Registration number:
SBS Insurance Services Limited
for the Year Ended 30 April 2026
SBS Insurance Services Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
SBS Insurance Services Limited
Company Information
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Directors |
T Rees P Fairbrass S Crowley O Davies R Rushall |
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Company secretary |
Clever Management Solutions Limited |
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Registered office |
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Solicitors |
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Auditors |
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SBS Insurance Services Limited
Strategic Report for the Year Ended 30 April 2026
The directors present their strategic report for the year ended 30 April 2026.
Fair review of the business
SBS Insurance Services Limited (“SBS”) and its subsidiaries React Insurance Services Ltd (“React”) and Direct Lawn and Garden Ltd (“DLG”) - together, “the Group”, provides services including claims handling, outsourcing, software development, consulting and digital solutions to Insurance Organisations.
Key Financial and Non-Financial Performance Indicators
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2026 |
2025 |
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Turnover |
£51,647,185 |
£42,532,787 |
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Gross Profit |
£7,391,956 |
£7,018,503 |
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EBITDA |
£1,232,914 |
£848,677 |
Financial Review
Trading Performance
Turnover for the year grew to £51.6m (2025: £42.5m), a strong increase reflecting the strength of the SBS service proposition and the Group's ability to win new contract awards in a competitive market.
Gross profit rose in line with revenue to £7.4m (2025: £7.0m), with the Group maintaining a consistent gross margin through disciplined pricing and rigorous cost control.
Profitability and Investment
EBITDA increased to £1.2m (2025: £0.8m), a clear improvement in underlying trading performance. This was achieved alongside a deliberate, strategic decision to increase investment in the Group's operational infrastructure including systems enhancements and continued development of the Group's proprietary AI capabilities. The Board views this investment as essential to strengthening operational resilience, sharpening service delivery, and building the platform for sustained growth. The Group is confident that this investment phase will continue to deliver improving returns as new systems and services scale.
Non-Recurring Items
During the financial year, the Company recognised an impairment charge of £30,000 in respect of its investment in DLG. DLG was subsequently dissolved following the year end, and the Directors considered that the investment was no longer recoverable. Accordingly, the full carrying value of the investment was impaired. The Directors consider this to be a non-recurring item and not reflective of the Company's underlying ongoing operating performance.
SBS Insurance Services Limited
Strategic Report for the Year Ended 30 April 2026
Operational Highlights
The Group is executing a clear strategic pivot towards technology-led, AI-enabled services, and the proportion of the business delivered through Software as a Service (SaaS) is steadily increasing. During the year, SBS launched several new proprietary SaaS platforms for the Insurance Industry, including advanced self-serve solutions for Motor, Claims, designed to enhance the customer journey and improve efficiency for clients.
Alongside this, the Group has continued to invest in and expand its suite of AI-driven claims tools, including AI-based claim evaluation and natural language processing for claim interpretation, reducing manual handling time and improving consistency of outcomes for policyholders. The Directors see this as a multi-year investment programme: as adoption of these AI and SaaS tools grows, the Group expects the associated efficiency gains and scalability to become an increasing driver of margin and growth. The Board remains committed to embracing AI and automation as core to the Group's competitive positioning within the insurance outsourcing sector.
Future Outlook
The Group observed a distinct upturn in claims volumes during the first quarter of 2026/27, and the outlook for 2027 is positive. Growth will be driven by continued investment in AI and SaaS capability, and by broadening the Group's client base across the insurance outsourcing sector, building on the momentum established during the year.
Approved and authorised by the
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SBS Insurance Services Limited
Directors' Report for the Year Ended 30 April 2026
The directors present their report and the consolidated financial statements for the year ended 30 April 2025.
Principal activity
The Group has performed well during the year ended 30 April 2026 and confidently looks forward to continued growth in the coming year. The principal activity of the Group in the year under review was the provision of claims handling, outsourcing, consulting and digital solutions to Insurance Organisations.
Dividends
The total distribution of dividends for the year ended 30 April 2026 were £650,000 (2025: £520,000).
Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
The Group has no financial instruments apart from cash, investments, trade debtors and trade creditors, all arising in the normal course of business. The main financial risk the Group is exposed include liquidity risk, cash flow risk and credit risk. These risks are managed by ensuring sufficient liquidity is available to meet foreseeable needs.
Donations and expenditure
During the year the Group made a charitable donation of £1,015 (2025: £2,756).
Research and development
Expenditure on research is written off in the profit and loss account of the year and development is capitalised and then amortised in the years ahead.
Going concern
The directors acknowledge the Financial Reporting Council's Going Concern Guidelines and believe that the Group is well placed to manage its business risks successfully. Having reviewed the initial financial scenario planning for the year 2026/27 and beyond that has been carried out, the directors are satisfied that, at the time of approving the financial statements, there is not a material uncertainty that may cast significant doubt upon the Group's ability to continue as a going concern, and so it is appropriate to adopt the going concern basis in preparing the financial statements.
SBS Insurance Services Limited
Directors' Report for the Year Ended 30 April 2026
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
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SBS Insurance Services Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SBS Insurance Services Limited
Independent Auditor's Report to the Members of SBS Insurance Services Limited
Opinion
We have audited the financial statements of SBS Insurance Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2026, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2026 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
SBS Insurance Services Limited
Independent Auditor's Report to the Members of SBS Insurance Services Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilitiesset out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
SBS Insurance Services Limited
Independent Auditor's Report to the Members of SBS Insurance Services Limited
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism through the audit and we also;
- Identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk pf not detecting a material misstatement resulting from fraud is higher than for one resulting from error. As fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of the internal control.
- Obtain an understanding of the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of director's use of going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern and report appropriate disclosures in the accounts or in our audit report.
- Evaluate the appropriate presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieve fair presentation.
- Evaluated the conduct of operations in relation to laws and other regulations including but not limited to, intellectual property, commercial trading, data protection, money laundering, and employment. Our evaluation took account of whether any non-compliance would have a material effect on the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
SBS Insurance Services Limited
Independent Auditor's Report to the Members of SBS Insurance Services Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Chartered Accountants and Statutory Auditors
Centurion House
London Road
Surrey
TW18 4AX
SBS Insurance Services Limited
Consolidated Profit and Loss Account for the Year Ended 30 April 2026
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Note |
2026 |
2025 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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|
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
- |
( |
|
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370 |
(23,368) |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
SBS Insurance Services Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2026
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2026 |
2025 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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SBS Insurance Services Limited
(Registration number: 03986368)
Consolidated Balance Sheet as at 30 April 2026
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Note |
2026 |
2025 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
25,000 |
25,000 |
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Capital redemption reserve |
625 |
625 |
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Retained earnings |
1,618,706 |
1,679,621 |
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Equity attributable to owners of the company |
1,644,331 |
1,705,246 |
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Shareholders' funds |
1,644,331 |
1,705,246 |
Approved and authorised by the
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SBS Insurance Services Limited
(Registration number: 03986368)
Balance Sheet as at 30 April 2026
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Note |
2026 |
2025 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
25,000 |
25,000 |
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|
Capital redemption reserve |
625 |
625 |
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Retained earnings |
1,951,684 |
2,058,134 |
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Shareholders' funds |
1,977,309 |
2,083,759 |
The company made a profit after tax for the financial year of £543,550 (2025 - profit of £249,767).
Approved and authorised by the
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SBS Insurance Services Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2026
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 May 2025 |
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|
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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At 30 April 2026 |
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|
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Total equity |
|
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At 1 May 2025 |
|
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Profit for the year |
|
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Dividends |
( |
|
At 30 April 2026 |
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SBS Insurance Services Limited
Statement of Changes in Equity for the Year Ended 30 April 2026
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 May 2025 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 April 2026 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 May 2024 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 30 April 2025 |
25,000 |
625 |
2,058,134 |
2,083,759 |
SBS Insurance Services Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2026
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Note |
2026 |
2025 |
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Cash flows from operating activities |
|||
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Profit for the year |
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|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
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Finance income |
( |
( |
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Finance costs |
- |
|
|
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Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
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(Increase)/decrease in stocks |
( |
|
|
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(Increase)/decrease in trade debtors |
( |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Acquisition of intangible assets |
( |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
|
Cash and cash equivalents at 1 May |
|
|
|
|
Cash and cash equivalents at 30 April |
455,581 |
498,233 |
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Principal activity
The principal activity of the company in the year under review was that of providing a nationwide claims handling service to Insurance Companies on Household Insurance Contents claims. This principally involves claims on Flooring, Electrical, Jewellery and Leisure Goods in the home.
Statement of compliance
The Company and Group's financial statements have been prepared in compliance with FRS 102 as it applies to the financial statements of the Company and the Group for the year ended 30 April 2026.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
The financial statements are presented in Sterling (£) which is the functional currency of the company. The amounts in financial statements are rounded up to the nearest pound.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Basis of consolidation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £543,550 (2025 - profit of £249,767).
The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings (React Insurance Services Limited and, up to the date of dissolution, Direct Lawn and Garden Limited) made up to 30 April 2026. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date control ceases. All subsidiaries have a reporting date of 30 April, coterminous with that of the Company.
Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The consolidated financial statements are prepared by combining the financial statements of the Company and its subsidiary undertakings on a line-by-line basis, adding together like items of assets, liabilities, equity, income and expenses. Intra-group balances, and any unrealised income and expenses (except foreign currency transaction gains or losses arising from intra-group transactions, are eliminated in full in preparing the consolidated financial statements. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.
As both subsidiary undertakings are wholly owned, no non-controlling interests arise in the consolidated financial statements.These financial statements have been prepared using the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value.
Subsidiary exempt from audit
Direct Lawn and Garden Limited and React Insurance Services Limited, 100% subsidiaries of SBS Insurance Services Limited are claiming the exemption from audit by the virtue of section 479A of the Companies Act 2006 relating to subsidiary companies for the year ended 30 April 2026. SBS Insurance Services Limited has given guarantees under section 479C of the Companies Act 2006 in respect of the year ended 30 April 2026 for its subsidiary companies, Direct Lawn and Garden Limited and React Insurance Services Limited.
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Going concern
The directors acknowledge the Financial Reporting Council's Going Concern Guidelines and believe that the Group is well placed to manage its business risks successfully. Having reviewed the initial financial scenario planning for the year 2026/27 and beyond that has been carried out, the directors are satisfied that, at the time of approving the financial statements, there is not a material uncertainty that may cast significant doubt upon the Group's ability to continue as a going concern, and so it is appropriate to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumlated amortisation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset:
|
Asset class |
Depreciation method and rate |
|
Plant & Machinery |
25% of cost on a straight-line basis |
|
Fixtures & Fittings |
25% of cost on a straight-line basis |
|
Computer equipment |
25% of cost on a straight-line basis |
|
Improvements to property |
25% of cost on a straight-line basis |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation of goodwill is calculated so as to write off the cost, less its estimated residual value, over the useful economic life as follows:
Goodwill - Straight-line basis over 7 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.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Asset class |
Amortisation method and rate |
|
Computer software |
25% & 20% of cost on a straight-line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Fixed asset investments
Investments in unquoted securities are carried at fair value unless such value cannot be reliably measured, in which case the investments are carried at cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call 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 change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the initial terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Work in progress
Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Research and development
Expenditure on research is written off in the profit and loss account of the year and development is capitalised and then amortised in the years ahead.
Revenue recognition
Income is recognised when the significant risks and rewards of ownership of the goods and services are transferred to the customer and receipt of payment can be assured.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Loan notes
Loan notes which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest method. Loan notes that are receivable within one year are not discounted.
Provisions
A provision is recognised where the company has a legal or constructive obligation as a result of past event and it is possible that an outflow of economic benefit would be required to settle the obligation.
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Grants
Grants are accounted for under the accrual model and classified either as a grant relating to revenue (revenue-based grant) or a grant relating to assets (capital-based grants). Grants which relate to revenue are recognised in income in the period the related costs are incurred by the entity for which the grant is intended to compensate. For grants which are received by the entity for compensation for expenses or losses which have already been incurred, the grant is recognised in income when it is received or receivable provided that the terms of the grant do not impose future performance-related conditions. Any grants that are received before the revenue recognition criteria are met are recognised in the entity's financial statements as a liability. Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Sale of goods and services |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Research and development cost |
|
|
|
Other interest receivable and similar income |
|
2026 |
2025 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest expense on other finance liabilities |
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Directors |
|
|
|
Administration, HR, finance, and information technology |
|
|
|
Claim handlers |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Other fees to auditors |
||
|
Fees payable to the auditor for the audit of the annual financial statements |
|
|
|
All other non-audit services |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2025 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Total tax charge |
|
|
|
Intangible assets |
Group
|
Goodwill |
Computer software |
Total |
|
|
Cost or valuation |
|||
|
At 1 May 2025 |
|
|
|
|
Additions |
- |
|
|
|
At 30 April 2026 |
|
|
|
|
Amortisation |
|||
|
At 1 May 2025 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 30 April 2026 |
|
|
|
|
Carrying amount |
|||
|
At 30 April 2026 |
|
|
|
|
At 30 April 2025 |
|
|
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Company
|
Goodwill |
Computer software |
Total |
|
|
Cost or valuation |
|||
|
At 1 May 2025 |
|
|
|
|
Additions |
- |
|
|
|
At 30 April 2026 |
|
|
|
|
Amortisation |
|||
|
At 1 May 2025 |
|
|
|
|
Amortisation charge |
|
|
|
|
At 30 April 2026 |
|
|
|
|
Carrying amount |
|||
|
At 30 April 2026 |
|
|
|
|
At 30 April 2025 |
|
|
|
|
Tangible assets |
Group
|
Improvements to property |
Fixtures and fittings |
Plant and machinery |
Computer equipment |
||
|
Cost or valuation |
|||||
|
At 1 May 2025 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
At 30 April 2026 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 May 2025 |
|
|
|
|
|
|
Charge for the year |
|
|
- |
|
|
|
At 30 April 2026 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 April 2026 |
|
|
( |
|
|
|
At 30 April 2025 |
|
|
( |
|
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Total |
|||||
|
Cost or valuation |
|||||
|
At 1 May 2025 |
|
||||
|
Additions |
|
||||
|
At 30 April 2026 |
|
||||
|
Depreciation |
|||||
|
At 1 May 2025 |
|
||||
|
Charge for the year |
|
||||
|
At 30 April 2026 |
|
||||
|
Carrying amount |
|||||
|
At 30 April 2026 |
|
||||
|
At 30 April 2025 |
|
||||
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Company
|
Improvements to property |
Fixtures and fittings |
Computer equipment |
Total |
|
|
Cost or valuation |
||||
|
At 1 May 2025 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 30 April 2026 |
|
|
|
|
|
Depreciation |
||||
|
At 1 May 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 30 April 2026 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 April 2026 |
|
|
|
|
|
At 30 April 2025 |
|
|
|
|
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2026 |
2025 |
|||
|
Subsidiary undertakings |
||||
|
|
Ree Place Dew Pond Lane, Tongue Lane Industrial Estate, Buxton, Derbyshire. SK17 7LF
|
|
|
|
|
United Kingdom |
||||
|
|
Chase House Park Plaza, Heath Hayes, Cannock, England, WS12 2DD |
|
|
|
|
United Kingdom |
||||
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Subsidiary undertakings
|
Direct Lawn and Garden Limited
|
|
React Insurance Services Ltd
|
Company
|
2026 |
2025 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2025 |
|
|
Impairment |
( |
|
At 30 April 2026 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 April 2026 |
|
|
At 30 April 2025 |
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Stocks |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Work in progress |
|
|
|
|
|
Finished goods and goods for resale |
|
|
- |
- |
|
|
|
|
|
|
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2026 |
2025 |
2026 |
2025 |
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by group undertakings |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
|
|
|
||
Amounts owed by group undertakings are interest free and repayable on demand.
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Income tax liability |
173,400 |
174,337 |
171,766 |
174,304 |
|
|
|
|
|
|
||
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 May 2025 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 April 2026 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 May 2025 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 30 April 2026 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
25,000 |
25,000 |
25,000 |
25,000 |
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Dividends |
|
2026 |
2025 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
650,000 |
520,000 |
||
|
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2025 - £Nil).
|
Related party transactions |
Group
The group has taken advantage of an 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.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements
At 30th April 26, directors' loans totalled £226,597 (2025: £162,845). These loans will be/were interest-free and repayable on demand. The amounts outstanding at the year end were fully repaid within nine months of the respective year ends.
|
Transactions with directors |
|
2026 |
At 1 May 2025 |
Advances to director |
Repayments by director |
At 30 April 2026 |
|
T Rees |
||||
|
|
|
|
( |
|
|
S Crowley |
||||
|
|
|
|
( |
|
SBS Insurance Services Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Ultimate controlling party |
During the year, the group was under the control of S Crowley, by virtue of his shareholding of 60% of the ordinary share capital of the group.
|
Post balance sheet events |
Group
On 5 May 2026, the group's subsidiary, Direct Lawn and Garden Limited, was voluntarily struck off and dissolved. As the investment and associated goodwill were fully impaired to £nil prior to 30 April 2026, there is no material impact on the consolidated financial position or results of the group.