Company registration number 02870876 (England and Wales)
REASON GLOBAL INSURANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
REASON GLOBAL INSURANCE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
REASON GLOBAL INSURANCE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
63,749
29,884
Investments
4
102
102
63,851
29,986
Current assets
Debtors
5
300,935
988,822
Cash at bank and in hand
3,947,908
3,629,849
4,248,843
4,618,671
Creditors: amounts falling due within one year
6
(2,879,625)
(2,228,389)
Net current assets
1,369,218
2,390,282
Total assets less current liabilities
1,433,069
2,420,268
Creditors: amounts falling due after more than one year
7
(26,042)
(88,542)
Net assets
1,407,027
2,331,726
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
1,406,925
2,331,624
Total equity
1,407,027
2,331,726
REASON GLOBAL INSURANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -

For the financial year ended 30 November 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 13 August 2025 and are signed on its behalf by:
M Pearson
Director
Company registration number 02870876 (England and Wales)
REASON GLOBAL INSURANCE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 November 2023:
Balance at 1 December 2022
102
1,576,531
1,576,633
Year ended 30 November 2023:
Profit and total comprehensive income
-
755,093
755,093
Balance at 30 November 2023
102
2,331,624
2,331,726
Year ended 30 November 2024:
Profit and total comprehensive income
-
664,119
664,119
Dividends
-
(1,588,818)
(1,588,818)
Balance at 30 November 2024
102
1,406,925
1,407,027
REASON GLOBAL INSURANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information

Reason Global Insurance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Runway East Brighton York and Elder Works, 50 New England Street, Brighton, BN1 4AW.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the

normal course of business.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is

the present value of the future receipts. The difference between the fair value of the consideration and the

nominal amount received is recognised as interest income.

 

Revenue represents commissions receivable and is recognised and taken to the profit and loss account when

an invoice is raised to the customer.

1.3
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.

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
15% straight line
Computers
33.33% straight line
Motor vehicles
25% straight line

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.

1.4
Fixed asset investments

Interests in subsidiaries 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.

REASON GLOBAL INSURANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and represents 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. The cash balance at the year end includes £2,990,408 (2023: £2,340,196) of insurance cash held in client bank accounts.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 trade and other debtors, accrued income, amounts owed by group undertakings, 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 trade creditors, bank loans, amounts due to group undertakings, tax liabilities, and accruals, 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.

REASON GLOBAL INSURANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

REASON GLOBAL INSURANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.12

Insurance broking debtors and creditors

The company acts as an agent in broking the insurable risks of clients and, generally speaking, is not liable as a principal for premiums due to underwriters or for return premiums and claims payable to clients. In recognition of this relationship, the insurance debtors and creditors ("fiduciary assets") relating to insurance business are not included as assets and liabilities of the company itself. In the ordinary course of insurance broking business, settlement is required to be made with certain market settlement bureau, insurance intermediaries or insurance companies on the basis of the net balance due to or from them rather than the amount due to or from the individual third party which it represents. “Client monies” are presented within bank balances as insurance intermediaries have sufficient interest in the risks and rewards associated with the monies held; the corresponding obligation to underwriters, or clients, net of brokerage earned by the company and not taken to its own funds is included in balance sheet creditors as an amount falling due within one year.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
22
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2023
66,551
112,600
37,065
216,216
Additions
-
0
13,425
51,178
64,603
At 30 November 2024
66,551
126,025
88,243
280,819
Depreciation and impairment
At 1 December 2023
66,551
94,302
25,479
186,332
Depreciation charged in the year
-
0
13,300
17,438
30,738
At 30 November 2024
66,551
107,602
42,917
217,070
Carrying amount
At 30 November 2024
-
0
18,423
45,326
63,749
At 30 November 2023
-
0
18,298
11,586
29,884
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
102
102
REASON GLOBAL INSURANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
5
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
749,722
Other debtors
265,122
226,710
265,122
976,432
Deferred tax asset
35,813
12,390
300,935
988,822
6
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Bank loan
62,500
62,500
Trade creditors
2,087,451
1,482,178
Amounts owed to group undertakings
255,482
102
Corporation tax
228,792
228,628
Other taxation and social security
51,677
51,422
Accruals and deferred income
193,723
403,559
2,879,625
2,228,389
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
26,042
88,542
8
Operating lease commitments

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
70,400
180,267
9
Prior period adjustment

A prior period restatement has been recognised to net off insurance trade debtors and trade creditors in line with financial reporting requirements.

REASON GLOBAL INSURANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Prior period adjustment
(Continued)
- 9 -
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Nov 2023
£
£
£
Current assets
Debtors due within one year
2,757,670
(1,768,848)
988,822
Creditors due within one year
Other creditors
(3,654,687)
1,768,848
(1,885,839)
Net assets
2,331,726
-
2,331,726
Capital and reserves
Total equity
2,331,726
-
2,331,726
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
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