Registration number:
Equipsme Insurance Services Ltd
for the Year Ended 31 March 2024
Equipsme Insurance Services Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Equipsme Insurance Services Ltd
Company Information
Directors |
G Shay A O Santoni M T Reed R Kilpatrick |
Registered office |
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Equipsme Insurance Services Ltd
(Registration number: 10674676)
Balance Sheet as at 31 March 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
10 |
10 |
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Retained earnings |
(7,343,917) |
(6,708,104) |
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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:
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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
Equipsme Insurance Services Ltd
(Registration number: 10674676)
Balance Sheet as at 31 March 2024
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Equipsme Insurance Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
United Kingdom
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
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions internally developed |
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At 31 March 2024 |
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Amortisation |
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At 1 April 2023 |
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Amortisation charge |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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Equipsme Insurance Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Equipsme Insurance Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
(As restated) |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Subordinate Equipsme Loan - 2.4% |
6,265,714 |
5,191,747 |
Subordinate AXA loan - 9% |
1,431,529 |
1,442,035 |
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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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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10.00 |
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10.00 |
Equipsme Insurance Services Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Parent and ultimate parent undertaking |
The company's immediate parent is