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REGISTERED NUMBER: 06842697 (England and Wales)















Sharrock Insurance Services Limited

Unaudited Financial Statements for the Year Ended 30 September 2024






Sharrock Insurance Services Limited (Registered number: 06842697)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Sharrock Insurance Services Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: A Doucy





REGISTERED OFFICE: 1 High Street
Sheerness
Kent
ME12 1NY





BUSINESS ADDRESS: Watson's Mill
Rides Passage
High Street
Sheerness
Kent
ME12 1UD





REGISTERED NUMBER: 06842697 (England and Wales)





ACCOUNTANTS: Foreman Waller
Chartered Accountants
1 High Street
Sheerness
Kent
ME12 1NY

Sharrock Insurance Services Limited (Registered number: 06842697)

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 2,913 3,714
2,913 3,714

CURRENT ASSETS
Debtors 6 408,141 362,840
Cash at bank and in hand 412,390 255,521
820,531 618,361
CREDITORS
Amounts falling due within one year 7 776,630 561,022
NET CURRENT ASSETS 43,901 57,339
TOTAL ASSETS LESS CURRENT LIABILITIES 46,814 61,053

CAPITAL AND RESERVES
Called up share capital 8 1,016 1,016
Retained earnings 45,798 60,037
SHAREHOLDERS' FUNDS 46,814 61,053

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

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

The director acknowledges his 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.

Sharrock Insurance Services Limited (Registered number: 06842697)

Statement of Financial Position - continued
30 September 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 November 2024 and were signed by:





A Doucy - Director


Sharrock Insurance Services Limited (Registered number: 06842697)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Sharrock 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.

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.

Income recognition
Turnover consists of brokerage commission and fees for the arrangement of insurance. Commission and fees are recognised upon the effective date the insurance policy commences.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on reducing balance

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to and from banks, other third parties and related parties.

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been 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. 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 are expected to apply to the reversal of the timing difference.

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.

Sharrock Insurance Services Limited (Registered number: 06842697)

Notes to the Financial Statements - continued
for the Year Ended 30 September 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.

Insurance broking assets and liabilities
The company, in the course of carrying on insurance broking activities, handles client money in accordance with the appropriate Financial Conduct Authority rules. Under these rules, the company co-mingles monies defined as belonging to clients and monies defined as belonging to insurers in a segregated bank account.

The directors consider it appropriate to include in the balance sheet the gross balances of insurance broking assets and liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 October 2023
and 30 September 2024 160,000 12,689 172,689
AMORTISATION
At 1 October 2023
and 30 September 2024 160,000 12,689 172,689
NET BOOK VALUE
At 30 September 2024 - - -
At 30 September 2023 - - -

Sharrock Insurance Services Limited (Registered number: 06842697)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 October 2023 33,303
Additions 1,177
At 30 September 2024 34,480
DEPRECIATION
At 1 October 2023 29,589
Charge for year 1,978
At 30 September 2024 31,567
NET BOOK VALUE
At 30 September 2024 2,913
At 30 September 2023 3,714

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 407,764 361,036
Other debtors 377 1,804
408,141 362,840

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,553 10,885
Trade creditors 1,596 2,400
Taxation and social security 85,805 69,098
Other creditors 677,676 478,639
776,630 561,022

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 'A' £1 1,000 1,000
16 Ordinary 'B' £1 16 16
1,016 1,016

Sharrock Insurance Services Limited (Registered number: 06842697)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
A Doucy
Balance outstanding at start of year - -
Amounts advanced 16,283 -
Amounts repaid (16,283 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -