Company No: 03356946 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	0		20
Tangible assets	4	3,144		2,892
		3,144		2,912
Current assets
Debtors	5	98,357		90,803
Cash at bank and in hand		7,015		21,564
		105,372		112,367
Creditors: amounts falling due within one year	6	( 71,702)		( 74,309)
Net current assets		33,670		38,058
Total assets less current liabilities		36,814		40,970
Net assets		36,814		40,970
Capital and reserves
Called-up share capital		130		130
Profit and loss account		36,684		40,840
Total shareholders' funds		36,814		40,970

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Medical Insurance Consultants Ltd. (registered number: 03356946) were approved and authorised for issue by the Board of Directors on 08 December 2025. They were signed on its behalf by:

S J Downing Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Medical Insurance Consultants Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Park House, 45 The Park, Yeovil, BA20 1DF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the insurance policy on which commission is earned goes on risk.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 years straight line

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	25 % reducing balance
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	12		13

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	400		400
At 31 March 2025	400		400
Accumulated amortisation
At 01 April 2024	380		380
Charge for the financial year	20		20
At 31 March 2025	400		400
Net book value
At 31 March 2025	0		0
At 31 March 2024	20		20

4. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 April 2024	53,378		34,031		87,409
Additions	787		1,308		2,095
At 31 March 2025	54,165		35,339		89,504
Accumulated depreciation
At 01 April 2024	52,856		31,661		84,517
Charge for the financial year	228		1,615		1,843
At 31 March 2025	53,084		33,276		86,360
Net book value
At 31 March 2025	1,081		2,063		3,144
At 31 March 2024	522		2,370		2,892

5. Debtors

	2025		2024
	£		£
Trade debtors	70,796		62,735
Other debtors	27,561		28,068
	98,357		90,803

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank overdrafts	5,737		10,033
Trade creditors	16,530		10,086
Accruals	7,706		13,366
Corporation tax	36,877		37,022
Other taxation and social security	3,513		2,522
Other creditors	1,339		1,280
	71,702		74,309

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	69,403		58,344
between one and five years	47,597		35,963
	117,000		94,307

The non-cancellable operating lease payments are in relation to the business premises and vehicles.

8. Related party transactions

Transactions with the entity's directors

Advances

D J Downing & J A Read joint directors' loan account. The loan is interest-free and repayable on demand.

At 1 April 2024 the balance owed from the directors was £20,444. During the year, the company made advances to directors amounting to £45,000 and received repayments of £49,884, leaving a balance due from the directors of £15,560.

At 1 April 2023 the balance owed from the directors was £25,081. During the year, the company made advances to directors amounting to £45,916 and received repayments of £50,553, leaving a balance due from the directors of £20,444.

S J Downing & G E Downing joint directors' loan account. The loan is interest-free and repayable on demand.

At 1 April 2024 the balance owed from the directors was £1,964. During the year, the company made advances to directors amounting to £80,658 and received repayments of £70,621, leaving a balance due from the directors of £12,001.

At 1 April 2023 the balance owed from the directors was £nil. During the year, the company made advances to directors amounting to £68,320 and received repayments of £66,356, leaving a balance due from the directors of £1,964.