Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-3032023-10-01falseinsurance consultants2truetruefalse 03404728 2023-10-01 2024-09-30 03404728 2022-10-01 2023-09-30 03404728 2024-09-30 03404728 2023-09-30 03404728 1 2023-10-01 2024-09-30 03404728 d:Director1 2023-10-01 2024-09-30 03404728 d:Director2 2023-10-01 2024-09-30 03404728 d:RegisteredOffice 2023-10-01 2024-09-30 03404728 c:CurrentFinancialInstruments 2024-09-30 03404728 c:CurrentFinancialInstruments 2023-09-30 03404728 c:Non-currentFinancialInstruments 2024-09-30 03404728 c:Non-currentFinancialInstruments 2023-09-30 03404728 c:CurrentFinancialInstruments c:WithinOneYear 2024-09-30 03404728 c:CurrentFinancialInstruments c:WithinOneYear 2023-09-30 03404728 c:Non-currentFinancialInstruments c:AfterOneYear 2024-09-30 03404728 c:Non-currentFinancialInstruments c:AfterOneYear 2023-09-30 03404728 c:ShareCapital 2024-09-30 03404728 c:ShareCapital 2023-09-30 03404728 c:RetainedEarningsAccumulatedLosses 2024-09-30 03404728 c:RetainedEarningsAccumulatedLosses 2023-09-30 03404728 d:FRS102 2023-10-01 2024-09-30 03404728 d:Audited 2023-10-01 2024-09-30 03404728 d:FullAccounts 2023-10-01 2024-09-30 03404728 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03404728 d:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 03404728 2 2023-10-01 2024-09-30 03404728 6 2023-10-01 2024-09-30 03404728 7 2023-10-01 2024-09-30 03404728 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Registered number: 03404728


ADVANTAGE FINANCIAL SERVICES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
J Lo Bue-Said 
P Nunn 




Registered number
03404728



Registered office
C/O Regus
Eagle House

167 City Road

London

England

EC1V 1NR




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
ADVANTAGE FINANCIAL SERVICES LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9


 
ADVANTAGE FINANCIAL SERVICES LIMITED
REGISTERED NUMBER:03404728

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
211,672
215,008

  
211,672
215,008

Current assets
  

Debtors: amounts falling due within one year
 6 
168,736
537,515

Cash at bank and in hand
 7 
1,376,954
540,035

  
1,545,690
1,077,550

Creditors: amounts falling due within one year
 8 
(935,806)
(437,767)

Net current assets
  
 
 
609,884
 
 
639,783

Total assets less current liabilities
  
821,556
854,791

Creditors: amounts falling due after more than one year
 9 
(10,500)
(10,500)

  

Net assets
  
811,056
844,291

Page 1

 
ADVANTAGE FINANCIAL SERVICES LIMITED
REGISTERED NUMBER:03404728
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
811,054
844,289

  
811,056
844,291


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Lo Bue-Said
Director

Date: 7 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Advantage Financial Services Limited is private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The company's registered office address can be found on the Company Information page.
The company is regulated by the Financial Conduct Authority (FCA) and adheres to the FCA's principles of business.
The principal activity continued to be that of an insurance agent and broker.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

 
2.2

Going concern

The parent company, Advantage Travel Centres Limited, has indicated its willingness and intention to continue to provide ongoing support to the Company. Having considered this, the directors are confident that the Company will continue to receive support from its parent for a period of at least twelve months from the signing of the financial statements.
On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

  
2.3

Turnover

Turnover is presented net of commissions and any fee income arising on the handling of insurance contracts and associated services by the company. Any proportion of the commissions that relate to periods of risk extending beyond the period end are carried forward as deferred income.
Turnover is first recognised when the risk under insurance policies commences and to the extent that the Company's relevant obligations under the contract concerned have been performed. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

  
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 4

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Accruals:
In formulating a provision for the estimated liability in respect of accruals recognised for costs incurred during the year, management makes judgement based on historic data and budgeted figures.


4.


Employees

2024
2023
£
£

Wages and salaries
312,744
184,528

Social security costs
32,481
21,728

Cost of defined contribution scheme
14,322
8,356

359,547
214,612


The figures included above consist of recharges from its immediate parent company.

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).

Page 5

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments

Joint Ventures
The Company's aggregate share in the joint venture with MGA Cover Services Limited ("MGA") at the year end is outlined below. MGA is an insurance underwriting agency incorporated in the UK whose registered office is Rock Insurance Services Limited, 135 High Street, Crawley, England. RH10 1DQ.
Unlisted investments
The unlisted investments comprise of the following holdings in the share capital of The Independents' Advantage Insurance Company Limited (IAICL), a fellow subsidiary of Advantage Travel Centres Ltd:
200,000 Class A cumulative preference shares of £1 each (fully paid), being 100% (2023: 100%) of the total of that class; and
15,000 6% cumulative redeemable preference shares of £1 each (partly paid at £0.50 per share), being 27% (2023: 27%) of the total of that class.
The company does not hold any IAICL ordinary shares.





Unlisted investments
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 October 2023
207,500
7,508
215,008


Share of profit/(loss)
-
(3,336)
(3,336)



At 30 September 2024
207,500
4,172
211,672




Page 6

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

ole249a.png

Page 7

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
151,406
492,112

Other debtors
53
35,884

Prepayments and accrued income
17,277
9,519

168,736
537,515



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,376,954
540,035


Included in cash at bank and in hand is an amount of £747,516 (2023: £262,609) in relation to client assets held in accordance with CASS 5 and CASS 7 of the FCA handbook.


8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,500
1,587

Amounts owed to group undertakings
76,599
34,869

Other creditors
797,866
365,151

Accruals and deferred income
56,841
36,160

935,806
437,767


In accordance with CASS 5 and CASS 7 of the FCA Handbook, client assets to the sum of £747,516 (2023: £262,609) were held in other creditors above at the year end.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
10,500
10,500


Page 8

 
ADVANTAGE FINANCIAL SERVICES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,322 (2023: £8,356). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

There were no material related party transactions entered into during the year that have not been concluded under normal market conditions.
During the year the company earned commission revenues from MGA Cover Services Limited ("MGA"), a company jointly controlled by Advantage Financial Services Limited and Rock Insurance Services Limited, of £nil (2023: £nil), a share of the loss £3,336 (2023: £5,133 profit) from MGA and, as a broker, passed through insurance premiums received to MGA.
At the year end, the Company was owed £151,406 (2023: £492,112) from Advantage Travel Centres Limited, its ultimate parent company.
At the year end, the Company owed £10,500 (2023: £10,500) to Advantage Meetings and Events Limited, a fellow subsidiary.   


12.


Post balance sheet events

The directors have concluded that no material events have occurred since the date of approval of these financial statements that would affect the financial statements of the Group.


13.


Controlling party

The ultimate controlling party is Advantage Travel Centres Limited by virtue of its ownership of 100% of the issued voting share capital.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 7 March 2025 by Yasin Khandwalla FCCA (Senior statutory auditor) on behalf of Xeinadin Audit Limited.

 
Page 9