IRIS Accounts Production v24.3.2.46 05223015 Board of Directors 1.6.23 31.5.24 31.5.24 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh052230152023-05-31052230152024-05-31052230152023-06-012024-05-31052230152022-05-31052230152022-06-012023-05-31052230152023-05-3105223015ns15:EnglandWales2023-06-012024-05-3105223015ns14:PoundSterling2023-06-012024-05-3105223015ns10:Director12023-06-012024-05-3105223015ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3105223015ns10:SmallEntities2023-06-012024-05-3105223015ns10:AuditExemptWithAccountantsReport2023-06-012024-05-3105223015ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3105223015ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3105223015ns10:FullAccounts2023-06-012024-05-3105223015ns10:Director22023-06-012024-05-3105223015ns10:Director32023-06-012024-05-3105223015ns10:Director42023-06-012024-05-3105223015ns10:CompanySecretary12023-06-012024-05-3105223015ns10:RegisteredOffice2023-06-012024-05-3105223015ns5:CurrentFinancialInstruments2024-05-3105223015ns5:CurrentFinancialInstruments2023-05-3105223015ns5:Non-currentFinancialInstruments2024-05-3105223015ns5:Non-currentFinancialInstruments2023-05-3105223015ns5:ShareCapital2024-05-3105223015ns5:ShareCapital2023-05-3105223015ns5:FurtherSpecificReserve1ComponentTotalEquity2024-05-3105223015ns5:FurtherSpecificReserve1ComponentTotalEquity2023-05-3105223015ns5:RetainedEarningsAccumulatedLosses2024-05-3105223015ns5:RetainedEarningsAccumulatedLosses2023-05-3105223015ns5:MotorVehicles2023-06-012024-05-3105223015ns5:ComputerEquipment2023-06-012024-05-3105223015ns5:MotorVehicles2023-05-3105223015ns5:ComputerEquipment2023-05-3105223015ns5:MotorVehicles2024-05-3105223015ns5:ComputerEquipment2024-05-3105223015ns5:MotorVehicles2023-05-3105223015ns5:ComputerEquipment2023-05-3105223015ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3105223015ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-06-012024-05-3105223015ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-05-3105223015ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3105223015ns5:CostValuation2023-05-3105223015ns5:AdditionsToInvestments2024-05-3105223015ns5:DisposalsRepaymentsInvestments2024-05-3105223015ns5:RevaluationsIncreaseDecreaseInInvestments2024-05-3105223015ns5:CostValuation2024-05-3105223015ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3105223015ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3105223015ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-05-3105223015ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-05-3105223015ns5:Non-currentFinancialInstruments2023-06-012024-05-3105223015ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-05-3105223015ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-05-3105223015ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-05-3105223015ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-05-3105223015ns5:HirePurchaseContracts2024-05-3105223015ns5:HirePurchaseContracts2023-05-3105223015ns5:Secured2024-05-3105223015ns5:Secured2023-05-31
REGISTERED NUMBER: 05223015 (England and Wales)


















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: Mrs Susan Patricia Quick
Mr Antony James Quick
Mr Adam James Quick
Mrs Anna Marie Welsh





SECRETARY: Mrs Susan Patricia Quick





REGISTERED OFFICE: 1A Baddesley Close
North Baddesley
Southampton
Hampshire
SO52 9DR





REGISTERED NUMBER: 05223015 (England and Wales)





ACCOUNTANTS: Rothmans LLP
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 38,126 8,549
Investments 5 57,311 33,224
Investment property 6 16,167,250 16,401,715
16,262,687 16,443,488

CURRENT ASSETS
Debtors 7 285,104 239,925
Cash at bank 62,484 90,048
347,588 329,973
CREDITORS
Amounts falling due within one year 8 2,405,565 2,532,647
NET CURRENT LIABILITIES (2,057,977 ) (2,202,674 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,204,710

14,240,814

CREDITORS
Amounts falling due after more than one
year

9

(7,620,402

)

(8,013,718

)

PROVISIONS FOR LIABILITIES (509,559 ) (407,282 )
NET ASSETS 6,074,749 5,819,814

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Investment property reserve 3,237,214 2,899,317
Retained earnings 2,827,535 2,910,497
SHAREHOLDERS' FUNDS 6,074,749 5,819,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

SPECIALIST INSURANCE AGENCY (HOLDINGS)
LIMITED (REGISTERED NUMBER: 05223015)

BALANCE SHEET - continued
31 MAY 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2024 and were signed on its behalf by:





Mr Antony James Quick - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

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 7 (2023 - 7 ) .

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 66,889 3,750 70,639
Additions 41,973 3,437 45,410
Disposals (30,000 ) - (30,000 )
At 31 May 2024 78,862 7,187 86,049
DEPRECIATION
At 1 June 2023 60,889 1,201 62,090
Charge for year 8,395 1,438 9,833
Eliminated on disposal (24,000 ) - (24,000 )
At 31 May 2024 45,284 2,639 47,923
NET BOOK VALUE
At 31 May 2024 33,578 4,548 38,126
At 31 May 2023 6,000 2,549 8,549

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 66,889
Additions 41,973
Disposals (30,000 )
At 31 May 2024 78,862
DEPRECIATION
At 1 June 2023 60,889
Charge for year 8,395
Eliminated on disposal (24,000 )
At 31 May 2024 45,284
NET BOOK VALUE
At 31 May 2024 33,578
At 31 May 2023 6,000

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 1 33,223 33,224
Additions - 18,429 18,429
Disposals - (1,110 ) (1,110 )
Revaluations - 6,768 6,768
At 31 May 2024 1 57,310 57,311
NET BOOK VALUE
At 31 May 2024 1 57,310 57,311
At 31 May 2023 1 33,223 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 16,401,715
Additions 16,357
Disposals (440,000 )
Revaluations 189,178
At 31 May 2024 16,167,250
NET BOOK VALUE
At 31 May 2024 16,167,250
At 31 May 2023 16,401,715

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 146,190 144,583
Other debtors - 1,150
Deferred tax asset 44,046 -
Specialist Rentals Limited 93,774 93,774
Prepayments 1,094 418
285,104 239,925

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 10,000 10,000
Hire purchase contracts (see note 10) 8,909 4,260
Trade creditors - 9,363
Tax (42 ) 27,287
Social security and other taxes (1,587 ) 1,648
Other creditors 623 -
Net wages 57 -
Directors' current accounts 2,382,297 2,476,346
Accrued expenses 5,308 3,743
2,405,565 2,532,647

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 2,500 12,500
Hire purchase contracts (see note 10) 10,972 3,346
Mortgages 7,596,930 7,987,872
7,620,402 8,013,718

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 8,909 4,260
Between one and five years 10,972 3,346
19,881 7,606

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
7,616,811 7,995,478

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.






Rothmans LLP
Chartered Accountants
Chilworth Point
1 Chilworth Road
Southampton
SO16 7JQ


Date: .............................................