ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Company Registration Number:
02490379 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2024

Period of accounts

Start date: 01 August 2023

End date: 31 July 2024

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Balance sheet
Notes

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Balance sheet

As at 31 July 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 19,474 398
Total fixed assets: 19,474 398
Current assets
Debtors:   531,083 553,127
Cash at bank and in hand: 367,071 399,860
Total current assets: 898,154 952,987
Creditors: amounts falling due within one year: 4 (406,710) (567,856)
Net current assets (liabilities): 491,444 385,131
Total assets less current liabilities: 510,918 385,529
Creditors: amounts falling due after more than one year: 5 (15,390) (30,811)
Provision for liabilities: (4,869)
Total net assets (liabilities): 490,659 354,718
Capital and reserves
Called up share capital: 1,002 1,002
Share premium account: 598 598
Profit and loss account: 489,059 353,118
Shareholders funds: 490,659 354,718

The notes form part of these financial statements

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 April 2025
and signed on behalf of the board by:

Name: K A Davies
Status: Director

The notes form part of these financial statements

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents the value, exempt from value added tax and net of discounts, of work carried out in respect of brokerage services provided to customers.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Computer equipment over 3 years Fixtures, fittings, tools and equipment over 5 years

Valuation and information policy

Revenue Recognition Credit for retained brokerage is taken at the time of invoicing which approximates to the inception date of the insurance policy. Brokerage from insurance carriers contingent upon the performance of the insurance policies is recognised at the earlier of the date of receipt from, or formal notification by, the insurance carrier. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Insurance broking debtors and creditors Insurance brokers generally act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not liable as principals for the amounts arising from such transactions. Notwithstanding these legal relationships, debtors and creditors arising from the insurance broking transactions are shown as assets and liabilities. This recognises that the insurance broker is entitled to retain the investment income on any cash flows arising from these transactions. Debtors and creditors arising from a transaction between client and insurers are recorded simultaneously. Consequently there is a high level of correlation between the totals reported in respect of insurance broking debtors and insurance broking creditors. The position of the insurance broker as agent means that generally the credit risk is borne by the principals. There can be circumstances where the insurance broker acquires risk - through statute or through the act or omission of the insurance broker or one of the principals. There is much legal uncertainty surrounding the circumstances and the extent of such exposures and consequently they cannot be evaluated. However, the total of insurance broking debtors appearing in the balance sheet is not an indication of credit risk. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Other accounting policies

Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Foreign currency translation Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. Leased assets A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. Pensions Contributions to defined contribution plans are expensed in the period to which they relate.

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

2. Employees

2024 2023
Average number of employees during the period 13 13

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible Assets

Total
Cost £
At 01 August 2023 76,056
Additions 19,504
At 31 July 2024 95,560
Depreciation
At 01 August 2023 75,658
Charge for year 428
At 31 July 2024 76,086
Net book value
At 31 July 2024 19,474
At 31 July 2023 398

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one year 2024 2023 £ £ Bank loans and overdrafts 14,218 22,867 Trade creditors 327,731 477,832 Taxation and social security costs 55,494 59,225 Other creditors 9,267 7,932 406,710 567,856

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Creditors: amounts falling due after more than one year note

Creditors: amounts falling due after one year 2024 2023 £ £ Bank loans 15,390 30,811

ENTERPRISE INSURANCE SERVICES (SWANSEA) LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Financial commitments

Other financial commitments 2024 2023 £ £ Total future minimum payments under non-cancellable operating leases 20,739 30,738