The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Let Insurance Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 8 Axon, Commerce Road, Lynch Wood, Peterborough, PE2 6LR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover represents gross commissions, fees and administration charges earned by the company acting as an intermediary and specialist insurance broker. Revenue is recognised in the year in which the services are provided. Turnover is shown net of VAT in the profit and loss account.

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life on a 10 year straight line basis.

Development costs incurred on website and software to be used in the business are capitalised and written off over the estimated useful life of the asset, once the development has been completed.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and 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.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

The company has issued share options to certain directors and employees. These financial statements have been prepared in accordance with FRS 102 section 1A which does not require equity-settled share based payment arrangements to be recognised as an expense.

Insurance broking assets and liabilities

The company acts as an agent in broking the insurance risks of its clients and, in the ordinary course of business is not liable as a principle for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and underwriters, the company has followed generally accepted accounting practice for insurance intermediaries by showing debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself.

In the application of the company’s 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 that are 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Intangible assets are amortised over their estimated useful lives taking into account residual values where appropriate. Management reviews its estimate of the useful lives of goodwill and capitalised development costs at each reporting date based on the expected utility of the assets. Uncertainties in these estimates may relate to factors such as technological innovation and product life cycle, leading to a reassessment of the useful life of the asset.

The average monthly number of persons (including directors) employed by the company during the year was:

More information on impairment movements in the year is given in note .

Goodwill is stated at cost less accumulated amortisation and represents the goodwill which arose on the acquisition of the business assets of Property Risks.

During the year, the directors conducted a review of the carrying value of goodwill in accordance with applicable accounting standards. Following this assessment, it was determined that the goodwill associated with Property Risks no longer holds any residual value. As a result, the remainder of the goodwill, totalling £142,278, has been written off and recognised as an impairment loss in the income statement.

The investments in subsidiaries are all stated at cost.

Amounts owed by group undertakings to the company are unsecured, interest free and have no fixed date for repayment.

Included in other creditors are £400,000 of Fixed Rate Loan Notes issued in 2008 at par, of £1 ("2008 Loan Notes"). The loan notes would be redeemable, also at par together with accrued interest in three tranches of £100,000, £140,000 and the balance outstanding on respectively 31 August 2012, 31 August 2013 and 31 August 2014, however, there are regulatory restrictions that mean the earliest redemption date will be later than these dates. Also included in other creditors a further £1,057,436 of Fixed Rate Loan Notes were issued in 2012 at par of £1 ("2012 Loan Notes"). These loan notes are for a period of seven years to 9 March 2019 and are also redeemable at par. Interest accrues monthly on the loan notes and is payable at rates of 2% over the Bank of England base rate and 4% over the Bank of England base rate respectively.

In respect of the loan notes issued in 2008 and those issued in 2012, at 31 December 2024 included within creditors: amounts falling due within one year, respective interest of £17,455 (2023: £10,516) and £58,215 (2023: £39,670) has been accrued for interest not yet paid.

In addition to the loan notes detailed above, included in other creditors are shareholder loans of £66,667 (2023: £66,667). These loans which have no fixed repayment date bear interest at 2% over Bank of England base rate and are unsecured. At 31 December 2024, included within creditors: amounts falling due within one year, interest of £3,014 (2023: £1,856) has been accrued for interest not yet paid.

The directors understand that, in accordance with FRS 102, the fixed rate loan notes should be presented as a liability in the financial statements and not as equity. However it is not envisaged that the company will redeem the fixed rate loan notes. Therefore the directors are of the opinion that the fixed rate loan notes represent long term funding for the business and should be shown as part of Capital and Reserves rather than as a long term liability.

On 1 November 2016 the company established an Enterprise Management Incentive (EMI) scheme for the benefit of employees. This replaced all other schemes which all ceased to exist. Under the scheme the company can grant options over shares in the company to eligible employees.

The options become exercisable on certain performance related targets being met, as set out in the EMI option agreement. The options lapse if the holder ceases employment prior to the exercise date or on the tenth anniversary of the option.

The options granted on 1 November 2016 had an exercise price of £0.27 and a remaining contractual life of 2 years and 10 months.

The options granted on 23 October 2019 had an exercise price of £0.33 and a remaining contractual life of 5 years and 9 months.

The options granted on November 2020 had an exercise price of £0.15 and a remaining contractual life of 6 years and 10 months.

The total fair value of the options remaining in existence at the balance sheet date is £7,928 (based on market values at the date of granting the options). This is not considered material in relation to the accounts as a whole and therefore no financial adjustment has been made to the company's profit and loss account or balance sheet.

The £1 ordinary 'A' shares and £1 ordinary 'B' shares rank pari passu except for:

Income - the ordinary 'A' shares of £1 each entitle the holders thereof, (to the exclusion of the holders of the ordinary 'B' shares of £1 each) to all underwriting profits (of revenue or capital nature) derived from or associated with the 'ABL business' as defined in paragraph 5.2 of the Articles of Association.

Capital - on return of capital on a liquidation or otherwise the surplus assets of the company remaining after payment of its liabilities shall be applied equally after the proportion of the surplus assets having a value equal to the proportionate value attributable to 'The ABL business' as defined in paragraph 5.2 of the Articles of Association shall belong and be distributed to the holders of the ordinary 'A' shares of £1 each, to the exclusion of the holders of the ordinary 'B' shares of £1 each.