REGISTERED NUMBER: 03862468 (England and Wales)

COMMERCIAL EXPRESS QUOTES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

Mr D P Pritchard

SECRETARY:

Mr D P Pritchard

REGISTERED OFFICE:

B1 Custom House

The Waterfront

Level Street

Brierley Hill

West Midlands

DY5 1XH

REGISTERED NUMBER:

03862468 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The principal activity of the company during the year was activities of insurance agents and brokers. The director is of the opinion that the company's performance met expectations, enabling the entity to achieve its goals. The director deems the key performance indicators to be those that communicate the financial performance of the company, being turnover, operating margin and profit before tax.

The turnover of the company has increased by 45% from £3,554,893 for the year ended 31 December 2023 to £5,171,363 in the current year.

The operating margin went from 2.60% to 17.21% for the year ended 31 December 2024.

Profit before tax of £948,568 for the year ended 31 December 2024 which is an increase compared to previous year end £114,319.

PRINCIPAL RISKS AND UNCERTAINTIES

The environment and market the company operates in is competitive with margins being placed under pressure not only from existing competitors but new entrants. However, with a strong management team and continuous drive to improve the products, I consider the company to be in a good position in the market.

ON BEHALF OF THE BOARD:

Mr D P Pritchard - Director

24 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

Interim dividends totalling £3000 per share were paid during the year. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 300,000 .

DIRECTOR

Mr D P Pritchard held office during the whole of the period from 1 January 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Folkes Worton LLP, having been appointed during the year, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr D P Pritchard - Director

24 September 2025

Opinion

We have audited the financial statements of Commercial Express Quotes Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with the framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed the following procedures;

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have direct material effect on the financial statements of the operations of the company through enquiry and inspection;

- Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with law or regulation is removed from the events and transaction reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Neil Smith (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

24 September 2025

TURNOVER

5,171,363

3,554,893

Administrative expenses

4,281,345

3,462,424

OPERATING PROFIT

4

890,018

92,469

Interest receivable and similar income

59,061

22,757

949,079

115,226

Interest payable and similar expenses

5

511

907

PROFIT BEFORE TAXATION

948,568

114,319

Tax on profit

6

244,995

25,725

PROFIT FOR THE FINANCIAL YEAR

703,573

88,594

PROFIT FOR THE YEAR

703,573

88,594

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

703,573

88,594

FIXED ASSETS

Tangible assets

8

435,591

440,584

CURRENT ASSETS

Debtors

9

3,811,472

2,875,887

Cash at bank

3,224,886

2,552,773

7,036,358

5,428,660

CREDITORS

Amounts falling due within one year

10

5,030,830

3,822,559

NET CURRENT ASSETS

2,005,528

1,606,101

TOTAL ASSETS LESS CURRENT LIABILITIES

2,441,119

2,046,685

CREDITORS

Amounts falling due after more than one year

11

(5,000

)

(15,000

)

PROVISIONS FOR LIABILITIES

14

(861

)

-

NET ASSETS

2,435,258

2,031,685

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

2,435,158

2,031,585

SHAREHOLDERS' FUNDS

2,435,258

2,031,685

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

Mr D P Pritchard - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

1,942,991

1,943,091

Changes in equity

Total comprehensive income

-

88,594

88,594

Balance at 31 December 2023

100

2,031,585

2,031,685

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive income

-

703,573

703,573

Balance at 31 December 2024

100

2,435,158

2,435,258

Cash flows from operating activities

Cash generated from operations

1

623,763

773,568

Interest paid

(511

)

(760

)

Interest element of hire purchase or finance lease rental payments paid

-

(147

)

Tax paid

(25,725

)

(7,507

)

Net cash from operating activities

597,527

765,154

Cash flows from investing activities

Purchase of tangible fixed assets

-

(10,438

)

Sale of tangible fixed assets

2,463

-

Interest received

59,061

22,757

Net cash from investing activities

61,524

12,319

Cash flows from financing activities

Loan repayments in year

(10,000

)

(10,000

)

Amount introduced by directors

323,062

-

Amount withdrawn by directors

-

(123,062

)

Equity dividends paid

(300,000

)

-

Net cash from financing activities

13,062

(133,062

)

Increase in cash and cash equivalents

672,113

644,411

Cash and cash equivalents at beginning of year

2

2,552,773

1,908,362

Cash and cash equivalents at end of year

2

3,224,886

2,552,773

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

(Unaudited)

£

£

Profit before taxation

948,568

114,319

Depreciation charges

2,684

12,959

Profit on disposal of fixed assets

(154

)

-

Finance costs

511

907

Finance income

(59,061

)

(22,757

)

892,548

105,428

Increase in trade and other debtors

(1,058,647

)

(366,601

)

Increase in trade and other creditors

789,862

1,034,741

Cash generated from operations

623,763

773,568

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

3,224,886

2,552,773

Year ended 31 December 2023

31/12/23

1/1/23

(Unaudited)

£

£

Cash and cash equivalents

2,552,773

1,908,362

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank

2,552,773

672,113

3,224,886

2,552,773

672,113

3,224,886

Debt

Debts falling due within 1 year

(10,000

)

-

(10,000

)

Debts falling due after 1 year

(15,000

)

10,000

(5,000

)

(25,000

)

10,000

(15,000

)

Total

2,527,773

682,113

3,209,886

1.	STATUTORY INFORMATION

Commercial Express Quotes Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents commissions and fees received during the year. Commission for insurance services is recognised in full in the month when the policies are transacted.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not depreciated

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Insurance company debtors and insurance company creditors

The company acts as agents in broking the insurable risk of clients and is normally not liable as a principal for premiums due to underwriters. Not withstanding the legal relationship with clients and intermediaries 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.

Cash and cash equivalents

Cash and cash equivalents 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.

Computer and software costs

Costs incurred in relation to the company's bespoke software systems are capitalised as incurred. The software is an integral part in the functionality of the company's information technology systems and as such costs therefore incurred are included in tangible fixed assets. Costs in relation to the development and maintenance of the existing systems and website are written off as expenses incurred directly to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

2024

2023

(Unaudited)

£

£

Wages and salaries

2,848,002

2,236,752

Social security costs

322,410

244,404

Other pension costs

105,735

173,822

3,276,147

2,654,978

The average number of employees during the year was as follows:

2024

2023

(Unaudited)

Employees

57

59

2024

2023

(Unaudited)

£

£

Directors' remuneration

378,596

121,750

Information regarding the highest paid director for the year ended 31 December 2024 is as follows:

2024

£

Emoluments etc

378,596

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

(Unaudited)

£

£

Other operating leases

9,719

16,556

Depreciation - owned assets

2,684

12,959

Profit on disposal of fixed assets

(154

)

-

Auditors' remuneration

6,500

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

(Unaudited)

£

£

Bank loan interest

511

760

Hire purchase interest

-

147

511

907

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

(Unaudited)

£

£

Current tax:

UK corporation tax

244,135

25,725

Prior year tax adjustment

(1

)

-

Total current tax

244,134

25,725

Deferred tax

861

-

Tax on profit

244,995

25,725

7.

DIVIDENDS

2024

2023

(Unaudited)

£

£

Interim

300,000

-

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

430,236

218,369

621,805

1,270,410

Disposals

-

(2,463

)

-

(2,463

)

At 31 December 2024

430,236

215,906

621,805

1,267,947

DEPRECIATION

At 1 January 2024

-

211,378

618,448

829,826

Charge for year

-

1,259

1,425

2,684

Eliminated on disposal

-

(154

)

-

(154

)

At 31 December 2024

-

212,483

619,873

832,356

NET BOOK VALUE

At 31 December 2024

430,236

3,423

1,932

435,591

At 31 December 2023

430,236

6,991

3,357

440,584

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Trade debtors

3,595,554

2,657,335

Other debtors

159,417

12,277

Directors' current accounts

-

123,062

Prepayments

56,501

83,213

3,811,472

2,875,887

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

(Unaudited)

£

£

Bank loans and overdrafts (see note 12)

10,000

10,000

Trade creditors

4,363,169

3,692,436

Tax

244,135

25,726

Social security and other taxes

64,085

67,693

Other creditors

14,085

10,319

Directors' current accounts

200,000

-

Accruals

135,356

16,385

5,030,830

3,822,559