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REGISTERED NUMBER: 07267159 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MOMENTUM BROKER SOLUTIONS LTD

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and Loss Account 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


MOMENTUM BROKER SOLUTIONS LTD

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: H W Pepper
J T Wilkinson
H L Westwood
A D Body
M P Brunton
M P C Emmett
G S Pawar
S A Walton


SECRETARY: H L Westwood


REGISTERED OFFICE: Press House
Narborough Wood Park
Desford Road
Enderby
Leicestershire
LE19 4XT


REGISTERED NUMBER: 07267159 (England and Wales)


AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ


BANKERS: Lloyds Bank Plc
12-16 Lower Parliament Street
Nottingham
NG1 3DA

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

STRATEGIC REPORT
for the year ended 31 December 2024


The directors present their strategic report for the year ended 31 December 2024.

The principal activity of the company continued to be that of insurance intermediary.

REVIEW OF BUSINESS

As we celebrate our 14th consecutive year of growth, we reached several significant milestones, notably welcoming our 100th Appointed Representative partner. A highlight of the year was securing a substantial 40% investment from the AUB Group, marking a pivotal moment in our company's evolution. This investment not only provides access to extensive expertise and resources but also allows us to invest in our partners, fostering their growth and retention. Importantly, the structure of this investment ensured our independence, which is crucial for our support of the independent broker market. Additionally, we were able to reward our dedicated colleagues with a one-time bonus payment of £944,000, reflected in the 2024 Profit and Loss statement.

Our success is largely driven by attracting top startup brokers and the strong performance of our existing partners. While market conditions have generally been favourable, we are beginning to see a softening in rates. Likewise, inflationary pressures are easing, which is impacting growth and investment earnings.

Highlights of the year include:

- Welcomed our 100th Appointed Representative
- Achieved over £97 million in Gross Written Premium (GWP), a growth of 21%
- Recorded a 21% increase in revenue and 40% growth in profit (pre one-off bonus)
- Attracted 14 new Appointed Representatives
- Hosted another successful annual conference and maintained a strong presence at BIBA

As a result, the company has achieved turnover for the year ended 31 December 2024 of £18,432,248 (2023: £15,228,734) and achieved profit before tax (pre one-off bonus) of £2,527,641 (2023: £1,801,193). As at 31 December 2024 the company had net current assets of £2,120,579 (2023: £3,290,965) and net assets of £3,130,609 (2023: £3,560,974).

Key Performance Indicators
Our key financial performance indicators for the year ended 31 December 2024 are as follows:

2024 2023 2022
Revenue £18,432,248 £15,228,734 £11,685,916
Net Revenue £7,244,976 £6,121,653 £4,479,100
Payroll Costs £4,340,278 £3,161,819 £2,481,205
Operating Profit(Pre One-Off
Bonus)

£2,343,454

£1,645,280

£1,100,335
Operating Profit £1,399,454 £1,645,280 £1,100,335
Profit Before Tax(Pre One-Off
Bonus)

£2,527,641

£1,801,193

£1,113,742
Net Assets £3,130,609 £3,560,974 £2,365,015
Employee Numbers at 31
December 2024

88

83

66


MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

STRATEGIC REPORT
for the year ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Strategic
In 2024, we solidified our status as the market leader in our sector. The rapid growth of the Appointed Representative model presents significant opportunities but also strategic challenges. As anticipated, our sector has garnered interest, with investments from major brokerages in the US and Australia reshaping the landscape. Domestically, while the regulatory environment has deterred incidental players, new competitors are emerging. We are committed to continually enhancing our offerings to maintain our competitive edge.

Investing in our partners (Appointed Representatives) to promote their growth and manage succession is becoming a cornerstone of our business strategy. This not only accelerates growth and improves retention but also adds significant value to our proposition. Our partnership with AUB equips us with greater expertise and resources to further boost investments in 2025. We will appoint our first full time Finance Director in 2025 to strengthen our financial management and support investment activity.

Operational
Our business operates in a highly transactional environment, making it vital to embrace the opportunities presented by AI and digital advancements to retain our market position. In 2025, we plan to roll out several initiatives, including the integration of robotics for basic task completion and implementing system upgrades to enhance our e-trading and governance capabilities.

Governance
A fundamental aspect of our business is fulfilling our role as Principal within the regulatory framework of our sector. We have invested substantially in Quality and Governance to enhance our capabilities and ensure robust systems are in place to meet our responsibilities. We aim to set the benchmark for our sector and will continue to invest in 2025 to uphold this standard.

ON BEHALF OF THE BOARD:





H W Pepper - Director


24 March 2025

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024


The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of insurance intermediary.

DIVIDENDS
Interim dividends of £1,600,000 (2023: £179,485) were paid during the year. The directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

H W Pepper
J T Wilkinson
H L Westwood
A D Body
M P Brunton

Other changes in directors holding office are as follows:

M P C Emmett - appointed 31 July 2024
G S Pawar - appointed 31 July 2024

S A Walton was appointed as a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The principal financial instruments of the company comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance its continuing operations. Liquidity risk is managed by the use of bank balances along with efficient monitoring and forecasting of cash flow to ensure there are sufficient funds to meet liabilities. Trade debtors are managed in respect of credit and cash flow risk by policies monitoring the credit offered to customers, and regular monitoring of amounts outstanding for both time and credit limits.

POLITICAL DONATIONS AND EXPENDITURE
The company has not made any political donations during the current or preceding year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024


AUDITORS
The auditors, Magma Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H W Pepper - Director


24 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOMENTUM BROKER SOLUTIONS LTD


Opinion
We have audited the financial statements of Momentum Broker Solutions Ltd (the 'company') for the year ended 31 December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MOMENTUM BROKER SOLUTIONS LTD


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry, we have identified that the principal risks of non-compliance with laws and regulations related and with the Financial Conduct Authority, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006, Employment Law and Health and Safety Regulations. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

- Enquiries with management for consideration of known or suspected instances of non-compliance with laws and
regulations and fraud.
- Challenging assumptions made by management in their accounting estimates, in particular in relation to volume
overrider provisions and the carrying value of the investment in subsidiary
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations,
journal entries crediting revenue, journal entries crediting cash and journal entries with specific defined
descriptions.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting in error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

24 March 2025

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 18,432,248 15,228,734

Cost of sales (11,437,884 ) (9,310,040 )
GROSS PROFIT 6,994,364 5,918,694

Administrative expenses (5,661,338 ) (4,320,460 )
1,333,026 1,598,234

Other operating income 66,428 47,046
OPERATING PROFIT 5 1,399,454 1,645,280

Interest receivable and similar income 184,187 155,913
PROFIT BEFORE TAXATION 1,583,641 1,801,193

Tax on profit 6 (414,006 ) (435,161 )
PROFIT FOR THE FINANCIAL YEAR 1,169,635 1,366,032

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,169,635

1,366,032

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 8 69,450 74,677
Investments 9 85,000 255,000
154,450 329,677

CURRENT ASSETS
Debtors: amounts falling due within one year 10 1,058,643 1,794,738
Debtors: amounts falling due after more than
one year

10

415,248

-
Investments 11 585,000 344,104
Cash at bank and in hand 8,510,951 8,079,740
10,569,842 10,218,582
CREDITORS
Amounts falling due within one year 12 (7,534,015 ) (6,927,617 )
NET CURRENT ASSETS 3,035,827 3,290,965
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,190,277

3,620,642

PROVISIONS FOR LIABILITIES 14 (59,668 ) (59,668 )
NET ASSETS 3,130,609 3,560,974

CAPITAL AND RESERVES
Called up share capital 15 990 990
Capital redemption reserve 16 1,365 1,365
Retained earnings 16 3,128,254 3,558,619
SHAREHOLDERS' FUNDS 3,130,609 3,560,974

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





H W Pepper - Director


MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 990 2,372,072 1,365 2,374,427

Changes in equity
Dividends - (179,485 ) - (179,485 )
Total comprehensive income - 1,366,032 - 1,366,032
Balance at 31 December 2023 990 3,558,619 1,365 3,560,974

Changes in equity
Dividends - (1,600,000 ) - (1,600,000 )
Total comprehensive income - 1,169,635 - 1,169,635
Balance at 31 December 2024 990 3,128,254 1,365 3,130,609

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

CASH FLOW STATEMENT
for the year ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,083,376 2,368,362
Tax paid (633,924 ) (219,555 )
Net cash from operating activities 1,449,452 2,148,807

Cash flows from investing activities
Purchase of tangible fixed assets (38,284 ) (40,921 )
Purchase of fixed asset investments - (85,000 )
Movement in fixed asset investments 170,000 -
Movement in current asset investment 9,104 228,247
Interest received 184,187 155,913
Net cash from investing activities 325,007 258,239

Cash flows from financing activities
New loans in year (559,205 ) -
Loan repayments in year 115,957 -
Amount introduced by directors 700,000 -
Amount withdrawn by directors - (700,000 )
Equity dividends paid (1,600,000 ) (179,485 )
Net cash from financing activities (1,343,248 ) (879,485 )

Increase in cash and cash equivalents 431,211 1,527,561
Cash and cash equivalents at beginning
of year

2

8,079,740

6,552,179

Cash and cash equivalents at end of year 2 8,510,951 8,079,740

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 December 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,583,641 1,801,193
Depreciation charges 43,511 43,269
Finance income (184,187 ) (155,913 )
1,442,965 1,688,549
Decrease/(increase) in trade and other debtors 64,095 (332,461 )
Increase in trade and other creditors 576,316 1,012,274
Cash generated from operations 2,083,376 2,368,362

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 8,510,951 8,079,740
Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 8,079,740 6,552,179


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 8,079,740 431,211 8,510,951
8,079,740 431,211 8,510,951

Liquid resources
Current asset investments 344,104 240,896 585,000
344,104 240,896 585,000
Total 8,423,844 672,107 9,095,951

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024


1. STATUTORY INFORMATION

Momentum Broker Solutions Ltd is a limited company, registered in England and Wales. The company's registered number and 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's functional currency and presentational currency is Sterling (£). The financial statements have been rounded to the nearest £1.

Preparation of consolidated financial statements
The financial statements contain information about Momentum Broker Solutions Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as its interest in the subsidiary company is held exclusively with a view to subsequent resale.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

(II) Carrying value of current asset investments
Shares in group undertakings, included in curret assets investments are held at cost and when assessing annually for impairment management consider factors including but not limited to the cash flows expected to arise from the investments.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Commission receivable
Turnover from commissions receivable is recognised at the point of inception of the contract when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of the insurance contract to the insurer;
- the amount of commission can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other income including administrative fees and volume overriders is only recognised as turnover when the right to consideration is achieved and is capable of reliable measurement.

Other operating income
Other operating income relates to contributions from the Company's Authorised Representatives in respect of professional indemnity insurance and is recognised at the point of receipt.

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Cost represents the purchase price together with any incidental costs of acquisition.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over the estimated useful life.

Leasehold improvements-Over the life of the lease
Computer equipment-33.33% per annum on cost
Fixtures and fittings-20% per annum on cost and 10% per annum on cost
Motor vehicles-20% per annum on cost

The assets' useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, investments and loans to fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.


MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


2. ACCOUNTING POLICIES - continued

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers.

Trade creditors are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions for liabilities
Provisions for liabilities and charges are charged against profits. Provisions comprise the expected cost of professional indemnity insurance excess costs and are based on the directors best estimate of potential future claims.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is
recognised in the profit and loss account, 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.
(i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(ii) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions.
Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the
period end and that are expected to apply to the reversal of the timing difference.

Foreign currencies
At each year end foreign currency monetary items are translated using the closing exchange rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

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.

Insurance broking
As an insurance broker, the company acts as an agent in placing the insurable risks of their clients with insurers but is not liable as Principals for amounts arising from such transactions. The third party cash balances held in respect of these insurance broking transactions, due to both the underwriters and the insurance brokers, have been shown as assets and liabilities within the accounts as they provide the company with access to future economic benefits as defined within the financial reporting standards and UK GAAP. It is normal practice for insurance brokers to settle accounts with other intermediaries, client and insurers on a net basis. The company acts as an agent of insurance companies in broking and administering insurance products and is liable as a principal for premiums due to those underwriters. The company has followed generally accepted accounting practice for insurance brokers by showing cash balances relating to insurance business as assets and liabilities of the company itself. Revenue is recognised on such agency arrangements.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary
shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Investments
Fixed asset investment and current asset investments are stated at cost less provision for diminution in value.

Fixed asset investments consist of bank balances that are due to mature in over 12 months at the point the deposits are made.

Current asset investments consist of bank balances that are due to mature in over 3 months but less than 12 months and and Investment in the subsidiary company. The Investment in the subsidiary company is classified as current asset as the interest in the subsidiary is held exclusively with a view to subsequent resale and is held at cost less accumulated impairment losses.

3. TURNOVER

The total turnover of the company for the period has been derived from its principal activity wholly undertaken in the United Kingdom.

4. EMPLOYEES AND DIRECTORS

20242023
££
Wages and salaries3,716,3872,783,830
Social security costs389,504256,204
Other pension costs234,387121,785
4,340,2783,161,819

The average number of employees during the year was as follows:
20242023

Broking5548
Directors65
Other2423
8576

2024 2023
£    £   
Directors' remuneration 849,532 441,476
Directors' pension contributions to money purchase schemes 107,823 16,932

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 309,693 122,250
Pension contributions to money purchase schemes 40,968 5,676

Key management personnel compensation
The directors deem the key management of the company to include directors only.

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 116,415 114,976
Depreciation - owned assets 43,511 43,269
Auditors' remuneration 17,010 15,886
Taxation compliance services 1,800 1,440

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 414,006 435,161
Tax on profit 414,006 435,161

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,583,641 1,801,193
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.520%)

395,910

423,641

Effects of:
Expenses not deductible for tax purposes 18,096 11,520

Total tax charge 414,006 435,161

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 179,485
Ordinary B shares of £1 each
Interim 1,600,000 -
1,600,000 179,485

8. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Motor Computer
improvements fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 33,321 47,119 31,593 214,153 326,186
Additions - 1,324 - 36,960 38,284
At 31 December 2024 33,321 48,443 31,593 251,113 364,470
DEPRECIATION
At 1 January 2024 26,656 32,301 16,815 175,737 251,509
Charge for year 6,665 3,336 6,318 27,192 43,511
At 31 December 2024 33,321 35,637 23,133 202,929 295,020
NET BOOK VALUE
At 31 December 2024 - 12,806 8,460 48,184 69,450
At 31 December 2023 6,665 14,818 14,778 38,416 74,677

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2024 255,000
Disposals (170,000 )
At 31 December 2024 85,000
NET BOOK VALUE
At 31 December 2024 85,000
At 31 December 2023 255,000

10. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 121,163 105,311
Directors' current accounts - 700,000
Tax - 5,156
Prepayments 937,480 984,271
1,058,643 1,794,738

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


10. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 415,248 -

Aggregate amounts 1,473,891 1,794,738

11. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Shares in group undertakings 500,000 -
Unlisted investments 85,000 344,104
585,000 344,104

The company's invesment in the group undertaking at the balance sheet date in the share capital of companies include the following:

IPC Insurance Brokers Limited
Registered office: United Kingdom
Nature of business: Insurance intermediary

%
Class of shares: holding
Ordinary shares 100.00
Ordinary B shares 100.00

31/10/2024
£   
Aggregate capital and reserves 22,656
Profit for the period/year 50,449

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,846,901 6,273,706
Tax 215,243 435,161
Social security and other taxes 125,038 143,203
Other creditors 279,363 25,267
Accrued expenses 67,470 50,280
7,534,015 6,927,617

Unpaid pension contributions included within other creditors amount to £28,101 (2023: £24,005).

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 25,281 114,619
Between one and five years 42,367 67,648
67,648 182,267

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 9,668 9,668
Professional Indemnity
Insurance excess 50,000 50,000
59,668 59,668

Deferred Insurance
tax Excess
£    £   
Balance at 1 January 2024 9,668 50,000
Balance at 31 December 2024 9,668 50,000

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
990 Ordinary £1 - 990
594 Ordinary A £1 594 -
396 Ordinary B £1 396 -
990 990

During the year the 990 Ordinary shares were designated as 594 Ordinary A shares and 396 Ordinary B shares.

The Ordinary A shares and the Ordinary B shares are separate classes of shares but will rank pari passu with the exception that the Ordinary B shareholders were entitled to a one-off dividend which was declared in the year.

16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 3,558,619 1,365 3,559,984
Profit for the year 1,169,635 - 1,169,635
Dividends (1,600,000 ) - (1,600,000 )
At 31 December 2024 3,128,254 1,365 3,129,619

Retained earnings
The retained earnings reserve includes all current and prior periods distributable profits and losses.

Capital redemption reserve
The capital redemption reserve relates to purchase and cancellation of the company's own shares out of distributable profits.

MOMENTUM BROKER SOLUTIONS LTD (REGISTERED NUMBER: 07267159)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024


17. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
H L Westwood
Balance outstanding at start of year 700,000 -
Amounts advanced - 700,000
Amounts repaid (700,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 700,000

18. ULTIMATE CONTROLLING PARTY

There was no ultimate parent company at the current or preceding year end. The ultimate controlling party was Howard Pepper by virtue of his shareholdings.

19. CASH AT BANK AND IN HAND

The Company is regulated by the FCA. As required by the FCA, client monies are held in non-statutory trust client bank accounts. The use and governance of the balances held within these accounts are determined by the trust deed and by the FCA's client asset rules source book (CASS). At the year end the amounts held in non-statutory trust client bank accounts was £7,054,210 (2023: £6,500,151).