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REGISTERED NUMBER: 03521771 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

First Point Insurance Management Limited

First Point Insurance Management Limited (Registered number: 03521771)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

First Point Insurance Management Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J Chapman
A M Palmer





REGISTERED OFFICE: Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ





BUSINESS ADDRESS: Talavera Court
Darnell Way
Northampton
Northamptonshire
NN3 6RW





REGISTERED NUMBER: 03521771 (England and Wales)





ACCOUNTANTS: Xeinadin Billericay Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

First Point Insurance Management Limited (Registered number: 03521771)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 119,698 137,859

CURRENT ASSETS
Debtors 5 1,371,008 1,014,485
Cash at bank and in hand 1,114,025 1,321,606
2,485,033 2,336,091
CREDITORS
Amounts falling due within one year 6 2,026,645 1,604,380
NET CURRENT ASSETS 458,388 731,711
TOTAL ASSETS LESS CURRENT
LIABILITIES

578,086

869,570

PROVISIONS FOR LIABILITIES 20,269 22,620
NET ASSETS 557,817 846,950

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 557,717 846,850
SHAREHOLDERS' FUNDS 557,817 846,950

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

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

First Point Insurance Management Limited (Registered number: 03521771)

Balance Sheet - continued
31 December 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 10 February 2025 and were signed on its behalf by:





J Chapman - Director


First Point Insurance Management Limited (Registered number: 03521771)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

First Point Insurance Management 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 represents the fair value of net commissions and fees, received on the sale of insurance policies, excluding value added tax.

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, 15% on reducing balance and Over the period of the lease

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

First Point Insurance Management Limited (Registered number: 03521771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2023 - 57 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 604,457
Additions 15,047
At 31 December 2024 619,504
DEPRECIATION
At 1 January 2024 466,598
Charge for year 33,208
At 31 December 2024 499,806
NET BOOK VALUE
At 31 December 2024 119,698
At 31 December 2023 137,859

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,100,471 668,670
Other debtors 270,537 345,815
1,371,008 1,014,485

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 1,825,842 1,405,180
Taxation and social security 187,084 180,543
Other creditors 13,719 18,657
2,026,645 1,604,380

First Point Insurance Management Limited (Registered number: 03521771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 114,240 114,240
Between one and five years 199,920 314,160
314,160 428,400

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
50 Ordinary A £1 50 50
50 Ordinary B £1 50 50
100 100

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
J Chapman
Balance outstanding at start of year 136,799 133,612
Amounts advanced 91,874 137,187
Amounts repaid (137,000 ) (134,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 91,673 136,799

A M Palmer
Balance outstanding at start of year 159,567 134,028
Amounts advanced 122,241 160,539
Amounts repaid (160,000 ) (135,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 121,808 159,567

Interest is charged on the overdrawn balance at the HMRC official rate of interest. No terms are attached to the loans given.

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
First Point Insurance Management 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 First Point Insurance Management Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of First Point Insurance Management 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 First Point Insurance Management Limited and state those matters that we have agreed to state to the Board of Directors of First Point Insurance Management Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that First Point Insurance Management 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 First Point Insurance Management Limited. You consider that First Point Insurance Management 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 First Point Insurance Management 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.






Xeinadin Billericay Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ


10 February 2025