Company registration number 06279280 (England and Wales)
HALLSDALE INSURANCE BROKERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HALLSDALE INSURANCE BROKERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
HALLSDALE INSURANCE BROKERS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,046
8,623
Investments
4
792,705
801,751
8,623
Current assets
Debtors
5
116,247
173,338
Cash at bank and in hand
55,725
649
171,972
173,987
Creditors: amounts falling due within one year
6
(732,674)
(73,772)
Net current (liabilities)/assets
(560,702)
100,215
Total assets less current liabilities
241,049
108,838
Creditors: amounts falling due after more than one year
7
(118,400)
(27,000)
Provisions for liabilities
(2,190)
(2,156)
Net assets
120,459
79,682
Capital and reserves
Called up share capital
8
1,345
1,345
Capital redemption reserve
330
330
Profit and loss reserves
118,784
78,007
Total equity
120,459
79,682
HALLSDALE INSURANCE BROKERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
For the financial period ended 31 December 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 period 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:
A M May
Director
Company registration number 06279280 (England and Wales)
HALLSDALE INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Hallsdale Insurance Brokers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Venture House, St Leonards Road, Allington, Maidstone, Kent, ME16 0LS.
1.1
Reporting period
The financial statements cover a period of 18 months to report to the new financial year end. Therefore, the comparatives are not entirely comparable.
1.2
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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents commission and fees earned in respect of insurance policies arranged during the year, Commission is recognised when the insurance policy on the effective start date of the underlying insurance contract.
Adjustments to brokerage on return and additional premiums are normally recognised when they arise, unless it is possible to make a reasonable accurate estimate of such adjustments at inception based upon known historical trends for the given business.
Insurance broking debtors and creditors
Insurance brokers usually act as agents in placing the insurable risks of their clients with insurers and, as such, generally are not liable as principals for amounts arising from such transactions. Notwithstanding the legal relationships, debtors and creditors arising from insurance broking transactions are shown as assets and liabilities because they provide the insurance broker with access to future economic benefits and, as such, meet the definitions of assets and liabilities set out in FRS 102.
It is normal practice for insurance brokers to settle accounts with other intermediaries, client, insurers and market settlement bureaux on a net basis. Thus, large changes in both insurance broking debtors and creditors can result in comparatively small cash settlements. For this reason, the totals of insurance debtors and creditors give no indication of future cashflows.
FRS 102 requires that offset of assets and liabilities should be recognised in financial statements where, and only where, the offset would survive the insolvency of the other party. Accordingly, only such offsets have been recognised in calculating insurance broking debtors and creditors.
1.5
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.
HALLSDALE INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 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, fittings & equipment
25% per annum reducing balance
Computer equipment
25% per annum 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.
1.6
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.
1.7
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.
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.
HALLSDALE INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HALLSDALE INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
6
6
HALLSDALE INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 July 2023
306
18,600
18,906
Additions
384
3,453
3,837
At 31 December 2024
690
22,053
22,743
Depreciation and impairment
At 1 July 2023
153
10,130
10,283
Depreciation charged in the period
73
3,341
3,414
At 31 December 2024
226
13,471
13,697
Carrying amount
At 31 December 2024
464
8,582
9,046
At 30 June 2023
153
8,470
8,623
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
792,705
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
-
Additions
792,705
At 31 December 2024
792,705
Carrying amount
At 31 December 2024
792,705
At 30 June 2023
-
HALLSDALE INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
101,709
9,997
Other debtors
14,538
163,341
116,247
173,338
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,000
24,616
Trade creditors
6,001
Amounts owed to group undertakings
551,880
Taxation and social security
13,708
40,305
Other creditors
146,085
8,851
732,674
73,772
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,000
27,000
Other creditors
113,400
118,400
27,000
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of £1 each
536
536
536
536
'B' ordinary shares of £1 each
670
670
670
670
'C' ordinary shares of £1 each
134
134
134
134
'G' ordinary shares of £1 each
5
5
5
5
1,345
1,345
1,345
1,345
HALLSDALE INSURANCE BROKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
9
Operating lease commitments
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
£
£
13,500
9,000
10
Client Funds Held In Trust
At the reporting date, the company held £182,359.91 in designated client bank accounts. These funds are maintained in accordance with Financial Conduct Authority (FCA) regulations and are held in trust on behalf of clients. As such, they do not represent assets of the company and have been excluded from the balance sheet. Corresponding liabilities to clients have also been excluded. This treatment ensures compliance with the Companies Act and reflects the fiduciary nature of these funds. The company does not have a beneficial interest in these monies, and they are not available for use in the company’s operations. Client Funds and Related Trade Debtors/Creditors
The company acts as an intermediary in arranging insurance policies and collects premiums from clients which are subsequently payable to insurers. These funds are held in designated client bank accounts in accordance with FCA regulations and are not available for general use by the company. In line with industry practice and to reflect the substance of these transactions, the amounts held in the client account and the corresponding liabilities to insurers have been netted off against trade debtors and trade creditors in the balance sheet. This presentation avoids overstating the company’s assets and liabilities and reflects the fiduciary nature of the client funds. The net position represents amounts contractually due to or from clients and insurers that are attributable to the company’s own trading activities.
11
Restatement of Comparative Figures
The comparative figures for trade debtors and trade creditors have been restated to reflect a consistent approach to the netting off of client account balances against amounts due to insurers. In prior periods, these balances were presented gross, whereas the current year presentation reflects the net position in line with industry practice and the substance of the transactions. This change in presentation does not affect the net assets or profit for the prior year, but improves comparability and clarity in the financial statements. The restatement has been applied retrospectively to ensure consistency across reporting periods.
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