REGISTERED NUMBER: 13611569 (England and Wales)

Financial Statements

for the Year Ended 30 June 2025

for

Open Comparison Broking Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J E Steffens

A Coles

SECRETARY:

D C A Barrett

REGISTERED OFFICE:

Ground Floor

Edinburgh House

170 Kennington Lane

London

England

SE11 5DP

REGISTERED NUMBER:

13611569 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Tangible assets

5

70,957

68,064

CURRENT ASSETS

Debtors

6

3,446,542

1,228,178

Cash at bank

810,835

43,172

4,257,377

1,271,350

CREDITORS

Amounts falling due within one year

7

(1,636,014

)

(557,858

)

NET CURRENT ASSETS

2,621,363

713,492

TOTAL ASSETS LESS CURRENT LIABILITIES

2,692,320

781,556

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

2,692,120

781,356

2,692,320

781,556

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

A Coles - Director

1.	STATUTORY INFORMATION

Open Comparison Broking Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company 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 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 only affects that period, or in the period of revision and future profits where the revision affects both current and future periods.The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Prepaid customer acquisition costs

Customer acquisition costs are prepaid and amortised over the estimated period of benefit of the acquisition cost ranging from 2 to 3 years. The directors have assessed this period having regard to the period of benefit from prior periods. Whilst there has not been a material change in prior periods the assessment is inherently subjective as it is made on the basis on previous activity which may in future not prove to be accurate.

Recoverability of trade debtor balances

Estimates are made in respect of the recoverability of balances due from customers. The directors have assessed the recoverability of balances due from customers by reference to the age of the balance and their experience of recovery rates.The assessment of recoverability is however inherently subjective as it is made on the basis of previous activity and experience which may in the future not prove to be accurate.

Turnover

Turnover represents commission from insurers, premium finance override commission, lead sales to other parties and claims referrals.

Commission and fees arising from insurance broking services are recognised upon the earlier of the effective date that the insurance policy commences and the debit date. Other income is recognised when it can be measured with reasonable certainty.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:-

Fixtures and fittings - Straight line over 3 years

Computer equipment - Straight line over 3 years

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

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 recognised in the profit and loss account.

Impairment of fixed assets

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Employee benefits

The costs of short term employee benefits are recognised as a liability and an expense in the period in which these are incurred.

Insurance debtor, creditors and bank balances

Insurance brokers normally act as agents in placing the insurable risks of their clients with insurers and, as such, are generally not liable as principals for amounts arising from such transactions. The company does not have any substantive interest in insurance debtors, apart from a right to its commission, and has no liability for the insurance creditor in the event of a default from the related insurance debtor. In recognition of this relationship, insurance debtors and creditors have been offset within the company's balance sheet as they do not represent assets or liabilities of the company.

The company, in the course of carrying on insurance broking activities, handles co-mingled insurance monies, being monies belonging to clients and monies belonging to insurers (known as risk transfer monies) representing cash in transit between policyholders and insurers with commission income available to the company in segregated bank accounts. In view of the fact that the company's terms of business state that it is entitled to retain investment income on any cash flows arising from insurance transactions, and the fact that the company has control over the operation of these bank accounts in relation to the settlement of accounts with clients, insurers, other intermediaries, surplus funds held in insurance bank accounts has been shown as an asset of the company.

Given the nature of the trust arrangements under which insurance monies are held and the control the company exerts over the operation of the segregated bank accounts, the company consider it appropriate to disclose only the net balance of insurance broking assets and liabilities as an asset of the company itself, representing income due and payable to the company to its own bank accounts from the segregated bank accounts at the appropriate time, in accordance with the FCA Client Asset Sourcebook rules.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Debtors

Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where an arrangement with a debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of debtors is established when there is evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments 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.

Equity instruments

Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments.

Creditors

Creditors which are payable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2024 - 11 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 July 2024

26,592

42,486

69,078

Additions

27,209

-

27,209

At 30 June 2025

53,801

42,486

96,287

Depreciation

At 1 July 2024

1,014

-

1,014

Charge for year

10,296

14,020

24,316

At 30 June 2025

11,310

14,020

25,330

Net book value

At 30 June 2025

42,491

28,466

70,957

At 30 June 2024

25,578

42,486

68,064

6.

DEBTORS

30/6/25

30/6/24

£

£

Amounts falling due within one year:

Trade debtors

79,845

241,401

Other debtors

35,919

32,544

Prepayments and accrued income

2,092,855

664,314

2,208,619

938,259

Amounts falling due after more than one year:

Prepayments and accrued income

1,237,923

289,919

Aggregate amounts

3,446,542

1,228,178

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/25

30/6/24

£

£

Trade creditors

296,279

102,356

Amounts owed to group undertakings

-

99,322

Tax

1,059,500

219,169

Social security and other taxes

44,405

10,486

VAT

17,901

-

Other creditors and accruals

217,929

126,525

1,636,014

557,858

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30/6/25

30/6/24

£

£

Within one year

60,294

57,420

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Carpenter (FCA) (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

10.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Centurian 888 Global Limited, a company registered in Jersey. The ultimate controlling party are the trustees of Centurian Enterprise Trust, registered in Jersey.