IRIS Accounts Production v24.3.2.46 01434770 Board of Directors 1.10.23 30.4.24 30.4.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh014347702023-09-30014347702024-04-30014347702023-10-012024-04-30014347702022-09-30014347702022-10-012023-09-30014347702023-09-3001434770ns15:EnglandWales2023-10-012024-04-3001434770ns14:PoundSterling2023-10-012024-04-3001434770ns10:Director12023-10-012024-04-3001434770ns10:PrivateLimitedCompanyLtd2023-10-012024-04-3001434770ns10:SmallEntities2023-10-012024-04-3001434770ns10:AuditExempt-NoAccountantsReport2023-10-012024-04-3001434770ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-04-3001434770ns10:SmallCompaniesRegimeForAccounts2023-10-012024-04-3001434770ns10:FullAccounts2023-10-012024-04-300143477012023-10-012024-04-3001434770ns10:OrdinaryShareClass12023-10-012024-04-3001434770ns10:Director42023-10-012024-04-3001434770ns10:Director52023-10-012024-04-3001434770ns10:CompanySecretary12023-10-012024-04-3001434770ns10:RegisteredOffice2023-10-012024-04-3001434770ns5:CurrentFinancialInstruments2024-04-3001434770ns5:CurrentFinancialInstruments2023-09-3001434770ns5:ShareCapital2024-04-3001434770ns5:ShareCapital2023-09-3001434770ns5:RetainedEarningsAccumulatedLosses2024-04-3001434770ns5:RetainedEarningsAccumulatedLosses2023-09-3001434770ns5:NetGoodwill2023-10-012024-04-3001434770ns5:PlantMachinery2023-10-012024-04-3001434770ns5:NetGoodwill2023-09-3001434770ns5:NetGoodwill2024-04-3001434770ns5:NetGoodwill2023-09-3001434770ns5:PlantMachinery2023-09-3001434770ns5:PlantMachinery2024-04-3001434770ns5:PlantMachinery2023-09-3001434770ns5:CostValuationns5:ListedExchangeTraded2023-09-3001434770ns5:CostValuationns5:ListedExchangeTraded2024-04-3001434770ns5:ListedExchangeTraded2024-04-3001434770ns5:ListedExchangeTraded2023-09-3001434770ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3001434770ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3001434770ns10:OrdinaryShareClass12024-04-30
REGISTERED NUMBER: 01434770 (England and Wales)















FINANCIAL STATEMENTS FOR THE PERIOD 1 OCTOBER 2023 TO 30 APRIL 2024

FOR

SHERWIN INSURANCE SERVICES LIMITED

SHERWIN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 01434770)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2023 TO 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SHERWIN INSURANCE SERVICES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 OCTOBER 2023 TO 30 APRIL 2024







DIRECTORS: Ms K A Egan
S M Sherwin
I Storm





SECRETARY: Ms E L Ainscough





REGISTERED OFFICE: 118 Holyhead Road
Coventry
West Midlands
CV1 3LY





REGISTERED NUMBER: 01434770 (England and Wales)





ACCOUNTANTS: Clive Shedd & Co
Chartered Accountants
232 Sladepool Farm Road
Birmingham
B14 5EE

SHERWIN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 01434770)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 4,006 5,398
Investments 7 1,400 3,342
5,406 8,740

CURRENT ASSETS
Debtors 8 75,152 77,068
Investments 9 51,611 48,820
Cash at bank and in hand 52,886 59,571
179,649 185,459
CREDITORS
Amounts falling due within one year 10 101,719 93,293
NET CURRENT ASSETS 77,930 92,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

83,336

100,906

PROVISIONS FOR LIABILITIES - 1,120
NET ASSETS 83,336 99,786

CAPITAL AND RESERVES
Called up share capital 12 29,000 29,000
Retained earnings 54,336 70,786
SHAREHOLDERS' FUNDS 83,336 99,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SHERWIN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 01434770)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





Ms K A Egan - Director


SHERWIN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 01434770)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2023 TO 30 APRIL 2024

1. STATUTORY INFORMATION

Sherwin Insurance Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the measurement of investments at fair value.

The company's functional and presentation currency is the pound sterling, rounded to the nearest £.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing these financial statements the company's management make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the statement of financial position date and the amounts reported in the income statement for the period under review.

The nature of estimates means that the actual outcome could differ and the company's management consider there are no estimates or assumptions that have a significant risk of causing a material adjustment to the amounts reported for assets and liabilities within the next financial year.

The company's management also consider the future cash requirements of the company and its available resources in order to ensure that the going concern basis used in the preparation of these financial statements is appropriate for the foreseeable future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Fee, commission and brokerage income includes initial income receivable on the commencement of a new policy which is recognised when the policy goes on risk. Fee and commission income also includes on-going fees which are recognised as the services are provided and renewal commissions which are recognised when earned.

Goodwill
The difference between the fair value of consideration given and the fair values of the net assets of entities acquired has been accounted for as goodwill. Amortisation has been provided to write off goodwill evenly over its estimated useful life of twenty three years.

SHERWIN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 01434770)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2023 TO 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and at varying rates on cost

Tangible fixed assets are initially recorded at cost.

Investments
Listed fixed asset investments and unlisted current asset investments are measured at fair value with changes in fair value recognised in profit or loss.

Financial instruments
Basic financial assets and liabilities are initially recognised at transaction price and are subsequently measured at amortised cost.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss ) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Pension costs and other post-retirement benefits
The company contributes to defined contribution pension schemes for its employees. Contributions payable are charged to profit or loss in the period to which they relate.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the amount expected to be paid in exchange for that service.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2023 - 6 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 April 2024 23,000
AMORTISATION
At 1 October 2023
and 30 April 2024 23,000
NET BOOK VALUE
At 30 April 2024 -
At 30 September 2023 -

SHERWIN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 01434770)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2023 TO 30 APRIL 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 126,827
Disposals (51,347 )
At 30 April 2024 75,480
DEPRECIATION
At 1 October 2023 121,429
Charge for period 1,061
Eliminated on disposal (51,100 )
Impairments 84
At 30 April 2024 71,474
NET BOOK VALUE
At 30 April 2024 4,006
At 30 September 2023 5,398

7. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST
At 1 October 2023 3,342
Fair value adjustment (1,942 )
At 30 April 2024 1,400
NET BOOK VALUE
At 30 April 2024 1,400
At 30 September 2023 3,342

Market value of listed investments at 30 April 2024 - £ 1,400 .

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 67,526 55,011
Amounts owed by group undertakings - 3,848
Other debtors - 228
Prepayments and accrued income 7,626 17,981
75,152 77,068

9. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted Investments 51,611 48,820

SHERWIN INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 01434770)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2023 TO 30 APRIL 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,543 5,256
Amounts owed to group undertakings 56,420 3,848
Taxation and social security 20,820 14,569
Other creditors 2,450 55,946
Accruals and deferred income 14,486 13,674
101,719 93,293

11. SECURED DEBTS

Group and company bank borrowings are secured by charges on the company's assets. Any assets held in accounts designated client accounts are excluded from the security given.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
29,000 Ordinary £1 29,000 29,000

13. IMMEDIATE AND ULTIMATE CONTROLLING PARTY

The directors consider the immediate parent company to be Circle Insurance Services Limited a company registered in England and Wales.

The ultimate parent company is considered to be Circle 1991 Limited, a company registered in England and Wales and copies of the consolidated financial statements can be obtained from Faraday House, 118 Holyhead Road, Coventry, CV1 3LY.