PELICAN BUSINESS INSURANCE SERVICES LIMITED


Directors	BAYLES, David John
	BAYLES, Michael Andrew
	BRANIFF, Christopher James
	HOBBS, Paul Alan


Registered Address	Unit 9h Swanwick Marina
	Bridge Road
	Southampton
	SO31 1ZL


Registered Number	10904253 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	These financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102'), including the reduced disclosure requirements of Section 1A of FRS 102. The disclosure requirements of Section 1A have been applied other than where additional disclosure is required to give a true and fair view.

Statement of compliance

These financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102'), including the reduced disclosure requirements of Section 1A of FRS 102. The disclosure requirements of Section 1A have been applied other than where additional disclosure is required to give a true and fair view.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

	Functional and presentation currency
	The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

	Turnover policy
	Turnover represents income receivable in respect of insurance broking services provided during the year, and is recognised on the date the related policy is accepted, being the point at which the company's obligations in arranging the policy are substantially discharged. Additional commission receivable from insurers, contingent upon the company meeting performance criteria set over a defined period, is not recognised until the amount can be measured reliably and it is probable that it will be received. Where the criteria for such commission have been met such that entitlement is reasonably assured, the related income is accrued in the period to which it relates.

Turnover policy

Turnover represents income receivable in respect of insurance broking services provided during the year, and is recognised on the date the related policy is accepted, being the point at which the company's obligations in arranging the policy are substantially discharged.

Additional commission receivable from insurers, contingent upon the company meeting performance criteria set over a defined period, is not recognised until the amount can be measured reliably and it is probable that it will be received. Where the criteria for such commission have been met such that entitlement is reasonably assured, the related income is accrued in the period to which it relates.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the company has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year, together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the company has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year, together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

Defined contribution pension plan

The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.

	Tangible fixed assets and depreciation
	Tangible fixed assets are initially recorded at cost. Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation and any accumulated impairment losses. 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. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are initially recorded at cost. Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation and any accumulated impairment losses. 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.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of the respective asset as follows:


		Reducing balance (%)
	Fixtures and fittings	25
	Vehicles	30
	Office Equipment	25

	Impairment of non-financial assets policy
	Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.

	Finance leases and hire purchase contracts
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of their useful lives or the term of the lease. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Finance leases and hire purchase contracts

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of their useful lives or the term of the lease.

The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately.

	Financial instruments
	The company only enters into basic financial instrument transactions. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently measured at amortised cost using the effective interest method. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price and are subsequently measured at amortised cost using the effective interest method. 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.

Financial instruments

The company only enters into basic financial instrument transactions.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently measured at amortised cost using the effective interest method.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price and are subsequently measured at amortised cost using the effective interest method.

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.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	7		6

3.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 April 25	81,273
	Additions	3,528
	At 31 March 26	84,801
	Depreciation and impairment
	At 01 April 25	35,101
	Charge for year	13,709
	At 31 March 26	48,809
	Net book value
	At 31 March 26	35,991
	At 31 March 25	46,172

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	283,828	-
Other debtors	10,947	-
Prepayments and accrued income	24,584	87,489
Total	319,359	87,489

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	5,959	12,467
Taxation and social security	17,329	16,032
Finance lease and HP contracts	6,220	6,681
Other creditors	655,208	451,645
Accrued liabilities and deferred income	61,494	5,897
Total	746,210	492,722

6.	Creditors: amounts due after one year

	2026	2025
	£	£
Other creditors	31,390	37,150
Total	31,390	37,150

7.	Obligations under finance leases

		2026		2025
		£		£
	Finance lease and HP contracts	37,611		43,831

8.	Related party transactions
	At the balance sheet date, the company owed its directors £653,931 (2025: £451,645)

9.	Description of reasons for any change in chosen formats of the financial statements
	Certain comparative amounts have been reclassified to conform with the current year's presentation. Costs of £86,943 previously included within cost of sales have been reclassified to administrative expenses. This reclassification has no impact on the profit or loss for the prior year.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		35,991		46,172
			35,991		46,172
Current assets
Debtors	4	319,359		87,489
Cash at bank and on hand		75,867		40,527
		395,226		128,016
Creditors amounts falling due within one year	5	(746,210)		(492,722)
Net current assets (liabilities)			(350,984)		(364,706)
Total assets less current liabilities			(314,993)		(318,534)
Creditors amounts falling due after one year	6		(31,390)		(37,150)
Net assets			(346,383)		(355,684)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(346,483)		(355,784)
Shareholders' funds			(346,383)		(355,684)