Company registration number 3668383 (England and Wales)
CALL ASSIST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
CALL ASSIST LIMITED
COMPANY INFORMATION
Directors
Mr Richard Stevens
Mr Edward Wright
Miss Linda Baker
Mr L Puffett
Mr Guy Stevens
Mr Jonathan Mason
Mr A J Stevens
(Appointed 1 August 2023)
Secretary
Miss Linda Baker
Company number
3668383
Registered office
Axis Court
North Station Road
Colchester
Essex
CO1 1UX
Auditor
Streets Audit LLP
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
CALL ASSIST LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The company continues to build on its sound base and increase its share of the market, as well as softly launching into new markets.
Principal risks and uncertainties
There is considerable competition within this market particularly with larger scheme business, but the company offers a high standard of service, flexibility and competitive pricing which helps to maintain its position.
Forecasting is reasonably accurate with variations occurring in the normal course of business.
Development and performance
There are many challenges within the market and the company strives to improve its service standards year by year. Pressures on costs remain an issue and the company tries to manage these prudently by systems development, training and technological advances. The business is generally low margin therefore it is important that the company continues to maintain this approach.
The company is diversifying its product range and services.
Key performance indicators
The detailed profit and loss account, balance sheet and cash flow statements remain the key financial performance indicators to the directors and are satisfactory for this financial year. Growth and concentration in well performing areas, as well as increased efficiency means the company’s profit remains stable.
Mr Richard Stevens
Director
23 January 2025
CALL ASSIST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company during the year was the provision of insurance related assistance services, primarily in the field of vehicle recovery insurance.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Richard Stevens
Mr Edward Wright
Miss Linda Baker
Mr L Puffett
Mr Guy Stevens
Mr Jonathan Mason
Mr A J Stevens
(Appointed 1 August 2023)
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Future developments
The company plans to continue its provision of insurance related assurance services. The development of its new software continues and is a major cost to the company.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
CALL ASSIST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr Richard Stevens
Director
23 January 2025
CALL ASSIST LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CALL ASSIST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CALL ASSIST LIMITED
- 5 -
Opinion
We have audited the financial statements of Call Assist Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
CALL ASSIST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CALL ASSIST LIMITED (CONTINUED)
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
Had a direct effect on the determination of material of amounts and disclosures in the financial statements. These included the UK Companies Act, pensions legislation, tax legislation; and
Do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included the Financial Conduct Authority regulations.
CALL ASSIST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CALL ASSIST LIMITED (CONTINUED)
- 7 -
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for fraud or non-compliance with laws and regulations in the following areas, and our specific procedures performed to address them are described below:
The company earns fees and commissions from its insurance-related vehicle recovery activities and there is a fraud risk that bordereaux are inappropriately accelerated or deferred between accounting periods.
We have assessed that there is a significant risk of material misstatement relating to revenue recognition which is pinpointed to the cut off assertion specifically around the year end.
We obtained an understanding of the revenue process, including procedures for recharging recovery costs to insurers and the flow of financial information into the general ledger;
Assessed the design and implementation of controls in the revenue process specifically focusing on the controls that address revenue recognition cut-off and bordereaux reconciliations; and
Performed additional cut-off testing around the year-end date by reviewing revenue recognised after-date to identify any transactions which may have been erroneously recognised as revenue in the incorrect period.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
CALL ASSIST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CALL ASSIST LIMITED (CONTINUED)
- 8 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Greene BSc FCCA
Senior Statutory Auditor
For and on behalf of Streets Audit LLP
23 January 2025
Chartered Accountants
Statutory Auditor
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
CALL ASSIST LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
16,343,142
15,738,398
Cost of sales
(4,708,829)
(4,948,752)
Gross profit
11,634,313
10,789,646
Administrative expenses
(11,627,645)
(10,668,304)
Other operating income
110,467
226,176
Operating profit
4
117,135
347,518
Interest receivable and similar income
8
232,601
111,959
Profit before taxation
349,736
459,477
Tax on profit
9
(81,413)
(116,656)
Profit for the financial year
268,323
342,821
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CALL ASSIST LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
84,218
95,922
Investments
12
1,741,506
1,741,506
1,825,724
1,837,428
Current assets
Debtors
14
1,642,529
3,003,565
Cash at bank and in hand
8,752,440
8,095,540
10,394,969
11,099,105
Creditors: amounts falling due within one year
15
(5,289,145)
(5,270,344)
Net current assets
5,105,824
5,828,761
Total assets less current liabilities
6,931,548
7,666,189
Provisions for liabilities
Deferred tax liability
16
227
3,191
(227)
(3,191)
Net assets
6,931,321
7,662,998
Capital and reserves
Called up share capital
18
190
190
Capital redemption reserve
10
10
Profit and loss reserves
6,931,121
7,662,798
Total equity
6,931,321
7,662,998
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
Mr Richard Stevens
Director
Company registration number 3668383 (England and Wales)
CALL ASSIST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
190
10
7,319,977
7,320,177
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
342,821
342,821
Balance at 30 April 2023
190
10
7,662,798
7,662,998
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
268,323
268,323
Dividends
10
-
-
(1,000,000)
(1,000,000)
Balance at 30 April 2024
190
10
6,931,121
6,931,321
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information
Call Assist Limited is a private company limited by shares incorporated in England and Wales. The registered office is Axis Court, North Station Road, Colchester, Essex, CO1 1UX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Call Assist Limited has taken advantage of the reduced disclosure requirements made available under section 1.8 of FRS102 as its results are consolidated into the group financial statements as set out below. As part of the exemption there is no Statement of Cashflow included in the statutory accounts and there is also no disclosure of key management personnel.
Call Assist Limited is a subsidiary of Call Assist Holdings Limited and the results of Call Assist Limited are included in the consolidated financial statements of Call Assist Holdings Limited which are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services net of VAT where applicable.
Revenue earned from profit share arrangements are recognised when the amount of the profit share can be reliably calculated, it is the result of a past event and it is probable that it will be paid.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Claims reserve accrual
The claims reserve accrual is an area subject to a high degree of judgement by management. The accrual is calculated by reference to historical claims volumes and costs which are then flexed to take into account the current industry environment. This process of flexing requires judgements on the forecast level of claims activity.
Depreciation
Fixed assets are depreciated over the course of their useful economic life. In order to calculate the depreciation charge, judgements are required on the length of the likely useful life and the likely proceeds (if any) of the asset if sold at the end of its life.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
16,343,142
15,738,398
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 16 -
2024
2023
£
£
Other revenue
Interest income
232,601
111,959
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
52,091
60,764
Operating lease charges
22,740
25,628
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,684
23,758
For other services
All other non-audit services
8,560
5,248
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Sales and administration
408
386
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
8,236,831
6,925,974
Social security costs
592,988
492,999
Pension costs
116,161
140,395
8,945,980
7,559,368
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 17 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
978,861
537,629
Company pension contributions to defined contribution schemes
6,565
45,283
985,426
582,912
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
180,000
112,876
Company pension contributions to defined contribution schemes
1,321
41,321
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
232,601
111,959
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
84,377
94,478
Adjustments in respect of prior periods
9,572
Total current tax
84,377
104,050
Deferred tax
Origination and reversal of timing differences
(2,964)
12,606
Total tax charge
81,413
116,656
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 18 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
349,736
459,477
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
87,434
89,566
Tax effect of expenses that are not deductible in determining taxable profit
7,927
5,035
Depreciation on assets not qualifying for tax allowances
13,023
11,846
Other non-reversing timing differences
6,747
Under/(over) provided in prior years
9,571
Capital allowances
(14,262)
(18,715)
Deferred taxation
(2,964)
12,606
Release of provision
(9,745)
Taxation charge for the year
81,413
116,656
10
Dividends
2024
2023
£
£
Interim paid
1,000,000
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
11
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
1,065,749
79,695
1,145,444
Additions
8,812
31,575
40,387
At 30 April 2024
1,074,561
111,270
1,185,831
Depreciation and impairment
At 1 May 2023
1,021,848
27,674
1,049,522
Depreciation charged in the year
26,523
25,568
52,091
At 30 April 2024
1,048,371
53,242
1,101,613
Carrying amount
At 30 April 2024
26,190
58,028
84,218
At 30 April 2023
43,901
52,021
95,922
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
1,741,506
1,741,506
13
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Startrescue.co.uk Limited
1
Ordinary
100.00
-
Firebolt Technologies Limited
1
Ordinary
100.00
-
GEM Motoring Assist Limited
1
Ordinary
100.00
-
The Company of Veteran Motorists Limited
1
Ordinary
0
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Axis Court, North Station Road, Colchester, CO1 1UX
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,224,457
2,422,906
Corporation tax recoverable
42,786
44,183
Amounts owed by group undertakings
30,000
30,000
Amounts owed by undertakings in which the company has a participating interest
47,963
Other debtors
206,065
278,959
Prepayments and accrued income
139,221
179,554
1,642,529
3,003,565
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
207,378
205,735
Amounts due to group undertakings
1
300,001
Other taxation and social security
264,760
184,406
Dividends payable
55,556
Insurance company creditors
2,879,575
2,958,869
Accruals and deferred income
1,881,875
1,621,333
5,289,145
5,270,344
16
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
227
3,191
2024
Movements in the year:
£
Liability at 1 May 2023
3,191
Credit to profit or loss
(2,964)
Liability at 30 April 2024
227
CALL ASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
16
Deferred taxation
(Continued)
- 21 -
The deferred tax asset set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
116,161
140,395
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
Ordinary A Shares of £1 each
100
100
100
100
190
190
190
190
19
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
9,940
16,908
Between two and five years
5,316
268
15,256
17,176
20
Ultimate controlling party
The ultimate controlling party is Call Assist Holdings Limited, a company registered in England and Wales. Copies of their financial statements can be obtained from Companies House, Crown way, Cardiff, CF14 3UZ.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Call Assist Holdings Limited
Smallest group
Call Assist Holdings Limited
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