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REGISTERED NUMBER: 02210270 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PETER BEST INSURANCE SERVICES LIMITED

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


PETER BEST INSURANCE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: D P Collett
M P Collett
Mrs H L Thomson
R E Brewster
G R Pratt
J E Brew





REGISTERED OFFICE: 7 Station Lane
Hornchurch
Essex
RM12 6JL





REGISTERED NUMBER: 02210270 (England and Wales)





AUDITORS: CBHC (Audit) Limited
Suite 3, Steeple House
Church Lane
Chelmsford
Essex
CM1 1NH

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
The Company is a member of the Grove & Dean insurance broking group based in Hornchurch.

The company's principal activity during the year continued to be that of motor vehicle insurance broking, specialising in the classic car market to clients throughout the UK.

The directors continue to put emphasis on:

- staff training and awareness of operational procedures

- progressive utilisation of progressive screening procedures through the group's uniquely internally developed software allowing faster and enhanced efficiency in converting business.

- retention of existing customers as repeat customers.

- attracting new business with high levels of customer service both electronically and personally.

- overall enhanced customer satisfaction.

This together with recovering instance market generally saw revenue increase by 33% to £2,107,284 (2023: £1,582,229) resulting in an increased profit before tax of £824,975 (2023: £417,821).

These continuing good results reflect the benefit of marketing and operational efficiencies from being part of the Grove & Dean group.

Key performance Indicators

The directors believe that it is equally important to recognise the results as adjusted for "EBITDA", being Earnings before interest, tax, depreciation and amortisation

Adjusting the reported pre-tax profits this shows that "EBITDA" has increased from £422,124 to £666,803.

As at 31 May 2024, the financial position showed Net assets had increased to £965,587 compared to £751,927, after payment of a dividend totalling £300,000.


PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Financial Risks
The Company manages liquidity risk through constant cash flow monitoring and forecasting. As at 31 May 2024 the Company held total funds of £2,020,615 (2023: £1,661,965) of which own funds amounted to £1,243,408 (2023: £765,107).
There is no material third party finance.
The Company provides credit to customers via a third party premium financing specialist. The funding is on a recourse basis where the Company is liable for any risk on non-payment. This exposure is actively monitored.

Strategic Risks
The insurance market is highly competitive and represents risk for businesses trading within it. The Company manages risk by maintaining a significant level of ongoing investment in systems, people and brand awareness. Performance is monitored on a day to day basis.

Compliance Risks
The Company is regulated by the Financial Conduct Authority (FCA). The Company monitors and reviews all regulatory requirements and has necessary procedures in place to ensure compliance.

Operational Risks
The success of the Company's operations is dependent on the effectiveness of employees in providing the highest service levels for both new and existing clients. The Directors ensure that the Company continues to have the required resources for continuing development and growth.
All employees are monitored for performance and regular internal and external training is provided to all employees at all levels, in order to maintain the highest levels of performance and the highest level of customer satisfaction. The effectiveness of operational controls is monitored and maintained via internal compliance and training teams.

ON BEHALF OF THE BOARD:





G R Pratt - Director


29 October 2024

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company for the year ended 31 May 2024.

DIVIDENDS
Total dividends paid for the year ended 31 May 2024 were £300,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

D P Collett
M P Collett
Mrs H L Thomson
R E Brewster
G R Pratt
J E Brew

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.

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, CBHC (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




G R Pratt - Director


29 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETER BEST INSURANCE SERVICES LIMITED


Opinion
We have audited the financial statements of Peter Best Insurance Services Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other 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 May 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PETER BEST INSURANCE SERVICES LIMITED


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.

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Financial Conduct Authority (FCA) Regulation. In addition, the reporting framework relevant to the company is FRS 102 and the Companies Act 2006.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations above.

We made enquiries of those charged with compliance to determine any issues arising. We corroborated our findings by reviewing Board Minutes, correspondence with Companies House and the FCA. Nothing was noted that contradicted the explanations given to us.

Financial Statement disclosures were tested for completeness.

We assessed the risks of material misstatement in respect of fraud as being low due to the nature of the business. We made enquires relating to fraud with the company's management.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journals throughout the year and reviewed any unusual transactions throughout our audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
PETER BEST 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.




Ian Harris FCA (Senior Statutory Auditor)
for and on behalf of CBHC (Audit) Limited
Suite 3, Steeple House
Church Lane
Chelmsford
Essex
CM1 1NH

29 October 2024

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31/5/24 31/5/23
Notes £    £   

TURNOVER 2,107,284 1,582,229

Cost of sales 413 -
GROSS PROFIT 2,106,871 1,582,229

Administrative expenses 1,444,097 1,166,374
OPERATING PROFIT 4 662,774 415,855

Interest receivable and similar income 23,088 1,966
PROFIT BEFORE TAXATION 685,862 417,821

Tax on profit 5 172,202 83,562
PROFIT FOR THE FINANCIAL YEAR 513,660 334,259

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

31/5/24 31/5/23
Notes £    £   

PROFIT FOR THE YEAR 513,660 334,259


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

513,660

334,259

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

BALANCE SHEET
31 MAY 2024

31/5/24 31/5/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 17,127 26,501

CURRENT ASSETS
Debtors 8 487,617 494,383
Cash at bank 2,020,615 1,661,965
2,508,232 2,156,348
CREDITORS
Amounts falling due within one year 9 1,556,878 1,426,976
NET CURRENT ASSETS 951,354 729,372
TOTAL ASSETS LESS CURRENT
LIABILITIES

968,481

755,873

PROVISIONS FOR LIABILITIES 10 2,894 3,946
NET ASSETS 965,587 751,927

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 12 964,587 750,927
SHAREHOLDERS' FUNDS 965,587 751,927

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





G R Pratt - Director


PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 1,000 566,668 567,668

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 334,259 334,259
Balance at 31 May 2023 1,000 750,927 751,927

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 513,660 513,660
Balance at 31 May 2024 1,000 964,587 965,587

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31/5/24 31/5/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 721,675 819,893
Tax paid (83,456 ) (85,480 )
Net cash from operating activities 638,219 734,413

Cash flows from investing activities
Purchase of tangible fixed assets (3,662 ) (4,305 )
Sale of tangible fixed assets 1,005 -
Interest received 23,088 1,966
Net cash from investing activities 20,431 (2,339 )

Cash flows from financing activities
Equity dividends paid (300,000 ) (150,000 )
Net cash from financing activities (300,000 ) (150,000 )

Increase in cash and cash equivalents 358,650 582,074
Cash and cash equivalents at beginning of
year

2

1,661,965

1,079,891

Cash and cash equivalents at end of year 2 2,020,615 1,661,965

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/5/24 31/5/23
£    £   
Profit before taxation 685,862 417,821
Depreciation charges 4,023 6,269
Loss on disposal of fixed assets 8,007 -
Intercompany Movement 212,853 25,818
Finance income (23,088 ) (1,966 )
887,657 447,942
Decrease/(increase) in trade and other debtors 6,766 (314,713 )
(Decrease)/increase in trade and other creditors (172,748 ) 686,664
Cash generated from operations 721,675 819,893

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 May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 2,020,615 1,661,965
Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 1,661,965 1,079,891


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/6/23 Cash flow At 31/5/24
£    £    £   
Net cash
Cash at bank and in hand 1,661,965 358,650 2,020,615
1,661,965 358,650 2,020,615
Total 1,661,965 358,650 2,020,615

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Peter Best 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.

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

Revenue is based on administration fees charged on Insurance Policies. Revenue recognised at the point an Insurance Policy is written, renewed or amended.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Office equipment - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year 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 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.

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Insurance premiums trade debtors and creditor
Trade Debtors include gross amounts due from customers on Insurance Premiums including the premium due to insurers. Premiums due to insurers are included in Trade Creditors.

3. EMPLOYEES AND DIRECTORS
31/5/24 31/5/23
£    £   
Wages and salaries 234,151 261,845
Social security costs 20,757 16,419
Other pension costs 10,050 8,000
264,958 286,264

The average number of employees during the year was as follows:
31/5/24 31/5/23

Employees 8 11

31/5/24 31/5/23
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

31/5/24 31/5/23
£    £   
Other operating leases 4,218 15,708
Depreciation - owned assets 4,024 6,269
Loss on disposal of fixed assets 8,007 -
Auditors remuneration 10,890 8,070
Auditors' remuneration for non audit work 915 2,400

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/5/24 31/5/23
£    £   
Current tax:
UK corporation tax 173,254 83,456

Deferred taxation (1,052 ) 106
Tax on profit 172,202 83,562

6. DIVIDENDS
31/5/24 31/5/23
£    £   
Final 300,000 150,000

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Office and Computer
property equipment fittings equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 16,506 10,245 25,518 34,019 86,288
Additions - 3,270 - 392 3,662
Disposals (16,506 ) (3,312 ) - (28,298 ) (48,116 )
At 31 May 2024 - 10,203 25,518 6,113 41,834
DEPRECIATION
At 1 June 2023 8,498 6,928 13,286 31,075 59,787
Charge for year - 578 1,835 1,611 4,024
Eliminated on disposal (8,498 ) (2,308 ) - (28,298 ) (39,104 )
At 31 May 2024 - 5,198 15,121 4,388 24,707
NET BOOK VALUE
At 31 May 2024 - 5,005 10,397 1,725 17,127
At 31 May 2023 8,008 3,317 12,232 2,944 26,501

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade debtors 448,018 467,085
Prepayments and accrued income 39,599 27,298
487,617 494,383

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/5/24 31/5/23
£    £   
Trade creditors 900,407 1,017,862
Amounts owed to group undertakings 424,282 211,430
Taxation 173,254 83,456
Other creditors - 489
Accruals and deferred income 58,935 113,739
1,556,878 1,426,976

10. PROVISIONS FOR LIABILITIES
31/5/24 31/5/23
£    £   
Deferred taxation 2,894 3,946

Deferred
tax
£   
Balance at 1 June 2023 3,946
Provided during year (1,052 )
Balance at 31 May 2024 2,894

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/5/24 31/5/23
value: £    £   
1,000 Ordinary £1 1,000 1,000

PETER BEST INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 02210270)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


12. RESERVES
Retained
earnings
£   

At 1 June 2023 750,927
Profit for the year 513,660
Dividends (300,000 )
At 31 May 2024 964,587

13. ULTIMATE PARENT COMPANY

Grove & Dean (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.

14. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

At the year end, the company owed £424,282 (2023 - £211,430) to Grove & Dean Limited, a company under common control.

Expenses totalling £388,725 were recharged from Grove & Dean Limited to Peter Best Insurance Services Limited in the year.