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Registered number: 03671217
Waltons Insurance Brokers Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03671217
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 101,607 137,817
Investments 5 - 113,270
101,607 251,087
CURRENT ASSETS
Debtors 6 712,050 696,808
Cash at bank and in hand 272,168 319,617
984,218 1,016,425
Creditors: Amounts Falling Due Within One Year 7 (482,333 ) (668,970 )
NET CURRENT ASSETS (LIABILITIES) 501,885 347,455
TOTAL ASSETS LESS CURRENT LIABILITIES 603,492 598,542
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (20,751 ) (29,471 )
NET ASSETS 582,741 569,071
CAPITAL AND RESERVES
Called up share capital 9 26,000 26,000
Profit and Loss Account 556,741 543,071
SHAREHOLDERS' FUNDS 582,741 569,071
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J M Reynolds
Director
26 June 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Waltons Insurance Brokers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03671217 . The registered office is 11th Floor The Plaza, 100 Old Hall Street, Liverpool, Merseyside, L3 9QJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor vehicles 25% reducing balance
Fixtures and fittings 20% reducing balance
Computer equipment 25% straight line
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.6. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
4. Tangible Assets
Motor vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
As at 1 June 2023 145,025 78,911 50,585 274,521
Additions - - 1,011 1,011
As at 31 May 2024 145,025 78,911 51,596 275,532
Depreciation
As at 1 June 2023 33,235 63,388 40,081 136,704
Provided during the period 27,948 3,105 6,168 37,221
As at 31 May 2024 61,183 66,493 46,249 173,925
Net Book Value
As at 31 May 2024 83,842 12,418 5,347 101,607
As at 1 June 2023 111,790 15,523 10,504 137,817
5. Investments
Other
£
Cost
As at 1 June 2023 113,270
Disposals (113,270 )
As at 31 May 2024 -
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 113,270
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6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 8,288 12,109
Aged Client Balances 272,082 340,629
Insurance Bank Account 194,003 248,958
Other debtor 227,518 85,849
Directors' loan accounts 10,159 9,263
712,050 696,808
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,530 -
Corporation tax 26,647 16,920
Other taxes and social security 19,052 18,439
Other creditors 13,000 5,995
Aged Insurer Balances 406,293 490,613
Pensions payable 5,297 2,444
PCC Certificates - 16,650
Accruals and deferred income 10,514 7,169
Amounts owed to subsidiaries - 110,740
482,333 668,970
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 20,751 29,471
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 26,000 26,000
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 23,047 27,856
Later than one year and not later than five years 11,401 34,448
34,448 62,304
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11. Directors Advances, Credits and Guarantees
A director of the company withdrew amounts totalling £35,000 (2023: £13,463), repaid £21,203 (2023: £4,201) and received dividends totalling £12,900 . At the balance sheet date the director owed the company £10,159 (2023: £9,263).
The above loan is unsecured, interest free and repayable on demand.
12. Related Party Transactions
The following related party transactions were undertaken during the year:
The aggregate remuneration paid to key management personnel for the year was £156,166 (2023: £168,247).
Dividends where issued to shareholders in respect of their shareholdings totalling £13,127 (2023:Nil)
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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