Specialist Insurance Agency (Holdings) L - Accounts to registrar (filleted)

REGISTERED NUMBER: 05223015 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

SPECIALIST INSURANCE AGENCY (HOLDINGS)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

Mrs Susan Patricia Quick

Mr Antony James Quick

Mr Adam James Quick

Mrs Anna Marie Welsh

SECRETARY:

Mrs Susan Patricia Quick

REGISTERED OFFICE:

1A Baddesley Close

North Baddesley

Southampton

Hampshire

SO52 9DR

REGISTERED NUMBER:

05223015 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

FIXED ASSETS

Tangible assets

4

28,833

38,126

Investments

5

129,274

57,311

Investment property

6

16,510,000

16,167,250

16,668,107

16,262,687

CURRENT ASSETS

Debtors

7

299,758

285,104

Cash at bank

97,021

62,484

396,779

347,588

CREDITORS

Amounts falling due within one year

8

2,471,843

2,405,566

NET CURRENT LIABILITIES

(2,075,064

)

(2,057,978

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

14,593,043

14,204,709

CREDITORS

Amounts falling due after more than one
year

9

(7,394,981

)

(7,620,401

)

PROVISIONS FOR LIABILITIES

(604,106

)

(509,559

)

NET ASSETS

6,593,956

6,074,749

CAPITAL AND RESERVES

Called up share capital

10,000

Investment property reserve

3,637,736

3,237,214

Retained earnings

2,946,220

2,827,535

SHAREHOLDERS' FUNDS

6,593,956

6,074,749

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

Mr Antony James Quick - Director

1.	STATUTORY INFORMATION

Specialist Insurance Agency (Holdings) 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 as modified by the revaluation of certain assets.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The financial statements contain information about Specialist Insurance Agency (Holdings) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted where there is an indication of a significant change since the last reporting date.

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost and impaired if the asset's carrying amount the is in excess of the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset.

OTHER INVESTMENTS

Investments are shown at market value where there is readily identifiable market value. Unlisted shares, where there is no readily identifiable market value, are recorded at cost or a nominal amount.

Investments are revalued at the Balance Sheet date so that when investments are sold, gains or losses which arose before the previous year end have already been recognised. Movements in value arising from investment changes or revaluation, together with profits on disposal of investments, have been recognised in the Statement of Comprehensive Income.

INVESTMENT PROPERTY

Investment properties are included at fair value through at the Balance Sheet date, with changes in fair value recognised in the profit and loss account.

Mr A J Quick, a director of the company, ensures that the investment properties held are included in the balance sheet at their open market value. The valuation of the properties are determined in accordance with research from various sources including the land registry carried out by Mr A J Quick.

SHORT-TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance.

CASH AND CASH EQUIVALENTS

Cash and short-term deposits included in the Statement of Financial Position comprise cash in hand and short-term deposits with an original maturity of three months or less.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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, as a result of capital allowances, investment property revaluations and losses carried forward.

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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company makes contributions into a recognised UK defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Obligations for contributions to defined contribution pension schemes are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

REVENUE RECOGNITION

Rents received represents the amounts receivable by the company, in respect of the rental of investment properties.

Management charges represent the amounts receivable for management services provided.

Revenue is recognised over the course of a lease and when the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

COST

At 1 June 2024

78,862

7,187

86,049

Additions

-

1,198

Disposals

-

(1,827

)

(1,827

)

At 31 May 2025

78,862

6,558

85,420

DEPRECIATION

At 1 June 2024

45,284

2,639

47,923

Charge for year

8,394

1,312

9,706

Eliminated on disposal

-

(1,042

)

(1,042

)

At 31 May 2025

53,678

2,909

56,587

NET BOOK VALUE

At 31 May 2025

25,184

3,649

28,833

At 31 May 2024

33,578

4,548

38,126

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2024

and 31 May 2025

78,862

DEPRECIATION

At 1 June 2024

45,284

Charge for year

8,394

At 31 May 2025

53,678

NET BOOK VALUE

At 31 May 2025

25,184

At 31 May 2024

33,578

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST OR VALUATION

At 1 June 2024

1

57,310

57,311

Additions

-

63,740

Disposals

-

(2,906

)

(2,906

)

Revaluations

-

11,129

At 31 May 2025

1

129,273

129,274

NET BOOK VALUE

At 31 May 2025

1

129,273

129,274

At 31 May 2024

1

57,310

57,311

Cost or valuation at 31 May 2025 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

Valuation in 2020

-

1,268

Valuation in 2021

-

1,399

Valuation in 2022

-

(1,642

)

(1,642

)

Valuation in 2023

-

1,597

Valuation in 2024

-

6,768

Valuation in 2025

-

11,286

Cost

1

108,597

108,598

1

129,273

129,274

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2024

16,167,250

Additions

25,427

Disposals

(247,000

)

Revaluations

564,323

At 31 May 2025

16,510,000

NET BOOK VALUE

At 31 May 2025

16,510,000

At 31 May 2024

16,167,250

Cost or valuation at 31 May 2025 is represented by:

Cost

12,274,184

Valuation in

2002

26,000

Valuation in

2004

15,000

Valuation in

2007

58,128

Valuation in

2008

98,131

Valuation in

2010

(132,968

)

Valuation in

2011

(158,914

)

Valuation in

2012

(20,905

)

Valuation in

2013

103,257

Valuation in

2014

443,662

Valuation in

2015

982,575

Valuation in

2016

408,094

Valuation in

2017

80,091

Valuation in

2018

432,336

Valuation in

2019

(212,293

)

Valuation in

2020

77,871

Valuation in

2021

829,612

Valuation in

2022

489,834

Valuation in

2023

(214,793

)

Valuation in

2024

433,667

Valuation in

2025

497,431

Total

16,510,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Amounts owed by group undertakings

147,077

146,190

Deferred tax asset

23,662

44,046

Specialist Rentals Limited

128,848

93,774

Prepayments

171

1,094

299,758

285,104

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

10,000

Mortgages

71,807

-

Hire purchase contracts (see note 10)

9,365

8,909

Tax

17,239

(42

)

Social security and other taxes

1,513

(1,586

)

Other creditors

1,968

623

Net wages

-

57

Directors' current accounts

2,354,484

2,382,297

Accrued expenses

5,467

5,308

2,471,843

2,405,566

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Bank loans - 1-2 years

2,500

10,000

Bank loans - 2-5 years

-

2,500

Mortgages - 1-2 years

84,499

71,807

Mortgages - 2-5 years

4,436,805

4,453,261

Mortgages - more than 5 years

2,869,570

3,071,861

Hire purchase contracts (see note 10)

1,607

10,972

7,394,981

7,620,401

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Mortgages - more than 5 years

2,869,570

3,071,861

The mortgages are secured on the properties to which they relate.

10.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

Net obligations repayable:

Within one year

9,365

8,909

Between one and five years

1,607

10,972

19,881

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Hire purchase contracts

10,972

19,881

Mortgages

7,462,681

7,596,930

7,473,653

7,616,811

The above debts are secured by a charge over the assets to which they relate.

12.	CAPITAL COMMITMENTS

2025

2024

£

Contracted but not provided for in the

financial statements

-

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the beginning of the year an amount of £93,774 was owed by a company under common control. During the year costs of £3,074 were paid on behalf of the company under common control, and an amount of £32,000 was charged. At the end of the year an amount of £128,848 was owed by the company under common control.

At the beginning of the year an amount of £2,382,297 was owed to directors of the company. During the year amounts of £73,501 were withdrawn and £45,688 were introduced so that at the end of the year an amount of £2,354,484 was owed to the directors.

No interest is being charged on any of the amounts detailed above and all are repayable on demand.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Specialist Insurance Agency (Holdings) Limited for the year ended 31 May 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Specialist Insurance Agency (Holdings) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Specialist Insurance Agency (Holdings) Limited and state those matters that we have agreed to state to the Board of Directors of Specialist Insurance Agency (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialist Insurance Agency (Holdings) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Specialist Insurance Agency (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Specialist Insurance Agency (Holdings) Limited. You consider that Specialist Insurance Agency (Holdings) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Specialist Insurance Agency (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

Date: .............................................