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Registered number: 07727494
Servca Group Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mr N N Jamal
Dr E A Rajadurai
Mr M I Geddes
Mr C M Tue
Secretary Dr E A Rajadurai
Company Number 07727494
Registered Office Dukes House 32-38 Dukes Place
5th Floor
London
EC3A 7LP
Accountants Jones & Partners Limited
Chartered Accountants
2nd Floor, Butler House
177-178 Tottenham Court Road
London
W1T 7AF
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Balance Sheet
Registered number: 07727494
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 618,508 422,361
Tangible Assets 5 71,724 81,707
690,232 504,068
CURRENT ASSETS
Debtors 6 7,841,404 5,428,138
Cash at bank and in hand 36,223 149,368
7,877,627 5,577,506
Creditors: Amounts Falling Due Within One Year 7 (7,420,154 ) (5,066,358 )
NET CURRENT ASSETS (LIABILITIES) 457,473 511,148
TOTAL ASSETS LESS CURRENT LIABILITIES 1,147,705 1,015,216
Creditors: Amounts Falling Due After More Than One Year 8 (3,229 ) (35,208 )
NET ASSETS 1,144,476 980,008
CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Profit and Loss Account 1,124,476 960,008
SHAREHOLDERS' FUNDS 1,144,476 980,008
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Page 3
For the year ending 31 December 2024 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 22 May 2025 and were signed on its behalf by:
Mr N N Jamal
Director
22 May 2025
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Servca Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07727494 . The registered office is Dukes House 32-38 Dukes Place, 5th Floor, London, EC3A 7LP.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to the nearest £.
2. Accounting Policies
2.1. Basis of Preparation of 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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised over 5 years on a straight line basis, from the year the intangible asset is available for use, over their expected useful economic lives, which range from 5 to 7 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life.
Leasehold Straight line over 7 years
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 20% on reducing balance
Computer Equipment straight line over 3 years and
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2.5. 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.
2.6. Pensions
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. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 13)
22 13
4. Intangible Assets
Development Costs
£
Cost
As at 1 January 2024 527,951
Additions 377,172
As at 31 December 2024 905,123
Amortisation
As at 1 January 2024 105,590
Provided during the period 181,025
As at 31 December 2024 286,615
Net Book Value
As at 31 December 2024 618,508
As at 1 January 2024 422,361
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5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 January 2024 3,996 194,452 198,448
Additions - 17,542 17,542
As at 31 December 2024 3,996 211,994 215,990
Depreciation
As at 1 January 2024 1,427 115,314 116,741
Provided during the period 571 26,954 27,525
As at 31 December 2024 1,998 142,268 144,266
Net Book Value
As at 31 December 2024 1,998 69,726 71,724
As at 1 January 2024 2,569 79,138 81,707
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,000 1,550
Amounts owed by group undertakings 416,388 143,243
Other debtors 7,420,016 5,283,345
7,841,404 5,428,138
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 28,323 38,184
Bank loans and overdrafts 32,500 32,500
Amounts owed to group undertakings 168,510 -
Other creditors 7,020,660 4,979,644
Taxation and social security 170,161 16,030
7,420,154 5,066,358
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,229 35,208
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 64,882 64,882
Later than one year and not later than five years 156,797 221,679
221,679 286,561
10. Ultimate Controlling Party
The ultimate controlling party by way of 100% shareholding, is Superian Insurance Group Ltd, a group holding company registered in England & Wales under company number 13263453. Superian Insurance Group Ltd is also the ultimate controlling party for Servca Canada Insurance Group Inc (Canada), Servca European Insurance Brokers Ltd (Malta), London Market Processing Ltd, Scious Underwriting Ltd, Stratify InsurTech Ltd and Servca Re International Ltd.
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