| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 |
| FOR |
| INSURE MY BUSINESS (NW) LTD |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025 |
| FOR |
| INSURE MY BUSINESS (NW) LTD |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 MAY 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| INSURE MY BUSINESS (NW) LTD |
| COMPANY INFORMATION |
| for the Year Ended 31 MAY 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 61 Queen Square |
| Bristol |
| BS1 4JZ |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| BALANCE SHEET |
| 31 MAY 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| BALANCE SHEET - continued |
| 31 MAY 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 MAY 2025 |
| 1. | STATUTORY INFORMATION |
| Insure My Business (NW) Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the value of tenant referencing services rendered during the year, exclusive of Value Added Tax. |
| Intangible fixed assets |
| Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Website development costs - 20% on cost |
| Tangible fixed assets |
| Office equipment | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Financial instruments |
| Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and are measured on 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 may not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
| 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 any direct issue costs. |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 MAY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 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 pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| At 31 May 2025 the company had net current liabilities of £301,968 (2024 - £325,585). The company is reliant upon the continued financial support of the directors and shareholders and a related company, and they have confirmed their intention to continue to provide this financial support to the extent it is required to ensure the company is able to continue to meet its liabilities as they fall due. The trade and assets of the business were sold following the year end, generating cash and profits before tax. Once the deferred consideration is received , it is expected that the company will be able to settle all creditors in full. Accordingly, these financial statements have been prepared on a going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 MAY 2025 |
| 4. | INTANGIBLE FIXED ASSETS |
| Website |
| development |
| costs |
| £ |
| COST |
| At 1 June 2024 |
| and 31 May 2025 |
| AMORTISATION |
| At 1 June 2024 |
| and 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Office | and | Computer |
| equipment | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2024 |
| Additions |
| At 31 May 2025 |
| DEPRECIATION |
| At 1 June 2024 |
| Charge for year |
| At 31 May 2025 |
| NET BOOK VALUE |
| At 31 May 2025 |
| At 31 May 2024 |
| 6. | DEBTORS |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year: |
| Other debtors |
| Deferred tax asset |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 MAY 2025 |
| 6. | DEBTORS - continued |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| Deferred tax asset |
| 2025 | 2024 |
| £ | £ |
| Accelerated capital allowances | ( |
) | ( |
) |
| Tax losses carried forward |
| Other timing differences | 39 | 35 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdraft |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| 9. | DEFERRED TAX |
| £ |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 31 May 2025 | ( |
) |
| INSURE MY BUSINESS (NW) LTD (REGISTERED NUMBER: 08068004) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 MAY 2025 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| B, C & D Ordinary shares | £1.00 | 10 | 10 |
| A Ordinary shares | £1.00 | 22,000 | 22,000 |
| 22,010 | 22,010 |
| 11. | RELATED PARTY DISCLOSURES |
| During the year the company repaid funds owed to One Business Cover Limited, a related party by virtue of common directorship and shareholdings. One Business Cover Limited also settled liabilities on behalf of the company during the year. At 31 May 2025 the company owed a total of £316,810 (2024 - £311,183) to One Business Cover Limited. No interest is charged on this balance, which is unsecured. |
| During the year the company received commission income of £268,295 (2024 - £261,394) from One Business Cover Limited, in it's capacity as disclosed insurance agents. |
| During an earlier year, the company also loaned £5,000 to One Business Cover Limited which remains outstanding at 31 May 2025 and at 31 May 2024. These funds are not repayable within 12 months of the balance sheet date, and no interest is charged on this balance, which is unsecured. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by S A Burrows, Mrs A Burrows and Miss J B McAlpine who own 100% of the issued share capital of the company. |