|
Registered number: 09859287
YOGA INSURANCE SERVICES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
YOGA INSURANCE SERVICES LIMITED
REGISTERED NUMBER: 09859287
BALANCE SHEET
AS AT 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
The notes on pages 3 to 7 form part of these financial statements.
Page 1
|
|
YOGA INSURANCE SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
Shares cancelled during the year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 3 to 7 form part of these financial statements.
|
Page 2
|
|
YOGA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Yoga Insurance Services Limited is a company limited by shares and incorporated in England and Wales. The registered company number is 09859287 and the registered office is Saturn Building, First Point, Balby Carr Bank, Doncaster, South Yorkshire, DN4 5JQ.
2.Accounting policies
|
|
|
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the company.
The financial statements are rounded to the nearest £1.
The following principal accounting policies have been applied:
|
|
|
Financial Reporting Standard 102 - reduced disclosure exemptions
|
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of RSCPBR Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Cardiff, CF4 3UZ.
It has been necessary for the directors to review the cash flow forecasts and the facilities provided by the bank and they have confirmed that the company has sufficient funds in place to support the business. The directors have also paid due regard to relevant forecast financial information, including cash flows. In the directors' opinion, the company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents the total value of brokerage, fees, commissions and other products receivable during the year. Turnover relating to insurance broking is recognised at the later of the policy inception date or when the policy placement has been completed and confirmed.
Charges applied and written off within a short timescale are treated as a reduction in turnover. Costs involved in earning commissions, fees or other income are written off to the profit and loss account as they occur unless they involve contractual performance over a period of time.
Interest income is recognised in profit or loss using the effective interest method.
Page 3
|
|
YOGA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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.
|
|
|
Insurance debtors and creditors
|
The company acts as agent in broking the insurable risks of clients and normally is not liable as a principal for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and 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. This recognises that the company is entitled to retain the investment income on any cash flows arising from these transactions.
In the ordinary course of insurance broking business, settlement is required to be made with certain 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 parties which it represents.
However, under Financial Reporting Standard 102 ("FRS102") assets and liabilities may not be offset unless net settlement is legally enforceable, and therefore insurance broking debtors and creditors are shown gross within these financial statements.
The company bears the bad debt risk for non payment of premiums in certain circumstances. Insurance debtor balances are adjusted for irrecoverable amounts.
Page 4
|
|
YOGA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
|
|
|
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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
|
|
The average monthly number of employees, including directors, during the year was 7 (2023 - 6).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 5
|
|
YOGA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above balance includes £2,468,295 (2023: £3,766,917) of fiduciary insurer trust accounts.
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
101,000 (2023 - 1,351,000) Ordinary shares of £1.00 each
|
|
|
|
|
On the 4 April 2024 the Company's share capital was reduced from £1,351,000 to £101,000 after the directors filed a statement of solvency. There was no effect on the shareholding of the Company as a result of this reduction.
|
Page 6
|
|
YOGA INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
|
|
Related party transactions
|
|
|
The company has taken advantage of the exemption conferred by the Financial Reporting Standard 102 not to disclose transactions with members of the group headed by RSCPBR Limited on the grounds that 100% of the voting rights in the company are controlled within that group.
|
The immediate parent company is One Call Group Companies Ltd, the intermediate holding company is RSCPBR A Limited. The ultimate holding company is RSCPBR Limited, a company incorporated in England and Wales. Consolidated accounts are available from Companies House, Cardiff, CF4 3UZ. The registered office of the ultimate parent company is Saturn Building, Firstpoint, Balby Carr Bank, Doncaster, DN4 5JQ.
The controlling party is Mr J L Radford.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 29 July 2025 by James Bagley (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 7
|