Company registration number 04641865 (England and Wales)
GMI INSURANCE SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
GMI INSURANCE SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GMI INSURANCE SERVICES LTD
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
619
825
Current assets
Debtors
5
1,929,179
1,572,617
Cash at bank and in hand
505,021
242,321
2,434,200
1,814,938
Creditors: amounts falling due within one year
7
(2,100,155)
(1,499,950)
Net current assets
334,045
314,988
Total assets less current liabilities
334,664
315,813
Creditors: amounts falling due after more than one year
8
(909)
(10,699)
Net assets
333,755
305,114
Capital and reserves
Called up share capital
66
66
Capital redemption reserve
34
34
Profit and loss reserves
333,655
305,014
Total equity
333,755
305,114

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 22 December 2025
G P Gorman
Director
Company Registration No. 04641865
GMI INSURANCE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

GMI Insurance Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents commission income and fees in respect of the placement of insurance under insurance companies. Income is recognised at the commencement or renewal date of the related insurance contract.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance basis
Fixtures, fittings & equipment
25% reducing balance basis

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash at bank and in hand

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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GMI INSURANCE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
8
8
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
32,598
7,389
39,987
Depreciation and impairment
At 1 April 2024
32,106
7,056
39,162
Depreciation charged in the year
122
84
206
At 31 March 2025
32,228
7,140
39,368
Carrying amount
At 31 March 2025
370
249
619
At 31 March 2024
492
333
825
GMI INSURANCE SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,715,597
1,333,192
Other debtors
213,582
239,425
1,929,179
1,572,617

Trade debtors relates to money owed from insurance brokers and customers.

6
Client account balances

Cash at bank includes insurance premiums received from customers and held in a separate client account amounting to £202,633 (202 4 - £202,633).

7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,200
10,200
Trade creditors
2,016,452
1,422,704
Taxation and social security
40,626
19,267
Other creditors
32,877
47,779
2,100,155
1,499,950
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
909
10,699
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