REGISTERED NUMBER: 10024801 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

GOT YOU COVERED LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

R J Leigh

S Byrne

T Wills

Registered office:

Webb Ellis House

Rugby Road

Twickenham

Middlesex

TW1 1DS

Registered number:

10024801 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Intangible assets

4

41,200

61,800

Tangible assets

5

59,303

49,587

100,503

111,387

Current assets

Debtors

6

1,754,807

2,895,015

Cash at bank

7

2,830,608

1,673,966

4,585,415

4,568,981

Creditors

Amounts falling due within one year

8

3,435,428

3,683,704

Net current assets

1,149,987

885,277

Total assets less current liabilities

1,250,490

996,664

Creditors

Amounts falling due after more than one year

9

139,086

370,846

Net assets

1,111,404

625,818

Capital and reserves

Called up share capital

11

100

100

Retained earnings

12

1,111,304

625,718

Shareholders' funds

1,111,404

625,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

R J Leigh - Director

1.	Statutory information

Got You Covered 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The Company meets its day to day working capital requirements from corporate cash balances. The UK broking market remains extremely competitive and the Company continues to monitor the uncertainty in the current environment. The Directors are satisfied that the companies service will continue to be attractive to its clients.

The Directors consider the going concern basis to be appropriate following their assessment of the Company's financial position and its ability to meet its obligations as and when they fall due. In making the going concern assessment the Directors have considered the following:

- The current capital structure and liquidity of the Company and its cash flow forecasts.

- Regulatory capital position at 31 March 2025 and surplus available for the next 12 months.

- The principal risks facing the Company, including its system of risk management and internal control.

Following the assessment of the Company's financial position and its ability to meet its obligations as and when they fall due, the Directors are not aware of any material uncertainties that cast significant doubt on the Company's ability to continue as a going concern.

Turnover and revenue recognition

Turnover relating to insurance broking represents net fees and commissions derived from premiums invoiced to clients as well as premium finance income where premiums are paid in instalments. The company recognises fee and commission income on completion of the associated service. This is when the Directors consider that the right to consideration from clients has been achieved. Turnover is stated net of value added tax and other sales taxes where applicable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in year 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Fixtures and fittings

-

Straight line over 4 years

Motor vehicles

-

Straight line over 4 years

Computer equipment

-

Straight line over 4 years

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

i. Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

ii. Bad debt policy

The company continually manages its bad debt exposures. It provides for potential bad debts on an estimate of the likely cancellation of policies and estimated level of bad debt created per cancelled policy. Profit and loss estimates are based on historical experience and reassessed periodically. The estimated bad debt per policy is provided for at the date of sale of the policy.

iii. Insurance broking debtors and creditors

The Company acts as an agent in broking insurable risks of its clients and generally is not liable as a principle for premiums due to underwrites or for claims payable to clients.In accordance with generally accepted accounting practice, the Company has from this year shown debtors and creditor balances relating to insurance broking business as assets and liabilities, unless there is a contractual set-off.

Premium instalments due from the Company's outsourced premium finance provider are shown to the extent that the premium finance provider has not yet settled premiums due at the balance sheet date. The remaining instalments that have already been financed to the Company are not included in the balance sheet. Whilst these remaining instalments are subject to clawback by the premium finance provider in the event of customer default, the Company holds provision at the balance sheet date for the credit risk associated with any shortfall in return premium from the respective insurers that is unable to cover the clawback taken by the premium finance provider.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Taxation

Taxation expense for the period comprises current tax. Tax is recognised in the Profit and Loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current taxation assets and liabilities are not discounted.

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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Errors and omissions and other claims

The company is subject to claims and litigation in the ordinary course of its business, principally in connection with the Company's insurance broking business. The Company mitigates this risk through regular review of its processes and, ultimately, the taking out of the appropriate insurance cover.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Provisions are held where an insurer from our panel has deemed we are partially or wholly responsible for the payment of a policy claim, at the value of the reserve held by the insurer.

3.	Employees and directors

The average number of employees during the year was 79 (2024 - 68 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2024

and 31 March 2025

103,000

Amortisation

At 1 April 2024

41,200

Amortisation for year

20,600

At 31 March 2025

61,800

Net book value

At 31 March 2025

41,200

At 31 March 2024

61,800

5.	Tangible fixed assets

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 April 2024

19,603

-

123,155

142,758

Additions

841

21,909

27,102

49,852

Disposals

-

-

(18,233

)

(18,233

)

At 31 March 2025

20,444

21,909

132,024

174,377

Depreciation

At 1 April 2024

15,748

-

77,423

93,171

Charge for year

3,032

2,744

29,793

35,569

Eliminated on disposal

-

-

(13,666

)

(13,666

)

At 31 March 2025

18,780

2,744

93,550

115,074

Net book value

At 31 March 2025

1,664

19,165

38,474

59,303

At 31 March 2024

3,855

-

45,732

49,587

6.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

2,205,411

3,091,805

Bad debts provision

(615,799

)

(411,109

)

Other debtors

13,163

37,780

Directors' current accounts

34,975

25,375

Prepayments

117,057

151,164

1,754,807

2,895,015

Debtor balances relating to insurance broking business and outstanding to the Company at 31 March 2025, are included in trade debtors above. All amounts due had been received by the date of these accounts and within contractual terms.

7.	Cash at bank

2025

2024

£

£

Bank balances

686,739

1,131,147

Insurance cash balances

2,143,868

542,819

At 31 March 2025

2,830,608

1,673,966

Monies relating to the payments of insurer premiums are held in a separate bank account and are not used as part of the working capital of the business.

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

231,760

206,408

Trade creditors

39,927

27,600

Insurance creditors

2,620,990

2,870,870

Tax

248,173

260,607

Social security and other taxes

70,073

71,475

Other creditors

21,732

23,224

Accruals and deferred income

202,773

223,520

3,435,428

3,683,704

Creditor balances relating to insurance businesses and outstanding to the Company at 31 March 2025, are included in trade creditors above. All amounts due had been settled by the date of these accounts and within contractual terms.

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans - 2-5 years

139,086

370,846

10.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

162,000

162,000

Between one and five years

648,000

648,000

In more than five years

67,500

229,500

877,500

1,039,500

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1

Ordinary shares

100

100

100

12.

Reserves

Retained

earnings

£

At 1 April 2024

625,718

Profit for the year

701,484

Dividends

(215,898

)

At 31 March 2025

1,111,304

13.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025

2024

£

£

R J Leigh

Balance outstanding at start of year

25,375

-

Amounts advanced

9,600

25,375

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

34,975

25,375

The loan is subject to no interest charge.