2
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
277,673
24,140
301,813
277,673
12,070
289,743
12,070
602,444
63,850
666,294
xbrli:pure
xbrli:shares
iso4217:GBP
04296341
2023-04-01
2024-07-31
04296341
2024-07-31
04296341
2023-03-31
04296341
2022-03-31
2023-03-31
04296341
2023-03-31
04296341
2022-03-30
04296341
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-04-01
2024-07-31
04296341
bus:Director5
2023-04-01
2024-07-31
04296341
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2023-03-31
04296341
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2024-07-31
04296341
core:WithinOneYear
2024-07-31
04296341
core:WithinOneYear
2023-03-31
04296341
core:AfterOneYear
2024-07-31
04296341
core:AfterOneYear
2023-03-31
04296341
core:ShareCapital
2024-07-31
04296341
core:ShareCapital
2023-03-31
04296341
core:SharePremium
2024-07-31
04296341
core:SharePremium
2023-03-31
04296341
core:RetainedEarningsAccumulatedLosses
2024-07-31
04296341
core:RetainedEarningsAccumulatedLosses
2023-03-31
04296341
bus:Director1
2023-04-01
2024-07-31
04296341
bus:SmallEntities
2023-04-01
2024-07-31
04296341
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-07-31
04296341
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-07-31
04296341
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-07-31
04296341
bus:FullAccounts
2023-04-01
2024-07-31
04296341
core:CommissionClawback
2023-03-31
04296341
core:CommissionClawback
2023-04-01
2024-07-31
04296341
core:CommissionClawback
2024-07-31
04296341
core:AfterOneYear
2023-04-01
2024-07-31
04296341
1
2023-04-01
2024-07-31
COMPANY REGISTRATION NUMBER:
04296341
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 July 2024
|
31 Jul 24 |
31 Mar 23 |
|
|
|
(restated) |
|
Note |
£ |
£ |
£ |
|
|
|
|
Fixed assets
|
Intangible assets |
6 |
|
12,070 |
– |
|
|
|
|
|
Current assets
|
Debtors |
7 |
792,911 |
|
4,134,697 |
|
Cash at bank and in hand |
15,708 |
|
5,822 |
|
---------- |
|
------------- |
|
808,619 |
|
4,140,519 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
558,148) |
|
(
669,404) |
|
---------- |
|
------------- |
|
Net current assets |
|
250,471 |
3,471,115 |
|
|
---------- |
------------- |
|
Total assets less current liabilities |
|
262,541 |
3,471,115 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
(
104,167) |
(
270,834) |
|
|
|
|
|
Provisions
|
Other provisions |
10 |
|
(
666,294) |
(
602,444) |
|
|
---------- |
------------- |
|
Net (liabilities)/assets |
|
(
507,920) |
2,597,837 |
|
|
---------- |
------------- |
|
|
|
|
|
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 July 2024
|
31 Jul 24 |
31 Mar 23 |
|
|
|
(restated) |
|
Note |
£ |
£ |
£ |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
677,847 |
677,847 |
|
Share premium account |
|
2,450 |
2,450 |
|
Profit and loss account |
|
(
1,188,217) |
1,917,540 |
|
|
------------- |
------------- |
|
Shareholder (deficit)/funds |
|
(
507,920) |
2,597,837 |
|
|
------------- |
------------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
23 May 2025
, and are signed on behalf of the board by:
Company registration number:
04296341
|
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD FROM 1 APRIL 2023 TO 31 JULY 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Inchora House, Building X92 Cody Technology Park, Old Ively Road, Farnborough, Hants, GU14 0LX.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in
sterling
, which is the functional currency of the entity. Going concern The company's balance sheet shows a deficit of £507,920. The Directors have considered the future viability of the company and believe that the use of the going concern basis is appropriate in the preparation of these accounts.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise.
- Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Revenue recognition - As detailed in the revenue recognition policy management have recognised commissions received on the sales of Non-Indemnity products on inception of the policy.
- Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to provisions and the details are as follows: (ii) Commissions on non-indemnity based insurance policies - management are required to make an estimate of commissions which will not be received on policies which lapse or are subsequently cancelled by the policyholder. Management have used their best estimate to provide for these and have applied percentage rates depending upon when the insurance policy was sold and the expected life of the policy. This provision has been discounted at a rate of 4.75% (2023 - 4.75%) to account for the delay in in receiving funds. The value of this provision is £666,294 (2023 - £602,444).
Revenue recognition
Turnover is recognised on non-indemnity insurance policies at the commencement of the insurance policy. The amount recoverable is discounted at a rate of 4.75% to account for the delay in receiving funds. A provision is made for those policies which are expected to lapse before the end of their term. Revenue is recognised on both indemnity and non-indemnity insurance policies at the commencement of the policy. The financing element of the policy is recognised as a gain on financial instruments. For details of provisions against this insurance policy income refer to the judgements and key sources of estimation uncertainty policy.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Software development |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale;- There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Exceptional items
On 31 July 2024 group debts totalling £5.0M were waived resulting in a charge to the profit & loss account.
5.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
(2023:
3
).
6.
Intangible assets
|
Software development |
|
£ |
|
Cost |
|
|
At 1 April 2023 (as restated) |
277,673 |
|
Additions |
24,140 |
|
---------- |
|
At 31 July 2024 |
301,813 |
|
---------- |
|
Amortisation |
|
|
At 1 April 2023 |
277,673 |
|
Charge for the period |
12,070 |
|
---------- |
|
At 31 July 2024 |
289,743 |
|
---------- |
|
Carrying amount |
|
|
At 31 July 2024 |
12,070 |
|
---------- |
|
At 31 March 2023 |
– |
|
---------- |
|
|
7.
Debtors
|
31 Jul 24 |
31 Mar 23 |
|
|
(restated) |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
– |
3,152,543 |
|
Other debtors |
792,911 |
982,154 |
|
---------- |
------------- |
|
792,911 |
4,134,697 |
|
---------- |
------------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
31 Jul 24 |
31 Mar 23 |
|
|
(restated) |
|
£ |
£ |
|
Other debtors |
507,510 |
645,230 |
|
---------- |
---------- |
|
|
|
Included within other debtors is accrued income on insurance policies of £725,015 (2023 - £957,463). C Wallis has taken an unregistered charge over this debt.
8.
Creditors:
amounts falling due within one year
|
31 Jul 24 |
31 Mar 23 |
|
|
(restated) |
|
£ |
£ |
|
Bank loans and overdrafts |
125,000 |
125,000 |
|
Trade creditors |
33,640 |
2,768 |
|
Other creditors |
399,508 |
541,636 |
|
---------- |
---------- |
|
558,148 |
669,404 |
|
---------- |
---------- |
|
|
|
Included within bank loans is a Coronavirus Business Interruption Loan totalling £125,000 (2023 - £125,000) from Natwest Bank plc which has a repayment term of 6 years. This is secured by way of a fixed and floating charge covering all property or undertaking of the company.
9.
Creditors:
amounts falling due after more than one year
|
31 Jul 24 |
31 Mar 23 |
|
|
(restated) |
|
£ |
£ |
|
Bank loans and overdrafts |
104,167 |
270,834 |
|
---------- |
---------- |
|
|
|
Included within bank loans is a Coronavirus Business Interruption Loan totalling £104,167 (2023 - £270,834) from Natwest Bank plc which has a repayment term of 6 years. This is secured by way of a fixed and floating charge covering all property or undertaking of the company.
10.
Provisions
|
Provisions |
|
£ |
|
At 1 April 2023 (as restated) |
602,444 |
|
Additions |
63,850 |
|
---------- |
|
At 31 July 2024 |
666,294 |
|
---------- |
|
|
The provision relates to commissions not receivable due to lapsed policies. For more details refer to the accounting policies.
11.
Prior period adjustment
A prior period adjustment has been made to fully impair the software development costs.
12.
Events after the end of the reporting period
On 1 August 2024 the ultimate parent company changed from Inchora Limited to Hatbox Group Limited.
13.
Related party transactions
The company has taken advantage of the exemption in FRS 102 for disclosure of transactions between group companies. No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 (Section 1A).
14.
Controlling party
The immediate parent undertaking is
Cignpost Financial Services Limited
. The ultimate parent undertaking was Inchora Limited to 31 July 2024. Copies of the Inchora Limited financial statements can be obtained from the Company Secretary at The Stables, Peper Harow, Godalming, GU8 6BQ. From 1 August 2024 the ultimate parent undertaking is Hatbox Group Limited.