Company registration number 05484199 (England and Wales)
HEALIX INSURANCE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HEALIX INSURANCE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HEALIX INSURANCE SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
9,665
9,665
Current assets
Debtors
6
294,124
54,247
Cash at bank and in hand
1,273,894
914,769
1,568,018
969,016
Creditors: amounts falling due within one year
7
(936,976)
(518,242)
Net current assets
631,042
450,774
Net assets
640,707
460,439
Capital and reserves
Called up share capital
8
32,000
32,000
Profit and loss reserves
608,707
428,439
Total equity
640,707
460,439
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 August 2023 and are signed on its behalf by:
P M Denman
Director
Company Registration No. 05484199
HEALIX INSURANCE SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
1
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Healix Insurance Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Healix House, Esher Green, Esher, Surrey, KT10 8AB.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover represents amounts invoiced to third parties, net of trade discounts in respect of the following sources of income:
Insurance brokerage revenue is recognised in the month that the return is due to be made based on the contracted amounts.
Stop loss brokerage revenue is recognised in the month the risk is bound.
2.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
IT Software
Straight line over 3 years
2.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
HEALIX INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2
Accounting policies
(Continued)
- 3 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
2.5
Financial instruments
Basic financial instruments are recognised at amortised cost, except for instruments in non convertible
preference and non-puttable ordinary shares which are measured at fair value, with changes
recognised in the profit or loss. Derivative financial instruments are initially recorded and thereafter at fair value with changes recognised in profit or loss.
2.6
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.10
The company records on its balance sheet amounts due to and from clients and insurers in relation to the insurance transactions that the company handles on behalf of those parties. Insurer money is held in accordance with the agreements in place between the insurer and the company.
The cash at bank balance presented in these financial statements represents the aggregation of the money held for the benefit of the company, clients and insurers.
HEALIX INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
4
Intangible fixed assets
IT Software
£
Cost
At 1 April 2022 and 31 March 2023
164,400
Amortisation and impairment
At 1 April 2022 and 31 March 2023
164,400
Carrying amount
At 31 March 2023
At 31 March 2022
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
9,665
9,665
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
285,066
48,143
Other debtors
79
Prepayments and accrued income
9,058
6,025
294,124
54,247
HEALIX INSURANCE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
293,520
143,997
Amounts owed to group undertakings
50
Taxation and social security
52,163
12,283
Deferred income
73,753
Other creditors
419,356
154,092
Accruals
171,887
134,117
936,976
518,242
The bank holds a fixed and floating charge over all current and future assets of the company.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
32,000 Ordinary of £1 each
32,000
32,000