Bedford Insurance Services Group Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Consolidated Profit and Loss Account	6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8
Company Balance Sheet	9
Consolidated Statement of Changes in Equity	10
Consolidated Statement of Cash Flows	11
Notes to the Consolidated Statement of Cash Flows	12
Notes to the Financial Statements	13—20

The directors present their strategic report for the year ended 31 December 2024.

Principal Activity

The group's principal activity continues to be that of a broker for the sale of general insurance services.

Review of the Business

The Directors are satisfied with the overall performance of the company for the year. They operate in a very competitive market and despite the current difficult market conditions operating cash flow remains strong and the directors hope the benefits of improved productivity combined with other business improvement measures taken will continue to improve profitablity over the short term.

Key KPI's	2024	2023
	£	£
Turnover	6.900m	6.536m
Operating profit	0.085m	(0.179)m
EBITDA	0.106m	(0.053)m

Principal Risks and Uncertainties

The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.

Strategic and Commercial Risk.

There are risks of changes to the competitive and/or economic environment. This is mitigated by a robust strategy and planning process, and regular monitoring of the economic and competitive environment.

Financial Risk.

There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and close

relationships with important stakeholders within the business.

Operational Risk

There is a risk of losses arising from inadequate or failed internal processes, from personnel and/or from external events. These are mitigated by regularly monitoring the business risk register against occurring events and business continuity.

On behalf of the board

M Hare

Director

29th September 2025

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Bedford Insurance Services Group Limited

Company No. 05333235

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Dividends

The value of dividends paid amounted to £781,500 .

The directors recommended a final dividend of £NIL .

Directors

The directors who held office during the year were as follows:

M Hare

S De'lemos Pratt

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors

The auditors, Mckenzies, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

M Hare

Director

29th September 2025

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Independent Auditor's Report

to the Members of

Bedford Insurance Services Group Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Bedford Insurance Services Group Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 December 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 directors' 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 group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report 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 group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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Independent Auditor's Report (continued)

to the Members of

Bedford Insurance Services Group Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are 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 directors determine is 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 directors are responsible for assessing the group and parent 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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:

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the Group's financial statements to material misstatement and how fraud might occur,including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Group by discussions with directors and updating our understanding of the sector in which the Group operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the Group's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Group's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit,the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations,or through collusion.

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

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Independent Auditor's Report (continued)

to the Members of

Bedford Insurance Services Group Limited

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 that we are required to state to them in an auditor's report 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.

Colin McCoy BA FCA (Senior Statutory Auditor)

for and on behalf of Mckenzies , Statutory Auditor

29th September 2025

Mckenzies

2 Station Road West

Oxted

Surrey

RH8 9EP

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Bedford Insurance Services Group Limited

Consolidated Profit and Loss Account

For The Year Ended 31 December 2024

Consolidated Profit and Loss Account

		2024	2023
	Notes	£	£
TURNOVER	3	6,900,979	6,536,963

GROSS PROFIT		6,900,979	6,536,963

Distribution costs		(1,967,997 )	(2,232,535 )
Administrative expenses		(4,846,924 )	(4,483,967 )

OPERATING PROFIT/(LOSS)	4	86,058	(179,539 )
Income from participating interests		-	22,423
Loss on disposal of fixed asset investments		(618,494)	-
Other interest receivable and similar income	9	32,882	29,420

LOSS BEFORE TAXATION		(499,554 )	(127,696 )
Tax on Loss	10	(150,226 )	738

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		(649,780 )	(126,958 )

The notes on pages 12 to 20 form part of these financial statements.

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Bedford Insurance Services Group Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 December 2024

Consolidated Statement of Comprehensive Income

	2024	2023
	£	£
LOSS FOR THE FINANCIAL YEAR	(649,780 )	(126,958 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	(649,780 )	(126,958 )

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Bedford Insurance Services Group Limited

Consolidated Balance Sheet

As At 31 December 2024

Consolidated Balance Sheet

Registered number: 05333235

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	11		-		72,760
Tangible Assets	12		498,797		520,921
Investments	13		1,299,767		3,060,017

			1,798,564		3,653,698
CURRENT ASSETS
Debtors	14	1,066,550		898,239
Cash at bank and in hand		1,278,405		1,045,397

		2,344,955		1,943,636
Creditors: Amounts Falling Due Within One Year	15	(2,617,030 )		(2,639,565 )

NET CURRENT ASSETS (LIABILITIES)			(272,075 )		(695,929 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,526,489		2,957,769

NET ASSETS			1,526,489		2,957,769

CAPITAL AND RESERVES
Called up share capital	18		100		100
Profit and Loss Account			1,526,389		2,957,669

SHAREHOLDERS' FUNDS			1,526,489		2,957,769

On behalf of the board

M Hare

Director

29th September 2025

The notes on pages 12 to 20 form part of these financial statements.

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Bedford Insurance Services Group Limited

Company Balance Sheet

As At 31 December 2024

Company Balance Sheet

Registered number: 05333235

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Investments	13		2,828,391		2,828,391

			2,828,391		2,828,391
CURRENT ASSETS
Debtors	14	100		100

		100		100
Creditors: Amounts Falling Due Within One Year	15	(317,500 )		(317,500 )

NET CURRENT ASSETS (LIABILITIES)			(317,400 )		(317,400 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,510,991		2,510,991

NET ASSETS			2,510,991		2,510,991

CAPITAL AND RESERVES
Called up share capital	18		100		100
Profit and Loss Account			2,510,891		2,510,891

SHAREHOLDERS' FUNDS			2,510,991		2,510,991

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 781,500 (2023: £ 434,290 profit).

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 29 September 2025 and were signed on its behalf by:

M Hare

Director

The notes on pages 12 to 20 form part of these financial statements.

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Bedford Insurance Services Group Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 December 2024

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	100	3,836,417	3,836,517
Loss for the year and total comprehensive income	-	(126,958 )	(126,958)

Dividends paid	-	(751,790)	(751,790)

As at 31 December 2023 and 1 January 2024	100	2,957,669	2,957,769


Loss for the year and total comprehensive income	-	(649,780 )	(649,780)

Dividends paid	-	(781,500)	(781,500)

As at 31 December 2024	100	1,526,389	1,526,489

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Bedford Insurance Services Group Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Consolidated Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(154,333 )	140,555
Tax paid		-	(236,068 )

Net cash used in operating activities		(154,333 )	(95,513 )

Cash flows from investing activities
Purchase of tangible assets		(5,794 )	(42,036 )
Purchase of other fixed asset investments		(114,750 )	(110,000 )
Proceeds from disposal of other fixed asset investments		1,256,506	-
Interest received		32,882	29,420
Dividends received		-	22,423

Net cash generated from/(used in) investing activities		1,168,844	(100,193 )

Cash flows from financing activities
Equity dividends paid		(781,500 )	(751,790 )
Amount withdrawn by directors		(3)	-

Net cash used in financing activities		(781,503 )	(751,790 )



Increase/(decrease) in cash and cash equivalents		233,008	(947,496 )
Cash and cash equivalents at beginning of year	2	1,045,397	1,992,893

Cash and cash equivalents at end of year	2	1,278,405	1,045,397

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Bedford Insurance Services Group Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of loss for the financial year to cash (used in)/generated from operations

	2024	2023
	£	£
Loss for the financial year	(649,780 )	(126,958 )
Adjustments for:
Tax on loss	150,226	(738 )
Interest income	(32,882 )	(29,420 )
Income from participating interests	-	(22,423)
Amortisation of intangible assets	72,760	72,767
Depreciation of tangible assets	27,918	53,291
Loss on disposal of fixed asset investments	618,494	-
Movements in working capital:
Increase in trade and other debtors	(171,321 )	(149,964 )
(Decrease)/increase in trade and other creditors	(169,748 )	344,000

Net cash (used in)/generated from operations	(154,333 )	140,555

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	1,278,405	1,045,397

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	1,045,397	233,008	1,278,405

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Bedford Insurance Services Group Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Bedford Insurance Services Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05333235 . The registered office is Trident Court, Oakcroft Road, Chessington, KT9 1BD.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2024.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

2.3. Business Combinations

Business combinations are accounted for by applying the purchase method.

The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.

Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.

On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.

2.4. Turnover

Turnover represents net commissions and fees for general insurance products. The group is not registered for value added tax so turnover is stated gross of all sales taxes.

Commission revenue is recognised at the date of the policy inception, fee income is recognised when invoiced.

In relation to management charges, revenue is recognised on receipt of monies for services provided.

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Bedford Insurance Services Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 20 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

25% on reducing balance

2.7. Investments

Fixed asset investments are shown at cost less provision for impairment.

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. Financial Instruments

i) Financial assets

Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or

to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing

additional restrictions.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies 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 receipts discounted at a market

rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that

some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

...CONTINUED

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Bedford Insurance Services Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Financial Instruments - continued

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.11. Insurance transactions, client money and insurer money

The company records on its balance sheet amounts due to and from clients and insurers, and money held on behalf of clients and insurers in relation to insurance transactions that the company handles on behalf of those parties. In accordance with the requirements of the Financial Services Authority, client money is held in bank accounts governed by Trust Deeds established for the benefits of such clients. Insure money is held in accordance with the agreements in place between the insurer and the company. Amounts held in trust cannot be called upon on insolvency of the company, however interest received on all of these cash balances is recognised and reflected as revenue in these financial statements as the company has the right to such interest in accordance with the terms of business agreed with clients and insurers. The cash at bank balances presented in these financial statements represents the aggregation of the money held for the benefit of the company, clients and insurers.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	6,900,979	6,536,963

	6,900,979	6,536,963

The turnover and profit before taxation are attributable to the principal activities of the group.

4. Operating Profit/(loss)

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

	2024	2023
	£	£
Operating lease rentals	50,077	49,885
Depreciation of tangible fixed assets	27,918	53,291
Amortisation of intangible fixed assets	72,760	72,767

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Bedford Insurance Services Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	26,789	10,740

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	2,553,917	2,454,165
Social security costs	288,395	263,833
Other pension costs	101,063	98,207

	2,943,375	2,816,205

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	Group		Company
	2024	2023	2024	2023
Office and administration	9	9	-	-
Management	9	9	1	1
Insurance Personnel	36	38	-	-

	54	56	1	1

8. Directors' remuneration

	2024	2023
	£	£
Emoluments	80,000	80,000
Company contributions to money purchase pension schemes	54,400	54,400

	134,400	134,400

The number of directors to whom retirement benefits were accruing was as follows:

	2024		2023
Money purchase pension schemes	2		2

9. Interest Receivable and Similar Income

	2024	2023
	£	£
Bank interest receivable	32,882	29,420
Dividends from shares in participating interests	-	22,423

	32,882	51,843

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Bedford Insurance Services Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Tax on Profit

	Tax Rate		2024	2023
The tax charge/(credit) on the loss for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	21.4%	147,216	13,611
Deferred Tax
Deferred taxation			3,010	(14,349 )


Total tax charge for the period			150,226	(738 )


The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			(499,554)	(127,696)

Tax on profit at 25% (UK standard rate)			(124,888 )	(27,327 )
Goodwill/depreciation not allowed for tax			25,169	26,977
Expenses not deductible for tax purposes			101,304	33,183
Capital allowances			(11,383 )	(18,570 )
Short term timing differences			3,010	(14,349 )
Difference in tax rates			-	(652 )
Tax losses for which no deferred tax was recognised			157,014	-

Total tax charge for the period			150,226	(738)

11. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 January 2024	1,455,328

As at 31 December 2024	1,455,328

Amortisation
As at 1 January 2024	1,382,568
Provided during the period	72,760

As at 31 December 2024	1,455,328

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	72,760

Company

The company had no intangible fixed assets as at 31 December 2024 or 31 December 2023.

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Bedford Insurance Services Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Tangible Assets

Group

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	1,659,200
Additions	5,794

As at 31 December 2024	1,664,994

Depreciation
As at 1 January 2024	1,138,279
Provided during the period	27,918

As at 31 December 2024	1,166,197

Net Book Value
As at 31 December 2024	498,797

As at 1 January 2024	520,921

Company

The company had no tangible fixed assets as at 31 December 2024 or 31 December 2023.

13. Investments

Group

	Associates	Unlisted	Other	Total
	£	£	£	£
Cost or Valuation
As at 1 January 2024	51,017	2,997,000	12,000	3,060,017
Additions	-	114,750	-	114,750
Disposals	-	(1,875,000 )	-	(1,875,000 )

As at 31 December 2024	51,017	1,236,750	12,000	1,299,767

Provision
As at 1 January 2024	-	-	-	-

As at 31 December 2024	-	-	-	-

Net Book Value
As at 31 December 2024	51,017	1,236,750	12,000	1,299,767

As at 1 January 2024	51,017	2,997,000	12,000	3,060,017

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 January 2024	2,828,391

As at 31 December 2024	2,828,391

...CONTINUED

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Bedford Insurance Services Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	2,828,391

As at 1 January 2024	2,828,391

14. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Due within one year
Trade debtors	626,778	575,017	-	-
Other debtors	439,772	323,222	100	100

	1,066,550	898,239	100	100

15. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	2,215,314	2,449,825	-	-
Amounts owed to group undertakings	-	-	317,500	317,500
Other creditors	125,598	10,160	-	-
Corporation tax	160,827	13,611	-	-
Taxation and social security	101,491	104,680	-	-
Accruals and deferred income	13,800	61,289	-	-

	2,617,030	2,639,565	317,500	317,500

16. Deferred Taxation

The provision for deferred tax is made up as follows:

17. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 January 2024	(103,169 )	(103,169)
Deferred taxation	3,010	3,010

Balance at 31 December 2024	(100,159 )	(100,159)

18. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
20 Ordinary A shares of £ 1.000 each	20	20
80 Ordinary B shares of £ 1.000 each	80	80

	100	100

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Bedford Insurance Services Group Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

19. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £101,063 (2023: £98,207).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

20. Dividends

	2024	2023
	£	£
On equity shares:
Interim dividend paid	781,500	751,790

21. Controlling Parties

The group is controlled by Mr M D Hare, the majority shareholder and a director of each group company.

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