One Business Cover Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09373879 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

ONE BUSINESS COVER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss J B McAlpine

S A Burrows

Mrs A Burrows

REGISTERED OFFICE:

The Exchange

Bank Street

Bury

Lancashire

BL9 0DN

REGISTERED NUMBER:

09373879 (England and Wales)

ACCOUNTANTS:

Burnside

Chartered Accountants

61 Queen Square

Bristol

BS1 4JZ

FIXED ASSETS

Tangible assets

4

33,643

1,528

CURRENT ASSETS

Debtors

5

558,402

474,569

Cash at bank

6,051

167,959

564,453

642,528

CREDITORS

Amounts falling due within one year

6

451,416

473,545

NET CURRENT ASSETS

113,037

168,983

TOTAL ASSETS LESS CURRENT
LIABILITIES

146,680

170,511

CREDITORS

Amounts falling due after more than
one year

7

(72,920

)

(154,042

)

PROVISIONS FOR LIABILITIES

8

(8,411

)

(382

)

NET ASSETS

65,349

16,087

CAPITAL AND RESERVES

Called up share capital

9

10

Retained earnings

65,339

16,077

SHAREHOLDERS' FUNDS

65,349

16,087

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 28 May 2026 and were signed on its behalf by:

Miss J B McAlpine - Director

1.	STATUTORY INFORMATION

One Business Cover 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.

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.

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and any applicable sales taxes.

Turnover represents the value of commissions receivable in respect of sales of insurance policies completed during the year.

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

-

15% on reducing balance

Computer equipment

-

20% on cost

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.

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

The directors have reviewed the going concern status of the business for the foreseeable future as best they can. The directors fully expect that the company will remain a going concern and will have sufficient working capital to meet its requirements for the foreseeable future. The directors therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 June 2024

350

9,945

10,295

Additions

35,211

1,958

37,169

At 31 May 2025

35,561

11,903

47,464

DEPRECIATION

At 1 June 2024

135

8,632

8,767

Charge for year

3,993

1,061

5,054

At 31 May 2025

4,128

9,693

13,821

NET BOOK VALUE

At 31 May 2025

31,433

2,210

33,643

At 31 May 2024

215

1,313

1,528

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Other debtors

330,708

312,433

Directors' current accounts

18,220

-

Prepayments and accrued income

209,474

162,136

558,402

474,569

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdraft

21,815

43,136

Other loans

53,247

68,168

Corporation tax

300,993

296,521

Social security and other taxes

1,293

1,307

Other creditors

12,965

13,967

Directors' current accounts

40,903

47,446

Accruals and deferred income

20,200

3,000

451,416

473,545

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans - 1-2 years

5,000

21,815

Bank loans - 2-5 years

-

5,000

Other loans - 1-2 years

53,247

47,650

Other loans - 2-5 years

9,673

74,577

Other creditors

5,000

72,920

154,042

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

Accelerated capital allowances

8,411

382

Deferred

tax

£

Balance at 1 June 2024

382

Provided during year

8,029

Balance at 31 May 2025

8,411

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

3

A Ordinary

£1.00

3

B Ordinary

£1.00

3

4

C Ordinary

£1.00

4

10

10.	RELATED PARTY DISCLOSURES

During the year the company received funds from and settled liabilities on behalf of Insure My
Business (NW) Ltd, a related party by virtue of common directorship and shareholdings. At 31
May 2025 the company was owed a total of £316,810 (2024 - £311,183) by Insure My Business
(NW) Ltd. No interest is charged on this balance, which is unsecured.

At 31 May 2025 the company also owed £5,000 (2024 - £5,000) to Insure My Business (NW) Ltd in relation to funds loaned to the company. These funds are not repayable within 12 months of the balance sheet date, and no interest is charged on this balance, which is unsecured.

During the year the company advanced monies to the directors in the form of loans.

At 31 May 2025 the company owed £40,903 to Miss J B McAlpine (2024 - £45,896).

At 31 May 2025 the company was owed £18,220 by (2024 - the company owed £1,550 to) S A & Mrs A Burrows. Interest was charged on the overdrawn balance at 2.5% per annum. The balance was repaid to the company shortly after the year end.

During the year to 31 May 2025 the company charged interest totalling £2,626 (2024 - £3,503) to the directors.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their combined 100% interest in the issued share capital of the company.