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PING INSURE LIMITED

Registered Number
11369509
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

PING INSURE LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

A Browne
R J Clark
T Moore

Company Secretary

R J Clark

Registered Address

New Broad Street House
35 New Broad Street
London
EC2M 1NH

Registered Number

11369509 (England and Wales)
PING INSURE LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets327,15439,191
27,15439,191
Current assets
Debtors4342,328103,985
Cash at bank and on hand393,776104,673
736,104208,658
Creditors amounts falling due within one year5(659,304)(191,647)
Net current assets (liabilities)76,80017,011
Total assets less current liabilities103,95456,202
Net assets103,95456,202
Capital and reserves
Called up share capital100100
Profit and loss account103,85456,102
Shareholders' funds103,95456,202
The financial statements were approved and authorised for issue by the Board of Directors on 15 January 2025, and are signed on its behalf by:
R J Clark
Director
Registered Company No. 11369509
PING INSURE LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the provisions of Section 1A 'Small Entities' (FRS102 sections 1A) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report, have been taken this year. The company has adopted FRS102 section 1A for the first time with previous accounts being prepared under FRS105 'The Financial Reporting Standard applicable to the Micro-entities regime'. There were no material adjustments on adoption of the FRS102 section 1A in the current or prior years..
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Finance leases and hire purchase contracts
Assets held under finance leases (which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company) and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Payments under operating lease contracts are expensed through the profit and loss account in the period in which payments are made.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year43
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 July 2366,38766,387
Additions4,1314,131
At 30 June 2470,51870,518
Depreciation and impairment
At 01 July 2327,19627,196
Charge for year16,16816,168
At 30 June 2443,36443,364
Net book value
At 30 June 2427,15427,154
At 30 June 2339,19139,191
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables112,52838,844
Prepayments and accrued income229,80065,141
Total342,328103,985
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables606,743178,606
Taxation and social security51,59911,842
Accrued liabilities and deferred income9621,199
Total659,304191,647