REGISTERED NUMBER: 02210270 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

PETER BEST INSURANCE SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

D P Collett

M P Collett

Mrs H L Thomson

R E Brewster

G R Pratt

M S Lawrence

T Darkins

REGISTERED OFFICE:

7 Station Lane

Hornchurch

Essex

RM12 6JL

REGISTERED NUMBER:

02210270 (England and Wales)

AUDITORS:

CBHC (Audit) Ltd

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

REVIEW OF BUSINESS

The Company is a member of the Grove & Dean insurance broking group based in Hornchurch.

The company's principal activity during the year continued to be that of motor vehicle insurance broking, specialising in the classic car market to clients throughout the UK.

The directors continue to put emphasis on:

" Staff training and awareness of operating procedures

" Progressive utilisation of screening procedures through the group's internally developed specialist software allowing enhanced efficiency in converting business.

" Retention of existing customers through high levels of customer service

" Attracting new business.

" Overall enhanced level of customer satisfaction

For the year to May 2025 the Directors are pleased to report a further 2 % increase in turnover to £2,156,798 (2024 £2,107,284) which together with a significantly increased interest receivable of £65,770 (2024 £23,088) resulted in an increased profit before tax of £721,534 (2024 £685,862).

These continuing good results reflect the benefit of marketing and operational efficiencies from being part of the Grove & Dean group and this year from higher interest rates and improved treasury management during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial Risks

The Company manages liquidity risk through constant cash flow monitoring and forecasting. As at 31 May 2025 the Company held total funds of £1,769,329 (2024 - £2,020,615) of which own funds amounted to £979,080 (2024 - £1,243,408).

There is no material third party finance.

The Company provides credit to customers via a third party premium financing specialist. The funding is on a recourse basis where the Company is liable for any risk on non-payment. This exposure is actively monitored.

Strategic Risks

The insurance market is highly competitive and represents risk for businesses trading within it. The Company manages risk by maintaining a significant level of ongoing investment in systems, people and brand awareness. Performance is monitored on a day to day basis.

Compliance Risks

The Company is regulated by the Financial Conduct Authority (FCA). The Company monitors and reviews all regulatory requirements and has necessary procedures in place to ensure compliance.

Operational Risks

The success of the Company's operations is dependent on the effectiveness of employees in providing the highest service levels for both new and existing clients. The Directors ensure that the Company continues to have the required resources for continuing development and growth.

All employees are monitored for performance and regular internal and external training is provided to all employees at all levels, in order to maintain the highest levels of performance and the highest level of customer satisfaction. The effectiveness of operational controls is monitored and maintained via internal compliance and training teams.

ON BEHALF OF THE BOARD:

G R Pratt - Director

20 October 2025

The directors present their report with the financial statements of the company for the year ended 31 May 2025.

DIVIDENDS

Total dividends paid for the year ended 31 May 2025 were £500,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2024 to the date of this report.

D P Collett

M P Collett

Mrs H L Thomson

R E Brewster

G R Pratt

Other changes in directors holding office are as follows:

J E Brew - resigned 31 March 2025

M S Lawrence - appointed 29 October 2024

On 9th October 2025 Tracy Darkin was appointed as a Director

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are 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 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 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, CBHC (Audit) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G R Pratt - Director

20 October 2025

Opinion

We have audited the financial statements of Peter Best Insurance Services Limited (the 'company') for the year ended 31 May 2025 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 May 2025 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors 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 Directors.

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 directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 company or to cease operations, or have 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.

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:

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.

Ian Harris FCA (Senior Statutory Auditor)

for and on behalf of CBHC (Audit) Ltd

Suite 3, Steeple House

Church Lane

Chelmsford

Essex

CM1 1NH

26 November 2025

TURNOVER

2,156,798

2,107,284

Cost of sales

44,452

413

GROSS PROFIT

2,112,346

2,106,871

Administrative expenses

1,456,690

1,444,097

OPERATING PROFIT

4

655,656

662,774

Interest receivable and similar income

65,770

23,088

721,426

685,862

Interest payable and similar expenses

5

(108

)

-

PROFIT BEFORE TAXATION

721,534

685,862

Tax on profit

6

180,737

172,202

PROFIT FOR THE FINANCIAL YEAR

540,797

513,660

PROFIT FOR THE YEAR

540,797

513,660

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

540,797

513,660

FIXED ASSETS

Tangible assets

8

11,891

17,127

CURRENT ASSETS

Debtors

9

585,682

487,617

Cash at bank

1,769,239

2,020,615

2,354,921

2,508,232

CREDITORS

Amounts falling due within one year

10

1,358,303

1,556,878

NET CURRENT ASSETS

996,618

951,354

TOTAL ASSETS LESS CURRENT LIABILITIES

1,008,509

968,481

PROVISIONS FOR LIABILITIES

11

2,125

2,894

NET ASSETS

1,006,384

965,587

CAPITAL AND RESERVES

Called up share capital

12

1,000

1,000

Retained earnings

13

1,005,384

964,587

SHAREHOLDERS' FUNDS

1,006,384

965,587

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2025 and were signed on its behalf by:

G R Pratt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 June 2023

1,000

750,927

751,927

Changes in equity

Dividends

-

(300,000

)

(300,000

)

Total comprehensive income

-

513,660

513,660

Balance at 31 May 2024

1,000

964,587

965,587

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

540,797

540,797

Balance at 31 May 2025

1,000

1,005,384

1,006,384

Cash flows from operating activities

Cash generated from operations

1

356,569

721,675

Interest paid

108

-

Tax paid

(179,748

)

(83,456

)

Net cash from operating activities

176,929

638,219

Cash flows from investing activities

Purchase of tangible fixed assets

(570

)

(3,662

)

Sale of tangible fixed assets

6,495

1,005

Interest received

65,770

23,088

Net cash from investing activities

71,695

20,431

Cash flows from financing activities

Equity dividends paid

(500,000

)

(300,000

)

Net cash from financing activities

(500,000

)

(300,000

)

(Decrease)/increase in cash and cash equivalents

(251,376

)

358,650

Cash and cash equivalents at beginning of year

2

2,020,615

1,661,965

Cash and cash equivalents at end of year

2

1,769,239

2,020,615

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

31/5/25

31/5/24

£

£

Profit before taxation

721,534

685,862

Depreciation charges

4,415

4,023

Loss on disposal of fixed assets

1,390

8,007

Intercompany Movement

(267,691

)

212,853

Finance costs

(108

)

-

Finance income

(65,770

)

(23,088

)

393,770

887,657

(Increase)/decrease in trade and other debtors

(98,065

)

6,766

Increase/(decrease) in trade and other creditors

60,864

(172,748

)

Cash generated from operations

356,569

721,675

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 May 2025

31/5/25

1/6/24

£

£

Cash and cash equivalents

1,769,239

2,020,615

Year ended 31 May 2024

31/5/24

1/6/23

£

£

Cash and cash equivalents

2,020,615

1,661,965

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/6/24

Cash flow

At 31/5/25

£

£

£

Net cash

Cash at bank

2,020,615

(251,376

)

1,769,239

2,020,615

(251,376

)

1,769,239

Total

2,020,615

(251,376

)

1,769,239

1.	STATUTORY INFORMATION

Peter Best Insurance Services 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is based on administration fees charged on Insurance Policies. Revenue recognised at the point an Insurance Policy is written, renewed or amended.

Tangible fixed assets

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

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% 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 premiums trade debtors and creditor

Trade Debtors include gross amounts due from customers on Insurance Premiums including the premium due to insurers. Premiums due to insurers are included in Trade Creditors.

3.	EMPLOYEES AND DIRECTORS

31/5/25

31/5/24

£

£

Wages and salaries

244,164

234,151

Social security costs

25,718

20,757

Other pension costs

11,968

10,050

281,850

264,958

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

31/5/25

31/5/24

Employees

7

8

31/5/25

31/5/24

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

31/5/25

31/5/24

£

£

Other operating leases

-

4,218

Depreciation - owned assets

4,415

4,024

Loss on disposal of fixed assets

1,390

8,007

Auditors remuneration

14,160

10,890

Auditors' remuneration for non audit work

963

915

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/5/25

31/5/24

£

£

Corporation tax interest

(108

)

-

6.

TAXATION

Analysis of the tax charge

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

31/5/25

31/5/24

£

£

Current tax:

UK corporation tax

181,506

173,254

Deferred taxation

(769

)

(1,052

)

Tax on profit

180,737

172,202

7.

DIVIDENDS

31/5/25

31/5/24

£

£

Final

500,000

300,000

8.	TANGIBLE FIXED ASSETS

Fixtures

Office

and

Computer

equipment

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2024

10,203

25,518

6,113

41,834

Additions

-

-

570

570

Disposals

(4,933

)

(147

)

(1,416

)

(6,496

)

At 31 May 2025

5,270

25,371

5,267

35,908

DEPRECIATION

At 1 June 2024

5,198

15,121

4,388

24,707

Charge for year

1,174

1,550

1,691

4,415

Eliminated on disposal

(3,603

)

(86

)

(1,416

)

(5,105

)

At 31 May 2025

2,769

16,585

4,663

24,017

NET BOOK VALUE

At 31 May 2025

2,501

8,786

604

11,891

At 31 May 2024

5,005

10,397

1,725

17,127

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/25

31/5/24

£

£

Trade debtors

509,137

448,018

Prepayments and accrued income

76,545

39,599

585,682

487,617

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/25

31/5/24

£

£

Trade creditors

956,598

900,407

Amounts owed to group undertakings

156,591

424,282

Taxation

181,506

173,254

Accruals and deferred income

63,608

58,935

1,358,303

1,556,878

11.	PROVISIONS FOR LIABILITIES

31/5/25

31/5/24

£

£

Deferred taxation

2,125

2,894

Deferred

tax

£

Balance at 1 June 2024

2,894

Provided during year

(769

)

Balance at 31 May 2025

2,125

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/25

31/5/24

value:

£

£

1,000

Ordinary

£1

1,000

1,000