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REGISTERED NUMBER: 06809003 (England and Wales)















THINK INSURANCE SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THINK INSURANCE SERVICES LIMITED

COMPANY INFORMATION
For The Year Ended 30 JUNE 2024







DIRECTORS: R J Fullerton
G M Hussey
Mrs H Fullerton
Mrs J Hussey





REGISTERED OFFICE: Suite 1
1st Floor
26 Newhall Street
Walsall
West Midlands
WS1 3DZ





REGISTERED NUMBER: 06809003 (England and Wales)





AUDITORS: Charles Lovell & Co Limited
Chartered Certified Accountants
and Statutory Auditors
8 Church Green East
Redditch
Worcestershire
B98 8BP

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 431,244 50,000
Tangible assets 5 215,967 322,908
647,211 372,908

CURRENT ASSETS
Debtors 6 2,891,317 3,670,600
Cash at bank and in hand 2,932,552 2,900,846
5,823,869 6,571,446
CREDITORS
Amounts falling due within one year 7 2,469,095 2,914,936
NET CURRENT ASSETS 3,354,774 3,656,510
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,001,985

4,029,418

CREDITORS
Amounts falling due after more than one
year

8

(422,488

)

(266,698

)

PROVISIONS FOR LIABILITIES 11 (37,128 ) (60,161 )
NET ASSETS 3,542,369 3,702,559

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 3,542,269 3,702,459
SHAREHOLDERS' FUNDS 3,542,369 3,702,559

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 25 February 2025 and were signed on its behalf by:





R J Fullerton - Director


THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 JUNE 2024


1. STATUTORY INFORMATION

Think 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. 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.

Turnover
Turnover comprises net commission receivable and related fees on business incepting up to the year end.

Goodwill
Goodwill, being the amount paid in connection with the acquisition businesses in 2022 and 2023, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Office equipment - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 106 (2023 - 99 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023 100,000
Additions 499,993
At 30 June 2024 599,993
AMORTISATION
At 1 July 2023 50,000
Charge for year 118,749
At 30 June 2024 168,749
NET BOOK VALUE
At 30 June 2024 431,244
At 30 June 2023 50,000

5. TANGIBLE FIXED ASSETS
Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 53,433 396,894 91,186 541,513
Additions 1,585 - 10,343 11,928
Disposals (2,579 ) - (2,402 ) (4,981 )
At 30 June 2024 52,439 396,894 99,127 548,460
DEPRECIATION
At 1 July 2023 53,413 92,744 72,448 218,605
Charge for year 396 99,223 19,242 118,861
Eliminated on disposal (2,577 ) - (2,396 ) (4,973 )
At 30 June 2024 51,232 191,967 89,294 332,493
NET BOOK VALUE
At 30 June 2024 1,207 204,927 9,833 215,967
At 30 June 2023 20 304,150 18,738 322,908

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 396,894
DEPRECIATION
At 1 July 2023 92,744
Charge for year 99,223
At 30 June 2024 191,967
NET BOOK VALUE
At 30 June 2024 204,927
At 30 June 2023 304,150

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,920,059 2,682,869
Other debtors 971,258 987,731
2,891,317 3,670,600

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 9) 4,624 5,561
Trade creditors 1,608,818 2,195,525
Amounts owed to group undertakings 96,312 52,372
Taxation and social security 317,049 360,771
Other creditors 442,292 300,707
2,469,095 2,914,936

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 9) 262,074 266,698
Other creditors 160,414 -
422,488 266,698

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year 4,624 5,561
Between one and five years 262,074 266,698
266,698 272,259

Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 70,017 67,935
Between one and five years 161,599 174,259
In more than five years - 33,000
231,616 275,194

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 266,698 272,259

11. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax
Accelerated capital allowances 37,128 60,161

Deferred
tax
£   
Balance at 1 July 2023 60,161
Credit to Income Statement during year (23,033 )
Balance at 30 June 2024 37,128

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
82 Ordinary A £1 82 82
18 Ordinary B £1 18 18
100 100

THINK INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 06809003)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 JUNE 2024


13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Thomas Harris (Senior Statutory Auditor)
for and on behalf of Charles Lovell & Co Limited

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
G M Hussey
Balance outstanding at start of year 374,503 359,004
Amounts advanced - 15,499
Amounts repaid (1,337 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 373,166 374,503

R J Fullerton
Balance outstanding at start of year 304,701 304,701
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 304,701 304,701

15. RELATED PARTY DISCLOSURES

Ensco 1292 Limited, the parent company of Think Insurance Services Limited, rents the premises to Think Insurance Services Limited for £30,000 per annum.