns10:FullAccounts2023-03-312024-03-310798199312023-03-312024-03-3107981993ns10:OrdinaryShareClass12023-03-312024-03-3107981993ns10:Director22023-03-312024-03-3107981993ns10:Director32023-03-312024-03-3107981993ns10:Director42023-03-312024-03-3107981993ns10:Director52023-03-312024-03-3107981993ns10:Director72023-03-312024-03-3107981993ns10:Director82023-03-312024-03-3107981993ns10:Director92023-03-312024-03-3107981993ns10:RegisteredOffice2023-03-312024-03-3107981993ns10:Director62023-03-312024-03-3107981993ns5:CurrentFinancialInstruments2024-03-3107981993ns5:CurrentFinancialInstruments2023-03-3007981993ns5:ShareCapital2024-03-3107981993ns5:ShareCapital2023-03-3007981993ns5:RetainedEarningsAccumulatedLosses2024-03-3107981993ns5:RetainedEarningsAccumulatedLosses2023-03-3007981993ns5:ShareCapital2022-03-3007981993ns5:RetainedEarningsAccumulatedLosses2022-03-3007981993ns5:RetainedEarningsAccumulatedLosses2022-03-312023-03-3007981993ns5:RetainedEarningsAccumulatedLosses2023-03-312024-03-310798199312023-03-312024-03-3107981993ns5:IntangibleAssetsOtherThanGoodwill2023-03-312024-03-3107981993ns5:ComputerSoftware2023-03-312024-03-3107981993ns5:FurnitureFittings2023-03-312024-03-3107981993ns5:ComputerEquipment2023-03-312024-03-3107981993ns5:OwnedAssets2023-03-312024-03-3107981993ns5:OwnedAssets2022-03-312023-03-3007981993ns10:OrdinaryShareClass12022-03-312023-03-3007981993ns5:ComputerSoftware2023-03-3007981993ns5:ComputerSoftware2024-03-3107981993ns5:ComputerSoftware2023-03-3007981993ns5:FurnitureFittings2023-03-3007981993ns5:ComputerEquipment2023-03-3007981993ns5:FurnitureFittings2024-03-3107981993ns5:ComputerEquipment2024-03-3107981993ns5:FurnitureFittings2023-03-3007981993ns5:ComputerEquipment2023-03-3007981993ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107981993ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3007981993ns5:Non-currentFinancialInstruments2024-03-3107981993ns5:Non-currentFinancialInstruments2023-03-3007981993ns5:WithinOneYear2024-03-3107981993ns5:WithinOneYear2023-03-3007981993ns5:BetweenOneFiveYears2024-03-3107981993ns5:BetweenOneFiveYears2023-03-3007981993ns5:AllPeriods2024-03-3107981993ns5:AllPeriods2023-03-3007981993ns5:AcceleratedTaxDepreciationDeferredTax2024-03-3107981993ns5:AcceleratedTaxDepreciationDeferredTax2023-03-3007981993ns5:DeferredTaxation2023-03-3007981993ns5:DeferredTaxation2023-03-312024-03-3107981993ns5:DeferredTaxation2024-03-3107981993ns10:OrdinaryShareClass12024-03-3107981993ns5:RetainedEarningsAccumulatedLosses2023-03-30
REGISTERED NUMBER: 07981993 (England and Wales)












FUW INSURANCE SERVICES LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

31 MARCH 2023 TO 31 MARCH 2024






FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


FUW INSURANCE SERVICES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024







DIRECTORS: A Beynon - Chair
K D Isherwood
S A Longworth FCA
R E Van Praet
G A O Bebb
L H Coulton
D T Miles
Mrs E K Williams-Davies



REGISTERED OFFICE: Llys Amaeth
Plas Gogerddan
Ceredigion
SY23 3BT



REGISTERED NUMBER: 07981993 (England and Wales)



SENIOR STATUTORY AUDITOR: Henry Lloyd Davies



AUDITORS: Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

STRATEGIC REPORT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

The directors present their strategic report for the period 31 March 2023 to 31 March 2024.

PRINCIPAL ACTIVITY
FUW Insurance Services Limited (www.fuwinsurance.co.uk) is the leading agricultural insurance broker in Wales. The company's close operational ties with its parent company UAC CYF. FUW LTD. and with the Farmers' Union of Wales / Undeb Amaethwyr Cymru (founded in 1955) provide unique insight and understanding of the risks in the agricultural sector. The ethos of "Live local, work local, insure local" means that we provide all insurance covers for all the communities of Wales with a particular affinity with the agricultural sector. The surplus profits of the business financially supports UAC CYF. FUW LTD. to better serve the Members of the Union and the wider rural communities across Wales.

REVIEW OF BUSINESS
The company's turnover has increased 8.3% to £5.63m (2023: £5.20m). Overheads increased through inflation and investment. Earnings before tax increased to £1.13m (2023: £1.08m).

Total net assets at the year-end increased to £1.72m (2023: £1.46m) after £0.72m dividends made to the parent company, UAC CYF. FUW LTD.

PRINCIPAL RISKS AND UNCERTAINTIES
Interest rates, inflation and tax added costs to the company, and ongoing volatility of overheads is anticipated for the foreseeable future. The commercial and political future of Welsh agriculture is an area of major uncertainties and the company and Group carries out regular scenario assessments. The Board of the company is actively looking to improve profitability and drive growth in their strategic plans. There has been no recessional impact on the business and the Board believes it has sufficient resources and flexibilities to continue to develop and operate profitable, commercial activity serving the company's customers across Wales and beyond for the foreseeable future.

FINANCIAL KEY PERFORMANCE INDICATORS
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit, operating profit and profit before taxation as set out in the Statement of Comprehensive Income.

ON BEHALF OF THE BOARD:





G A O Bebb - Director


23 October 2024

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

The directors present their report with the financial statements of the company for the period 31 March 2023 to 31 March 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
£3,600 - 30 September 2023
£1,800 - 31 December 2023
£1,800 - 31 March 2024
£7,200

The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 31 March 2024 will be £ 720,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 31 March 2023 to the date of this report.

A Beynon - Chair
K D Isherwood
S A Longworth FCA
R E Van Praet
G A O Bebb
L H Coulton

Other changes in directors holding office are as follows:

I T Rickman - Chair - resigned 5 September 2023
D T Miles - appointed 5 September 2023
Mrs E K Williams-Davies - appointed 23 October 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

REPORT OF THE DIRECTORS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024


AUDITORS
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G A O Bebb - Director


23 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUW INSURANCE SERVICES LIMITED

Opinion
We have audited the financial statements of FUW Insurance Services Limited (the 'company') for the period ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 period 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

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 Directors 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 Directors 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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUW INSURANCE SERVICES LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FUW INSURANCE SERVICES 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;
- the recognition of insurance commission that the company is not entitled to.

Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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
FUW INSURANCE SERVICES 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.




Henry Lloyd Davies (Senior Statutory Auditor)
for and on behalf of Bevan Buckland LLP
Chartered Accountants
And Statutory Auditors
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

23 October 2024

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

INCOME STATEMENT
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Period
31.3.23
to Year Ended
31.3.24 30.3.23
Notes £    £   

TURNOVER 5,626,140 5,197,182

Administrative expenses 4,528,334 4,116,732
1,097,806 1,080,450

Other operating income 3,418 3,368
OPERATING PROFIT 4 1,101,224 1,083,818

Interest receivable and similar income 33,325 2,753
1,134,549 1,086,571

Interest payable and similar expenses 5 - 5,014
PROFIT BEFORE TAXATION 1,134,549 1,081,557

Tax on profit 6 146,710 117,143
PROFIT FOR THE FINANCIAL PERIOD 987,839 964,414

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Period
31.3.23
to Year Ended
31.3.24 30.3.23
Notes £    £   

PROFIT FOR THE PERIOD 987,839 964,414


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

987,839

964,414

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 26,496 38,241
26,496 38,241

CURRENT ASSETS
Debtors 10 2,402,292 2,212,148
Cash at bank 11 3,440,240 3,278,329
5,842,532 5,490,477
CREDITORS
Amounts falling due within one year 12 4,137,814 4,062,407
NET CURRENT ASSETS 1,704,718 1,428,070
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,731,214

1,466,311

PROVISIONS FOR LIABILITIES 15 6,625 9,561
NET ASSETS 1,724,589 1,456,750

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 1,724,489 1,456,650
SHAREHOLDERS' FUNDS 1,724,589 1,456,750

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





G A O Bebb - Director


FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 31 March 2022 100 1,742,236 1,742,336

Changes in equity
Dividends - (1,250,000 ) (1,250,000 )
Total comprehensive income - 964,414 964,414
Balance at 30 March 2023 100 1,456,650 1,456,750

Changes in equity
Dividends - (720,000 ) (720,000 )
Total comprehensive income - 987,839 987,839
Balance at 31 March 2024 100 1,724,489 1,724,589

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

1. STATUTORY INFORMATION

FUW Insurance Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
At the year end, the company had only £25k of historical Corporation Tax remaining to pay to HMRC following a lengthy tax project resulting in a Trade Protection Association agreement. The TPA brings predictability and confidence to tax planning in the company and in the Group for years to come. There are no scenarios considered by the Boards of the Group that cause Going Concern to be questioned in the 12 months following the approval of these financial statements. The Board is not aware of any existing conditions or imminent situations that would mean that preparing the accounts for the year ended 31 March 2024 on a going concern basis would be inappropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Significant management judgements
The following are management judgements in applying the accounting policies of the Company that have the most significant effect on the amounts recognised in the financial statements.

i) Provisions and accruals - Management bases its judgements on the circumstances relating to each specific event and upon currently available information.

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Trade debtors
Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Creditors
Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency
The company's functional and presentational currency is pounds sterling.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover, all of which arose from activities within the United Kingdom, represents the following activities:

i) General Insurance - Turnover represents business incepted during the year, together with any differences between the booked commission for prior years and those previously accrued, and include estimates of due commission but not yet receivable, less an allowance for cancellations. Reinsurance commission are accounted for when the contract is entered into. Related fees earned on insurance agreements when the service has been provided.

ii) Life Insurance - Turnover represents business incepted during the year, which includes the commission earned over the term of the policy.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 5 to 10 years
Computer equipment - 33% on cost

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. Financial assets are derecognised when the rights to receive benefits have expired or been transferred, and the company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation is extinguished.

Non-derivative financial assets are classified as either loans and receivables or cash and cash equivalents. They are stated at amortised cost using the effective interest method, subject to reduction for allowances for estimated irrecoverable amounts. A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of those receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the income statement. For interest-bearing assets, their carrying value includes accrued interest receivable.

Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. Non-derivative financial liabilities (classified as other payables) are stated at amortised cost using the effective interest method. For borrowings, their carrying value includes accrued interest payable, as well as any unamortised issue costs.

The company transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The company does not transact derivative financial instruments for trading purposes. However, as the company has decided not to hedge account for its derivative financial instruments as permitted under lAS 39, they are accounted for through the income statement. Derivative financial assets and liabilities are stated at fair value, which includes accrued interest receivable and payable where relevant. Changes in fair values are recognised in the income statement in the period in which they arise.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

Pension costs and other post-retirement benefits
The company contributes to a Group Personal Pension Plan. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Wages and salaries 2,929,859 2,579,071
Social security costs 286,397 267,919
Other pension costs 112,111 96,211
3,328,367 2,943,201

The average number of employees during the period was as follows:
Period
31.3.23
to Year Ended
31.3.24 30.3.23

Employees 77 75

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Directors' remuneration 168,023 176,630

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Other operating leases 13,930 18,192
Depreciation - owned assets 19,428 17,365
Auditors' remuneration 13,374 -
Auditors' remuneration for non audit work 3,480 19,740

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Bank interest - 5,014

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Current tax:
UK corporation tax 149,646 137,642
Adjustment in respect of
previous periods - (18,955 )
Total current tax 149,646 118,687

Deferred tax (2,936 ) (1,544 )
Tax on profit 146,710 117,143

UK corporation tax has been charged at 24.98% (2023 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Profit before tax 1,134,549 1,081,557
Profit multiplied by the standard rate of corporation tax in the UK of 24.984%
(2023 - 19%)

283,456

205,496

Effects of:
Income not taxable for tax purposes - (639 )
Adjustments to tax charge in respect of previous periods - (18,955 )
Effects of group relief/other relief (136,740 ) (68,389 )
Tax rate changes - (370 )
Other (6 ) -
Total tax charge 146,710 117,143

7. DIVIDENDS
Period
31.3.23
to Year Ended
31.3.24 30.3.23
£    £   
Ordinary shares of 1 each
Interim 720,000 1,250,000

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 31 March 2023
and 31 March 2024 29,024
AMORTISATION
At 31 March 2023
and 31 March 2024 29,024
NET BOOK VALUE
At 31 March 2024 -
At 30 March 2023 -

9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 31 March 2023 36,949 44,455 81,404
Additions 3,558 4,125 7,683
Reclassification/transfer (27,766 ) 27,766 -
At 31 March 2024 12,741 76,346 89,087
DEPRECIATION
At 31 March 2023 5,025 38,138 43,163
Charge for period 1,458 17,970 19,428
At 31 March 2024 6,483 56,108 62,591
NET BOOK VALUE
At 31 March 2024 6,258 20,238 26,496
At 30 March 2023 31,924 6,317 38,241

10. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,064,291 934,556
Amounts owed by group undertakings 1,054,918 1,009,791
Accrued income 81,915 58,926
Prepayments 140,506 155,825
2,341,630 2,159,098

Amounts falling due after more than one year:
Trade debtors 60,662 53,050

Aggregate amounts 2,402,292 2,212,148

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

11. CASH AT BANK
2024 2023
£    £   
Bank account 963,437 664,617
Bank account - Client money 2,476,803 2,613,712
3,440,240 3,278,329

The client money bank accounts is client money used to pay premiums to underwriters, to settle claims to policyholders and to defray commission and other income. Client money is not available for general corporate purposes.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 113,856 126,190
Tax 201,949 467,219
Other creditors 2,945,542 2,833,931
Deferred income 475,238 203,470
Accrued expenses 401,229 431,597
4,137,814 4,062,407

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 9,000 9,000
Between one and five years 7,500 16,500
16,500 25,500

14. SECURED DEBTS

The Company's banker Barclays Bank UK PLC holds the following security: -

A Cross Guarantee and Debenture dated 9 April 2018 securing by way of a fixed charge and a floating charge that covers all the property of undertaking of the company.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 6,625 9,561

Deferred
tax
£   
Balance at 31 March 2023 9,561
Credit to Income Statement during period (2,936 )
Balance at 31 March 2024 6,625

FUW INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 07981993)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 31 MARCH 2023 TO 31 MARCH 2024

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

17. RESERVES
Retained
earnings
£   

At 31 March 2023 1,456,650
Profit for the period 987,839
Dividends (720,000 )
At 31 March 2024 1,724,489

18. ULTIMATE CONTROLLING PARTY

The controlling party is The Grand Council of the Farmers'Union of Wales.

The Members control the immediate parent company UAC CYF. FUW LTD. which is limited by guarantee.