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Registration number: 05036546

Middleton Insurance Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Middleton Insurance Services Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Middleton Insurance Services Ltd

Company Information

Directors

Mr AL Porter

Mrs KS Porter

Company secretary

Mr AL Porter

Registered office

16 Flansham Lane
Bognor Regis
West Sussex
PO22 6AB

Accountants

Blue Spire Limited
Chartered AccountantsCawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Middleton Insurance Services Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Middleton Insurance Services Ltd for the year ended 30 April 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Middleton Insurance Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Middleton Insurance Services Ltd and state those matters that we have agreed to state to the Board of Directors of Middleton Insurance Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Middleton Insurance Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Middleton Insurance Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Middleton Insurance Services Ltd. You consider that Middleton Insurance Services Ltd 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 accounts of Middleton Insurance Services Ltd. 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 accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

11 December 2024

 

Middleton Insurance Services Ltd

(Registration number: 05036546)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

32,073

38,764

Tangible assets

5

66,150

78,009

 

98,223

116,773

Current assets

 

Debtors

6

312,092

304,485

Cash at bank and in hand

 

101,181

14

 

413,273

304,499

Creditors: Amounts falling due within one year

7

(230,688)

(164,961)

Net current assets

 

182,585

139,538

Total assets less current liabilities

 

280,808

256,311

Creditors: Amounts falling due after more than one year

7

(215,528)

(115,117)

Provisions for liabilities

(12,568)

(14,821)

Net assets

 

52,712

126,373

Capital and reserves

 

Called up share capital

8

103

103

Retained earnings

52,609

126,270

Shareholders' funds

 

52,712

126,373

For the financial year ending 30 April 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 and 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 11 December 2024 and signed on its behalf by:
 

.........................................
Mr AL Porter
Company secretary and director

.........................................
Mrs KS Porter
Director

 
     
 

Middleton Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
16 Flansham Lane
Bognor Regis
West Sussex
PO22 6AB

These financial statements were authorised for issue by the Board on 11 December 2024.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

Middleton Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Leasehold Property

5% Straight Line

Fixtures and Fittings

10% Straight Line

Equipment

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10 Years Straight Line

Development of Software and Systems

10 Years 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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 the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Middleton Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Middleton Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Development of Software and Systems
£

Total
£

Cost or valuation

At 1 May 2023

26,911

40,000

66,911

At 30 April 2024

26,911

40,000

66,911

Amortisation

At 1 May 2023

16,147

12,000

28,147

Amortisation charge

2,691

4,000

6,691

At 30 April 2024

18,838

16,000

34,838

Carrying amount

At 30 April 2024

8,073

24,000

32,073

At 30 April 2023

10,764

28,000

38,764

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

48,524

185,109

233,633

At 30 April 2024

48,524

185,109

233,633

Depreciation

At 1 May 2023

20,189

135,435

155,624

Charge for the year

2,426

9,433

11,859

At 30 April 2024

22,615

144,868

167,483

Carrying amount

At 30 April 2024

25,909

40,241

66,150

At 30 April 2023

28,335

49,674

78,009

Included within the net book value of land and buildings above is £25,909 (2023 - £28,335) in respect of freehold land and buildings.
 

 

Middleton Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

18,177

14,454

Amounts owed by related parties

270,830

266,067

Other debtors

 

18,403

18,403

Prepayments

 

4,682

5,561

 

312,092

304,485

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

145,609

85,641

Trade creditors

 

33,010

11,551

Taxation and social security

 

29,389

53,415

Accruals and deferred income

 

-

2,500

Other creditors

 

22,680

11,854

 

230,688

164,961

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

215,528

115,117

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

2

2

2

2

Ordinary C of £1 each

1

1

1

1

103

103

103

103

 

Middleton Insurance Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

215,528

115,117

Current loans and borrowings

2024
£

2023
£

Bank borrowings

145,609

82,383

Bank overdrafts

-

3,258

145,609

85,641

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary A

-

-

Interim dividend of £2,400.00 per each Ordinary B

4,800

4,800

Interim dividend of £6,600.00 per each Ordinary C

6,600

6,600

11,400

11,400