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Registration number: 10674676

Equipsme Insurance Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Equipsme Insurance Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Equipsme Insurance Services Ltd

Company Information

Directors

G Shay

A O Santoni

M T Reed

R Kilpatrick

Registered office

Third Floor
1 New Fetter Lane
London
EC4A 1AN

 

Equipsme Insurance Services Ltd

(Registration number: 10674676)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

5

27,105

-

Tangible assets

6

7,743

2,066

 

34,848

2,066

Current assets

 

Debtors

7

1,120,778

688,366

Cash at bank and in hand

 

313,574

41,538

 

1,434,352

729,904

Creditors: Amounts falling due within one year

8

(1,115,864)

(806,282)

Net current assets/(liabilities)

 

318,488

(76,378)

Total assets less current liabilities

 

353,336

(74,312)

Creditors: Amounts falling due after more than one year

8

(7,697,243)

(6,633,782)

Net liabilities

 

(7,343,907)

(6,708,094)

Capital and reserves

 

Called up share capital

10

10

Retained earnings

(7,343,917)

(6,708,104)

Shareholders' deficit

 

(7,343,907)

(6,708,094)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

 

Equipsme Insurance Services Ltd

(Registration number: 10674676)
Balance Sheet as at 31 March 2024

.........................................
M T Reed
Director

 

Equipsme Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Third Floor
1 New Fetter Lane
London
EC4A 1AN
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The Company is part of a small group. The Company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts..

Going concern

At 31 March 2024, the company had net liabilities. Despite this, the directors have confirmed that in their opinion the company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

This is due to the continued financial support of the company’s parent undertaking.

Consequently, the company is considered a going concern.

 

Equipsme Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

When the outcome of a transaction can be estimated reliably, turnover from the sale of insurance is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the agreed length of the plan.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipments

33% straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets include directly attributable incremental costs incurred in their acquisition and development.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible Assets - software development

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call 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 change in value.

 

Equipsme Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Restatement of prior period

The comparative financial statements, for the year ended 31 March 2023 have been restated due to a change in the Company's revenue recognition policy during the year ended 31 March 2024. The change in accounting policy resulted in revenue for the year ended 31 March 2023 decreasing by £522,437, with a decrease of the same amount being recorded to deferred revenue, within Creditors due within one year.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2023

243,740

243,740

Additions internally developed

35,474

35,474

At 31 March 2024

279,214

279,214

Amortisation

At 1 April 2023

243,740

243,740

Amortisation charge

8,369

8,369

At 31 March 2024

252,109

252,109

Carrying amount

At 31 March 2024

27,105

27,105

 

Equipsme Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

20,501

20,501

Additions

7,351

7,351

At 31 March 2024

27,852

27,852

Depreciation

At 1 April 2023

18,435

18,435

Charge for the year

1,674

1,674

At 31 March 2024

20,109

20,109

Carrying amount

At 31 March 2024

7,743

7,743

At 31 March 2023

2,066

2,066

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

949,200

645,853

Amounts owed by related parties

141,901

19,494

Prepayments

 

29,437

19,097

Other debtors

 

240

3,922

   

1,120,778

688,366

 

Equipsme Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Trade creditors

93,638

123,765

Taxation and social security

20,232

75,619

Accruals and deferred income

1,000,262

606,591

Other creditors

1,732

307

1,115,864

806,282

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

7,697,243

6,633,782

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Subordinate Equipsme Loan - 2.4%

6,265,714

5,191,747

Subordinate AXA loan - 9%

1,431,529

1,442,035

7,697,243

6,633,782

During the year, Equipsme (Holdings) Ltd increased the subordinated loan provided to Equipsme Insurance Services Ltd to £5,769,479 (2023: £4,824,191), charging an annualised interest rate of 2.4% per annum. The subordinated loans are unsecured and repayment terms are dependent on the growth of revenue of Equipsme Insurance Services Ltd.

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Share Capital of £0.001 each

10,000

10.00

10,000

10.00

         
 

Equipsme Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Parent and ultimate parent undertaking

The company's immediate parent is Equipsme (Holdings) Ltd, incorporated in the United Kingdom.