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REGISTERED NUMBER: 08557985 (England and Wales)











Financial Statements

for the Year Ended 31 July 2024

for

Peacock Insurance Services Limited

Peacock Insurance Services Limited (Registered number: 08557985)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Peacock Insurance Services Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: R Gow
A L Lane
A Hollier





REGISTERED OFFICE: Leofric House
Binley Road
Coventry
CV3 1JN





REGISTERED NUMBER: 08557985 (England and Wales)





AUDITORS: Leigh Christou Ltd
Chartered Certified Accountants and
Statutory Auditor
Leofric House
Binley Road
Coventry
CV3 1JN

Peacock Insurance Services Limited (Registered number: 08557985)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 16,252 26,232
Tangible assets 5 4,100 12,939
20,352 39,171

CURRENT ASSETS
Debtors 6 1,335,951 1,406,511
Cash at bank 7 1,290,220 1,122,405
2,626,171 2,528,916
CREDITORS
Amounts falling due within one year 8 1,530,660 1,460,224
NET CURRENT ASSETS 1,095,511 1,068,692
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,115,863

1,107,863

CREDITORS
Amounts falling due after more than one
year

9

(41,818

)

(83,636

)

PROVISIONS FOR LIABILITIES 12 - (1,595 )
NET ASSETS 1,074,045 1,022,632

CAPITAL AND RESERVES
Called up share capital 13 111,001 111,001
Retained earnings 14 963,044 911,631
SHAREHOLDERS' FUNDS 1,074,045 1,022,632

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 Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





R Gow - Director


Peacock Insurance Services Limited (Registered number: 08557985)

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

1. STATUTORY INFORMATION

Peacock 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.

Related party exemption
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.

Turnover
Turnover comprises net retained earnings from brokerage commission and fees.

Income relating to insurance broking is recognised when the policy has been incepted, completed and confirmed.

Income from brokerage and fees on adjustment premiums, binding authorities and treaties are recognised on a periodic basis when the consideration due is confirmed by the third parties.

Other fees receivable are recognised in the period to which they relate or when they can be measured with reasonable certainty.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

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 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.


Peacock Insurance Services Limited (Registered number: 08557985)

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

2. ACCOUNTING POLICIES - continued
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.

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 debtors and creditors
The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has followed generally accepted accounting practices for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. This recognises that the company is entitled to retain the investment income on any cash flows arising from these transactions.

In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureau, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third parties which it represents.

However, assets and liabilities may not be offset unless there is a legally enforceable right to set off the recognised amounts, and therefore insurance broking debtors and creditors are shown gross within these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 45 ) .

Peacock Insurance Services Limited (Registered number: 08557985)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2023
and 31 July 2024 49,900
AMORTISATION
At 1 August 2023 23,668
Charge for year 9,980
At 31 July 2024 33,648
NET BOOK VALUE
At 31 July 2024 16,252
At 31 July 2023 26,232

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 August 2023 1,700 2,554 40,008 44,262
Additions - 1,300 - 1,300
At 31 July 2024 1,700 3,854 40,008 45,562
DEPRECIATION
At 1 August 2023 824 752 29,747 31,323
Charge for year 131 343 9,665 10,139
At 31 July 2024 955 1,095 39,412 41,462
NET BOOK VALUE
At 31 July 2024 745 2,759 596 4,100
At 31 July 2023 876 1,802 10,261 12,939

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Client debtors 441,702 389,377
Accrued income 18,309 20,595
Amounts owed by group undertakings 462,952 596,982
Other debtors 13,647 2,050
Unearned commission 256,397 317,883
Tax 50,825 -
Prepayments 92,119 79,624
1,335,951 1,406,511

Peacock Insurance Services Limited (Registered number: 08557985)

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

7. CASH AT BANK
31.7.24 31.7.23
£    £   
Cash and cash equivalents 431,644 305,065
Client bank account 858,576 817,340
1,290,220 1,122,405

The company holds restricted client account cash balances in respect of its insurance activities. This cash is held in client money bank accounts and cannot be used for the company's working capital purposes.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts (see note 10) 41,818 41,818
Insurance creditors 1,130,706 1,033,540
Trade creditors 78,750 60,614
Amounts owed to group undertakings 186 186
Tax - 41,439
Social security and other taxes 33,357 27,366
Other creditors 14,195 15,096
Unearned commission 169,572 173,176
Accrued expenses 62,076 66,989
1,530,660 1,460,224

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans (see note 10) 41,818 83,636

10. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 41,818 41,818

Amounts falling due between one and two years:
Bank loans - 1-2 years 41,818 41,818

Amounts falling due between two and five years:
Bank loans - 2-5 years - 41,818

Peacock Insurance Services Limited (Registered number: 08557985)

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

11. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 83,636 125,454

The company has provided a fixed and floating charge over the assets of the company, in respect of the bank loan.

12. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax
Accelerated capital allowances - 1,595

Deferred
tax
£   
Balance at 1 August 2023 1,595
Credit to Statement of Income and Retained Earnings during year (1,595 )
Balance at 31 July 2024 -

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
111,000 Ordinary £1.00 111,001 111,001

14. RESERVES
Retained
earnings
£   

At 1 August 2023 911,631
Profit for the year 256,117
Dividends (204,704 )
At 31 July 2024 963,044

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

The Report of the Auditors was unqualified.

C A Christou FCCA MAE (Senior Statutory Auditor)
for and on behalf of Leigh Christou Ltd

Peacock Insurance Services Limited (Registered number: 08557985)

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

16. RELATED PARTY DISCLOSURES

In accordance with FRS 102 Section 1A, the company only discloses transactions with related parties, including group companies, where they are not undertaken under normal market conditions.

17. AUDITOR LIABILITY LIMITATION AGREEMENT

Auditors liability is limited to a maximum of twenty five times the fee relating to the audit engagement.

The directors approved the agreement on 17 October 2024.

18. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by R Gow by virtue of her shareholding in the issued ordinary share capital of the ultimate parent company, ITUS Group Limited.

The registered office of ITUS Group Limited is Leofric House, Binley Road, Coventry, West Midlands, England, CV3 1JN.

19. INSURANCE BALANCES

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not liable for amounts arising from such transactions. Notwithstanding the legal relationships with clients and insurers, insurance brokers are entitled to retain investment income on any cashflows arising from insurance broking transactions.

It is considered that insurance receivables in respect of premiums and claims do not represent an asset of the company and should therefore not be recognised until the cash is received. Accordingly, the balance sheet reflects only insurance trust cash, with the corresponding payable included as a liability.

In certain circumstances, with approval at a senior level, the company may advance premiums to insurers and refunds or claims to clients prior to collection and these advances are also reflected as part of insurance broking receivables. Net insurance balances set out below therefore represent such advances made, together with fees and commissions earned on insurance transactions and either uncollected or not withdrawn from insurance trust bank accounts at the balance sheet date.

2024 2023
£    £   
Insurance broking receivables 441,702 389,377
Insurance trust accounts 858,576 817,340
Insurance broking payables (1,300,278 ) (1,206,717 )

NIL NIL