REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
GOT YOU COVERED LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
GOT YOU COVERED LIMITED |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 10 |
GOT YOU COVERED LIMITED |
Company Information |
for the year ended 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank | 7 |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | 11 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Balance Sheet - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | Statutory information |
Got You Covered Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
The Company meets its day to day working capital requirements from corporate cash balances. The UK broking market remains extremely competitive and the Company continues to monitor the uncertainty in the current environment. The Directors are satisfied that the companies service will continue to be attractive to its clients. |
The Directors consider the going concern basis to be appropriate following their assessment of the Company's financial position and its ability to meet its obligations as and when they fall due. In making the going concern assessment the Directors have considered the following: |
- The current capital structure and liquidity of the Company and its cash flow forecasts. |
- Regulatory capital position at 31 March 2024 and surplus available for the next 12 months. |
- The principal risks facing the Company, including its system of risk management and internal control. |
Following the assessment of the Company's financial position and its ability to meet its obligations as and when they fall due, the Directors are not aware of any material uncertainties that cast significant doubt on the Company's ability to continue as a going concern. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
Turnover and revenue recognition |
Turnover relating to insurance broking represents net fees and commissions derived from premiums invoiced to clients as well as premium finance income where premiums are paid in instalments. The company recognises fee and commission income on completion of the associated service. This is when the Directors consider that the right to consideration from clients has been achieved. Turnover is stated net of value added tax and other sales taxes where applicable. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in year 0, is being amortised evenly over its estimated useful life of five years. |
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. |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
i. Cash and cash equivalents |
Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
ii. Bad debt policy |
The company continually manages its bad debt exposures. It provides for potential bad debts on an estimate of the likely cancellation of policies and estimated level of bad debt created per cancelled policy. Profit and loss estimates are based on historical experience and reassessed periodically. The estimated bad debt per policy is provided for at the date of sale of the policy. |
iii. Insurance broking debtors and creditors |
The Company acts as an agent in broking insurable risks of its clients and generally is not liable as a principle for premiums due to underwrites or for claims payable to clients.In accordance with generally accepted accounting practice, the Company has from this year shown debtors and creditor balances relating to insurance broking business as assets and liabilities, unless there is a contractual set-off. |
Premium instalments due from the Company's outsourced premium finance provider are shown to the extent that the premium finance provider has not yet settled premiums due at the balance sheet date. The remaining instalments that have already been financed to the Company are not included in the balance sheet. Whilst these remaining instalments are subject to clawback by the premium finance provider in the event of customer default, the Company holds provision at the balance sheet date for the credit risk associated with any shortfall in return premium from the respective insurers that is unable to cover the clawback taken by the premium finance provider. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Taxation |
Taxation expense for the period comprises current tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively. |
Current taxation assets and liabilities are not discounted. |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | Accounting policies - continued |
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 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 obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
Errors and omissions and other claims |
The company is subject to claims and litigation in the ordinary course of its business, principally in connection with the Company's insurance broking business. The Company mitigates this risk through regular review of its processes and, ultimately, the taking out of the appropriate insurance cover. |
Provisions |
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are held where an insurer from our panel has deemed we are partially or wholly responsible for the payment of a policy claim, at the value of the reserve held by the insurer. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 April 2023 |
and 31 March 2024 |
Amortisation |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Bad debts provision | (411,109 | ) | (159,847 | ) |
Other debtors |
Directors' current accounts | 25,375 | - |
Prepayments |
Debtor balances relating to insurance broking business and outstanding to the Company at 31 March 2024, are included in trade debtors above. All amounts due had been received by the date of these accounts and within contractual terms. |
7. | Cash at bank |
2024 | 2023 |
£ | £ |
Bank balances | 1,131,147 | 224,896 |
Insurance cash balances | 542,819 | - |
At 31 March 2024 | 1,673,966 | 224,896 |
Monies relating to the payments of insurer premiums are held in a separate bank account and are not used as part of the working capital of the business. |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Insurance creditors | 2,870,870 | - |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | - | 763 |
Accruals and deferred income |
Creditor balances relating to insurance businesses and outstanding to the Company at 31 March 2024, are included in trade creditors above. All amounts due had been settled by the date of these accounts and within contractual terms. |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 577,253 | 761,118 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | 100 | 100 | 100 |
11. | Reserves |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
GOT YOU COVERED LIMITED (REGISTERED NUMBER: 10024801) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
12. | Directors' advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan is subject to no interest charge. |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Got You Covered Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Got You Covered Limited for the year ended 31 March 2024 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
This report is made solely to the Board of Directors of Got You Covered Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Got You Covered Limited and state those matters that we have agreed to state to the Board of Directors of Got You Covered Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Got You Covered Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Got You Covered Limited. You consider that Got You Covered Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Got You Covered Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |