The Insurance Surgery Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

The Insurance Surgery Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05137288 . The registered office is 2nd Floor, Pickford Street Mill, Pickford Street, Macclesfield, SK11 6JD.

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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Website Development costs. They are amortised to the profit and loss account over its estimated economic life of 3 years.

2.5. 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:

Plant & Machinery

15% reducing balance

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' 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 enforecable 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 simutaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

...CONTINUED

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The Insurance Surgery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Financial Instruments - continued

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

2.7. Taxation

Current 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 as 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

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 hte 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 recognitiion 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 enforecable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.8. Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9. Equity Instruments

Equity instruments issued by the company are recorded at the value of proceeds received, 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.

2.10. Employee benefits

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 22 (2024: 26)

4. Intangible Assets

	Other
	£
Cost
As at 1 April 2024	10,122

As at 31 March 2025	10,122

Amortisation
As at 1 April 2024	10,122

As at 31 March 2025	10,122

...CONTINUED

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The Insurance Surgery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	-

As at 1 April 2024	-

5. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 April 2024	157,541
Additions	1,168

As at 31 March 2025	158,709

Depreciation
As at 1 April 2024	111,011
Provided during the period	7,078

As at 31 March 2025	118,089

Net Book Value
As at 31 March 2025	40,620

As at 1 April 2024	46,530

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	57,145	60,983
Amounts owed by group undertakings	1,044,052	957,737
Other debtors	22,924	15,249

	1,124,121	1,033,969

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	38,154	7,934
Other creditors	291,789	298,324
Taxation and social security	20,831	28,746

	350,774	335,004

8. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	3,691	4,814

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The Insurance Surgery Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1,000 Ordinary Shares of £ 1.00 each	1,000	1,000
500 Ordinary A shares of £ 1.00 each	500	500

	1,500	1,500

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	22,954	22,954
Later than one year and not later than five years	66,384	89,338

	89,338	112,292

11. Related Party Transactions

By virtue of its 100% shareholding, Money Surgery Holdings Limited is a related party.

At the year end, the Company was owed £1,044,052 (2024: £957,737) by Money Surgery Holdings Limited. The loan is interest free with no fixed date for repayment.

12. Ultimate Controlling Party

The company's ultimate controlling party is Seneca Capital No2 LP , a company registered in England and Wales.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		40,620		46,530

			40,620		46,530
CURRENT ASSETS
Debtors	6	1,124,121		1,033,969
Cash at bank and in hand		17,149		85,868

		1,141,270		1,119,837
Creditors: Amounts Falling Due Within One Year	7	(350,774 )		(335,004 )

NET CURRENT ASSETS (LIABILITIES)			790,496		784,833

TOTAL ASSETS LESS CURRENT LIABILITIES			831,116		831,363

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(3,691 )		(4,814 )

NET ASSETS			827,425		826,549

CAPITAL AND RESERVES
Called up share capital	9		1,500		1,500
Profit and Loss Account			825,925		825,049

SHAREHOLDERS' FUNDS			827,425		826,549