Company registration number 05429313 (England and Wales)
ANCILE INSURANCE GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ANCILE INSURANCE GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 12
ANCILE INSURANCE GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
148,594
132,256
Tangible assets
5
26,146
35,996
Investments
6
100
100
174,840
168,352
Current assets
Debtors
9
704,557
1,171,630
Investments
10
14
Cash at bank and in hand
5,468,666
3,279,452
6,173,223
4,451,096
Creditors: amounts falling due within one year
11
(4,512,595)
(2,939,836)
Net current assets
1,660,628
1,511,260
Total assets less current liabilities
1,835,468
1,679,612
Creditors: amounts falling due after more than one year
12
(534,249)
(817,228)
Provisions for liabilities
15
(99,831)
(104,300)
Net assets
1,201,388
758,084
Capital and reserves
Called up share capital
60,001
60,001
Other reserves
190,432
338,954
Profit and loss reserves
950,955
359,129
Total equity
1,201,388
758,084
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 August 2025 and are signed on its behalf by:
Mr SM Trott
Director
Company registration number 05429313 (England and Wales)
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Ancile Insurance Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 114a Cromwell Road, London, UK, SW7 4AG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The truedirectors have reviewed the company's ability to meet its obligations for the foreseeable future, being twelve months from the approval of these financial statements. The company will continue to receive financial support from its shareholders to meet its obligations and therefore the directors consider that the going concern basis is appropriate.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
The company recognises revenue from the following major sources:
Commissions
Profit shares
Interest Income
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Commissions
As an insurance intermediary, the Company earns commissions on insurance business transacted during the accounting period. This income is recognised in the period in which the right to the consideration· has been established, being the later of policy inception date and transaction date. Adjustments to commissions earned and returned premiums are recognised when they arise, unless it is possible to make an accurate estimate of such adjustments at policy inception. The company also makes a provision for the cancellation of live polices after the reporting date based on previous experience of the volume of these . Fee income is recognised in accordance with performance of the services to which they relate.
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Profit shares
The Company may enter into profit sharing arrangements with a selected number of insurers from its portfolio. These arrangements are based on a number of factors, including but not limited to gross written premium on specific policies types, total business placed with an insurer, and the insurer's measure of profit achieved. Profit share income is recognised on an accruals basis in accordance with the substance of the relevant agreement.
Interest Income
Interest income, being that earned on deposits held in bank accounts, is recognised on the accruals basis, as per contractual arrangements.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 1 year.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licenses
25% straight line basis
Website costs
33% straight line basis
Software Costs
10% straight line basis
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
33% straight line basis
Computer Equipment
10%-33% straight line basis
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.
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.18
Insurance debtors and creditors
The company acts as an agent of insurance companies in broking and administering insurance products and is liable as a principal for premiums due to those underwriters. The company has followed generally accepted accounting practice for insurance brokers by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself. Revenue is recognised on such agency arrangements as set out in the turnover accounting policy.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Intangible and tangible fixed assets
Determining whether there are indicators of impairment of the company's intangible and tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Clawback provision
At each year end, a provision is made in respect of active policies that may be cancelled before the end of their term, resulting in the payment of refunds. Assumptions regarding dropout rates are made by the directors when computing this provision.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Intangible fixed assets
Intangible assets are amortised on a straight-line basis over their estimated useful economic lives. This is reviewed annually by the directors with the estimate based on a variety of factors such as the expected useful life of cash generating units to which the assets are attributed and any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technical innovation, product life cycles and maintenance programmes are taken into account.
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
26
4
Intangible fixed assets
Goodwill
Patents & licenses
Website costs
Software Costs
Total
£
£
£
£
£
Cost
At 1 January 2024
1
18,181
57,188
103,464
178,834
Additions
28,920
-
28,920
At 31 December 2024
1
18,181
86,108
103,464
207,754
Amortisation and impairment
At 1 January 2024
1
18,101
27,614
862
46,578
Amortisation charged for the year
80
4,742
7,760
12,582
At 31 December 2024
1
18,181
32,356
8,622
59,160
Carrying amount
At 31 December 2024
53,752
94,842
148,594
At 31 December 2023
80
29,574
102,602
132,256
5
Tangible fixed assets
Fixtures and fittings
Computer Equipment
Total
£
£
£
Cost
At 1 January 2024
876
165,143
166,019
Additions
15,933
15,933
Disposals
(106)
(4,016)
(4,122)
At 31 December 2024
770
177,060
177,830
Depreciation and impairment
At 1 January 2024
354
129,669
130,023
Depreciation charged in the year
264
25,349
25,613
Eliminated in respect of disposals
(106)
(3,846)
(3,952)
At 31 December 2024
512
151,172
151,684
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Tangible fixed assets
Fixtures and fittings
Computer Equipment
Total
£
£
£
(Continued)
- 9 -
Carrying amount
At 31 December 2024
258
25,888
26,146
At 31 December 2023
522
35,474
35,996
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Insurewithease.com Limited
England & Wales
Dormant
Ordinary
100.00
Goodtogoinsurance.com Limited
England & Wales
Dormant
Ordinary
100.00
Yourcover Ltd
England & Wales
Dormant
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
3rd Floor 114a Cromwell Road, London, United Kingdom, SW7 4AG
2
3rd Floor 114a Cromwell Road, London, United Kingdom, SW7 4AG
3
3rd Floor 114a Cromwell Road, London, United Kingdom, SW7 4AG
8
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
-
14
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
599,143
1,084,325
Amounts owed by group undertakings
8,155
500
Other debtors
97,259
86,805
704,557
1,171,630
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
10
Current asset investments
2024
2023
£
£
Other investments
14
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,030,947
2,678,288
Amounts owed to group undertakings
224
224
Corporation tax
175,554
11,979
Other taxation and social security
212,616
148,428
Other creditors
93,254
100,917
4,512,595
2,939,836
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
13
534,249
817,228
13
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings and related parties
534,249
817,228
Payable after one year
534,249
817,228
On 20 May 2020, National Westminster Bank PLC registered a fixed and floating charge over the company's assets in relation to the parent company's debts.
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
14
Cash and cash equivalents
2024
2023
£
£
Cash at bank and in hand
1,683,160
691,050
Insurance bank accounts
3,785,506
2,588,402
5,468,666
3,279,452
Insurer monies include unsettled premiums and claims and commission not yet transferred into the operational bank accounts with the corresponding insurance liabilities recognised within trade creditors.
15
Provisions for liabilities
2024
2023
£
£
Clawback provision
56,674
64,095
Deferred tax liabilities
43,157
40,205
99,831
104,300
A provision is maintained to meet potential commission clawbacks for policies that could cancel in the future.
Movements on provisions apart from deferred tax liabilities:
Clawback provision
£
At 1 January 2024
64,095
Additional provisions in the year
28,215
Utilisation of provision
(35,636)
At 31 December 2024
56,674
16
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
ANCILE INSURANCE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Audit report information
(Continued)
- 12 -
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Robert Moore
Statutory Auditor:
Bright Grahame Murray
Date of audit report:
6 August 2025
17
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
23,175
44,567
18
Parent company
The parent company of Ancile Insurance Group Limited is Ancile Group Holdings Limited and its registered office is 3rd Floor 114a Cromwell Road, London, United Kingdom, SW7 4AG
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