Park Place Insurance Services Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC135773 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 DECEMBER 2024

FOR

PARK PLACE INSURANCE SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Nicholson

A Colquhoun

K Anderson

REGISTERED OFFICE:

53 High Street

Kirkcaldy

Fife

KY1 1LL

REGISTERED NUMBER:

SC135773 (Scotland)

ACCOUNTANTS:

Haines Watts

Business Advisors and Accountants

Cluny Court

John Smith Business Park

Kirkcaldy

Fife

KY2 6QJ

FIXED ASSETS

Intangible assets

4

1,877

8,477

Tangible assets

5

118,884

126,412

120,761

134,889

CURRENT ASSETS

Debtors

6

412,088

325,750

Cash at bank and in hand

157,911

182,936

569,999

508,686

CREDITORS

Amounts falling due within one year

7

327,811

277,883

NET CURRENT ASSETS

242,188

230,803

TOTAL ASSETS LESS CURRENT
LIABILITIES

362,949

365,692

CREDITORS

Amounts falling due after more than one
year

8

7,857

17,415

NET ASSETS

355,092

348,277

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

354,992

348,177

SHAREHOLDERS' FUNDS

355,092

348,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 29 September 2025 and were signed on its behalf by:

D Nicholson - Director

1.	STATUTORY INFORMATION

Park Place Insurance Services Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable for the provision of insurance broking.

Turnover from insurance broking is recognised in accordance with the relevant period that the transactions occurred.

GOODWILL

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

During the year Goodwill has been assess and now fully written off due to its reduced useful economic life.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website are being amortised evenly over their estimated useful life of three years.

TANGIBLE FIXED ASSETS

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

Heritable property

-

1% on cost

Improvements to property

-

10% per annum on cost

Fixtures and fittings

-

15% per annum reducing balance

Computer equipment

-

33% per annum on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Heritable property is not depreciated as carrying value is deemed to in line with residual value.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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 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.

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.

PROVISIONS FOR LIABILITIES

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Website

Totals

£

COST

At 30 December 2023

and 29 December 2024

24,167

20,000

44,167

AMORTISATION

At 30 December 2023

24,167

11,523

35,690

Amortisation for year

-

6,600

At 29 December 2024

24,167

18,123

42,290

NET BOOK VALUE

At 29 December 2024

-

1,877

At 29 December 2023

-

8,477

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Heritable

to

and

Computer

property

fittings

equipment

Totals

£

COST

At 30 December 2023

and 29 December 2024

130,759

13,100

40,834

25,995

210,688

DEPRECIATION

At 30 December 2023

15,474

13,100

39,874

15,828

84,276

Charge for year

-

144

7,384

7,528

At 29 December 2024

15,474

13,100

40,018

23,212

91,804

NET BOOK VALUE

At 29 December 2024

115,285

-

816

2,783

118,884

At 29 December 2023

115,285

-

960

10,167

126,412

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

160,152

156,492

Other debtors

251,936

169,258

412,088

325,750

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

75,798

29,822

Taxation and social security

11,588

14,423

Other creditors

240,425

233,638

327,811

277,883

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

7,857

17,415

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank overdrafts

64,494

17,687

Bank loans

19,161

29,550

83,655

47,237

The Bank of Scotland has a bond and floating charge on all property and assets present and future of the company including uncalled capital.

The Bank of Scotland has a standard security over the company property.

10.	OTHER FINANCIAL COMMITMENTS

The company had total commitments under a non-cancellable operating lease totalling £2,760 (2023 - £4,416)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 December 2024 and 29 December 2023:

2024

2023

£

D Nicholson

Balance outstanding at start of year

42,736

(7,442

)

Amounts advanced

39,344

75,420

Amounts repaid

(20,296

)

(25,242

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

61,784

42,736

12.	RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £13 (2023 - £13) due to a director from the company.

This loan is interest free and has no fixed terms of repayment.