| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| TRINITY INSURANCE SERVICES LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| TRINITY INSURANCE SERVICES LIMITED |
| TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| TRINITY INSURANCE SERVICES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Appledram Barns |
| Birdham Road |
| Chichester |
| West Sussex |
| PO20 7EQ |
| TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors: amounts falling due within one year | 7 |
| Debtors: amounts falling due after more than one year |
7 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATEMENT OF COMPLIANCE |
| Trinity Insurance Services Limited is a private company, limited by shares, registered in England and Wales. The Registered Office is Appledram Barns, Birdham Road, Chichester, West Sussex, PO20 7EQ and the company's registered number is 03904541. |
| 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. |
| The presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£). |
| Going Concern |
| The directors have assessed that the company has adequate resources to continue in operational existence for a minimum of 12 months from the date of signing the financial statements. This is on the basis that support will be provided by other group companies and has been confirmed with a support letter. The company will require further investment and cash funding from other group companies in the upcoming months, for which the directors believe will be forthcoming. There has been significant investment in intangible fixed assets to open up new income streams, expected to be established fully in 2025. Therefore the company is forecasting a significant increase in profit levels in the coming years, For this reason the financial statements have been prepared on a going concern basis. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Trinity Insurance Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Insurance premiums |
| Insurance premiums are received net of insurance premium tax and underwriting costs. Income is recognised on the date of renewal or the date of commencement of the insurance policy, whichever is earlier. |
| Commission |
| Commission receivable is recognised net of any amounts clawed back, and is recognised in the period that the commission is earned. |
| Intangible assets |
| Intangible assets are initially measured at cost. The initial split of which has been determined from the estimated relative fair values of the component parts. An unincorporated business was acquired in 2018 and the directors have made the best estimate of this split. |
| After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| The membership lists are amortised on a straight line basis over 5 or 10 years, depending on the estimated minimum useful economic life of the membership lists. Trade marks are amortised over the time to expiry of the trade mark, estimated to be 5 years. Computer software is amortised on a straight line basis over 3 years and reducing balance basis over 10 years. |
| At the year end an impairment review was carried out which estimates the net present value of the profits derived from customers on the membership list. In the opinion of the directors this amount was considered to be higher than the amortised amount as at 31 December 2024. |
| TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows: |
| Computer equipment - 33% on reducing balance |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less impairment. |
| 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 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. Current tax is not discounted. |
| 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. Deferred taxation assets and liabilities are recognised at the tax rates enacted or substantially enacted by the balance sheet date. |
| 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. |
| Provision for liabilities |
| Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
| The amount recognised as a provision is for clawback of commissions and is the best estimate of the number of life insurance policies to lapse in the clawback period of four years. The estimate has been based on historical data which has been updated during the current year. |
| Financial instruments |
| Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments. |
| TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Membership |
| list and | Software | Computer |
| trademarks | development | software | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| Impairments | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 7. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Other provisions | 24,656 | 19,442 |
| TRINITY INSURANCE SERVICES LIMITED (REGISTERED NUMBER: 03904541) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax | Commission clawbacks |
| £ | £ |
| Balance at 1 January 2024 | (344,834 | ) | 19,443 |
| Provided during the year | 29,343 |
| Charge/(credit) to Income Statement during year | 199,183 | (24,129 | ) |
| 145,651 | 24,656 |
| Deferred tax |
| The company has tax losses available to carry forward to future periods of £1,507,221 (2023: £1,440,442). |
| Debtors include a deferred tax asset of £145,651 (2023 - £344,834) associated with these tax losses provided within these financial statements, with a further, as yet, unprovided deferred tax asset of £216,670 (2023 - £Nil). |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | OPERATING LEASE COMMITMENTS |
| At 31 December 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £8,184 (2023: £6,617). |