REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 10 |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Chilworth Point |
1 Chilworth Road |
Southampton |
SO16 7JQ |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Investment property reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Specialist Insurance Agency (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Specialist Insurance Agency (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
TANGIBLE FIXED ASSETS |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted where there is an indication of a significant change since the last reporting date. |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost and impaired if the asset's carrying amount the is in excess of the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. |
OTHER INVESTMENTS |
Investments are shown at market value where there is readily identifiable market value. Unlisted shares, where there is no readily identifiable market value, are recorded at cost or a nominal amount. |
Investments are revalued at the Balance Sheet date so that when investments are sold, gains or losses which arose before the previous year end have already been recognised. Movements in value arising from investment changes or revaluation, together with profits on disposal of investments, have been recognised in the Statement of Comprehensive Income. |
INVESTMENT PROPERTY |
Investment properties are included at fair value through at the Balance Sheet date, with changes in fair value recognised in the profit and loss account. |
Mr A J Quick, a director of the company, ensures that the investment properties held are included in the balance sheet at their open market value. The valuation of the properties are determined in accordance with research from various sources including the land registry carried out by Mr A J Quick. |
SHORT-TERM DEBTORS AND CREDITORS |
Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance. |
CASH AND CASH EQUIVALENTS |
Cash and short-term deposits included in the Statement of Financial Position comprise cash in hand and short-term deposits with an original maturity of three months or less. |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PROVISIONS |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company makes contributions into a recognised UK defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Obligations for contributions to defined contribution pension schemes are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. |
REVENUE RECOGNITION |
Rents received represents the amounts receivable by the company, in respect of the rental of investment properties. |
Management charges represent the amounts receivable for management services provided. |
Revenue is recognised over the course of a lease and when the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2023 | 33,224 |
Additions | 18,429 |
Disposals | ( |
) | (1,110 | ) |
Revaluations | 6,768 |
At 31 May 2024 | 57,311 |
NET BOOK VALUE |
At 31 May 2024 | 57,311 |
At 31 May 2023 | 33,224 |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 May 2024 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2020 | - | 1,268 | 1,268 |
Valuation in 2021 | - | 1,399 | 1,399 |
Valuation in 2022 | - | (1,642 | ) | (1,642 | ) |
Valuation in 2023 | - | 1,597 | 1,597 |
Valuation in 2024 | - | 6,768 | 6,768 |
Cost | 1 | 47,920 | 47,921 |
1 | 57,310 | 57,311 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 189,178 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Cost | 12,428,865 |
Valuation in | 2002 | 26,000 |
Valuation in | 2004 | 15,000 |
Valuation in | 2007 | 58,128 |
Valuation in | 2008 | 98,131 |
Valuation in | 2010 | (132,968 | ) |
Valuation in | 2011 | (158,914 | ) |
Valuation in | 2012 | (20,905 | ) |
Valuation in | 2013 | 103,257 |
Valuation in | 2014 | 443,662 |
Valuation in | 2015 | 982,575 |
Valuation in | 2016 | 408,094 |
Valuation in | 2017 | 80,091 |
Valuation in | 2018 | 432,336 |
Valuation in | 2019 | (212,293 | ) |
Valuation in | 2020 | 77,871 |
Valuation in | 2021 | 829,612 |
Valuation in | 2022 | 489,834 |
Valuation in | 2023 | (214,793 | ) |
Valuation in | 2024 | 433,667 |
Total | 16,167,250 |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Specialist Rentals Limited |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Hire purchase contracts (see note 10) |
Trade creditors |
Tax | ( |
) |
Social security and other taxes | ( |
) |
Other creditors |
Net wages | 57 | - |
Directors' current accounts |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 1-2 years | 10,000 | 10,000 |
Other loans - 2-5 years |
Hire purchase contracts (see note 10) |
Mortgages |
The mortgages are secured on the properties to which they relate. |
10. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 19,881 | 7,606 |
Mortgages | 7,596,930 | 7,987,872 |
The above debts are secured by a charge over the assets to which they relate. |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED (REGISTERED NUMBER: 05223015) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
12. | RELATED PARTY DISCLOSURES |
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. |
At the beginning and end of the year an amount of £93,774 was owed by a company under common control. |
At the beginning of the year an amount of £2,476,346 was owed to directors of the company. During the year amounts of £179,948 were withdrawn and £85,899 were introduced so that at the end of the year an amount of £2,382,297 was owed to the directors. |
No interest is being charged on any of the amounts detailed above and all are repayable on demand. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SPECIALIST INSURANCE AGENCY (HOLDINGS) |
LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Specialist Insurance Agency (Holdings) Limited for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Specialist Insurance Agency (Holdings) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Specialist Insurance Agency (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Specialist Insurance Agency (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialist Insurance Agency (Holdings) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Specialist Insurance Agency (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Specialist Insurance Agency (Holdings) Limited. You consider that Specialist Insurance Agency (Holdings) Limited 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 financial statements of Specialist Insurance Agency (Holdings) Limited. 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 financial statements. |
Chartered Accountants |
Chilworth Point |
1 Chilworth Road |
Southampton |
SO16 7JQ |
Date: ............................................. |