REGISTERED NUMBER: 08403633 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
for |
ASSURA PROTECT LIMITED |
REGISTERED NUMBER: 08403633 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
for |
ASSURA PROTECT LIMITED |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Contents of the Consolidated Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
ASSURA PROTECT LIMITED |
Company Information |
for the Period 1 July 2021 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Michael Marcus FCA FCCA |
AUDITORS: |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Group Strategic Report |
for the Period 1 July 2021 to 31 December 2022 |
The directors present their strategic report of the company and the group for the period 1 July 2021 to 31 December 2022. |
The principal activity of the business during the period under review continued to be that of an insurance Intermediary. The company sells Term Life & Critical Illness policies on behalf of a panel of Life Insurers. |
REVIEW OF BUSINESS |
The company commenced selling non-indemnity Agency Life Insurance policies in October 2021 and the Directors are pleased to report a strong trading performance during the period with a consolidated turnover of £5,118,218 for the period covered by this report. The effects of COVID-19 did not adversely affect the trading position as the company was fortunate enough to be able to trade mainly throughout this period. |
The Group's operations expose it to a variety of financial risks including competition risk, price risk, credit risk and liquidity risk. There are a number of controls in place to limit the adverse effects of these risks on the financial performance of the Group. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Competition Risk |
Like all companies carrying out similar activities, the group is subject to strong competition from other intermediaries, and this may affect the Gross margin achieved from its sales. The Group has maintained strong relations with several large Life Insurance Providers to enable it to compete with its competitors. |
Price Risk |
The Group is exposed to general price risk because of its operations. Management keep this aspect of the Groups affairs under constant review. |
Credit Risk |
All policy holders are subject to KYC checks to ensure that their policies are affordable and meet all necessary coverage requirements. The Group also holds a Provision at year-end for known post year end CFO's/lapses. (2022: £416,222). |
Liquidity Risk |
The Group ensures there are sufficient funds available to operate. Cash Flow forecasts are prepared, monitored, and adjusted where necessary, as part of this process. |
. |
In addition, on 24th January 2022, Assura Protect Limited entered into a Senior Sterling Term Facilities Agreement with Kilter Finance Services Limited. This comprises of two facilities. |
Facility A - Term Loan of £2,585,000 |
Facility B - Drawdown Facility £14,650,000 |
The Group has entered into this agreement to ensure working capital & capital expenditure requirements can be met in respect of the non - indemnity Agency business and the new MGA business (Dividend Life) which commenced post year end - see Future Development below. |
As at 31 December 2022, the balances on these Facilities were as follows: |
31 December 2022 |
Facility A £2,585,000 |
Facility B £2,009,045 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Group Strategic Report |
for the Period 1 July 2021 to 31 December 2022 |
FINANCIAL KEY PERFORMANCE INDICATORS |
A summary of the Group's financial results for the period ended 1 July 2021 to 31 December 2022 are set out below: |
2022 | 2021 |
Turnover | £5,118,218 | £747,849 |
Gross Profit | £3,450,672 | £62,323 |
Profit / (Loss) before tax | £5,598,858 | £(146,238) |
Shareholders' Funds | £4,159,426 | £89,568 |
The Directors are satisfied with these Key Performance Indicators and whilst the market remains active and we are cautious because of current economic conditions, the outlook for the current year is encouraging together with the launch of our new product Dividend Life - see Future Developments below. |
Future Developments |
On the 1 August 2023, Assura Protect Limited ceased to sell non-indemnity Agency business and commenced selling a new in-house product (Dividend Life). Dividend Life is a modern Life Insurance policy with: |
- 200% Multi Claim Critical Illness Cover |
- 200% Dual Life Cover |
- Doctor - on Demand with 24/7 GP services |
- Membership benefits |
Initial sales volumes of Dividend Life have proved very encouraging, and the Directors are confident that there be strong growth in this income stream in the current year. |
Assura Protect Limited acts as a Managing General Agent (MGA) with the Dividend Life policies being underwritten and issued by Family Assurance Friendly Society Limited. Assura Protect Limited has developed an in-house Policy Administration System to manage these policies. |
The directors are satisfied that the Company has sufficient resources and liquidity to enable it to not only to continue as a going concern for the foreseeable future but to also ensure the Company continues to invest in its infrastructure and staff so that it is in a stable and profitable position going forward. |
ON BEHALF OF THE BOARD: |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Report of the Directors |
for the Period 1 July 2021 to 31 December 2022 |
The directors present their report with the financial statements of the company and the group for the period 1 July 2021 to 31 December 2022. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 December 2022. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Primera Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Assura Protect Limited |
Opinion |
We have audited the financial statements of Assura Protect Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 31 December 2022 and of the group's profit for the period 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 Auditors' 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 directors' 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Assura Protect Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Assura Protect Limited |
Auditors' 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 a Report of the Auditors 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We designed procedures capable of detecting non-compliance with laws and regulations and irregularities, including fraud, through: |
- Obtaining an understanding of the Group and the Company and its industry through discussions with management, and the application of our cumulative audit knowledge and experience of the industry to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements including tax, pensions, employment, health and safety, data protection and anti-bribery legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. |
- Identifying possible risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, whether there was potential for management bias in the reporting of events and transactions in the financial statements relating to revenue recognition. |
Our audit procedures were designed to designed to respond to the identified risks relating to non-compliance with laws and regulations and irregularities (including fraud) that are material to the financial statements. |
Our audit procedures in relation to non-compliance with laws and regulations included, but were not limited to: |
-Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations and reviewing correspondence with regulators and with solicitors; and |
- Communicating identified laws and regulations with the audit team and remaining alert to any indications of non-compliance throughout the audit; and |
- Considering the risk of non-compliance with laws and regulations; and |
- Considering whether the financial statement disclosures fairly represent the underlying transactions. |
Our audit procedures in relation to irregularities and fraud included, but were not limited to: |
-Making enquiries of directors and management as to where they considered there was susceptibility to fraud, and whether they had knowledge of actual, suspected or alleged fraud; and |
- Gaining an understanding of the internal controls established to mitigate risks relating to fraud; and |
- Discussing the risk of fraud and management bias with the audit team and remaining alert to any indications of fraud and management bias throughout the audit; and |
-Addressing the risk of management override of controls by testing journal entries, considering the rationale behind significant or unusual transactions, and reviewing accounting estimates |
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. |
Because of these inherent limitations, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Assura Protect 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 a Report of the Auditors 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. |
for and on behalf of |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Consolidated |
Income Statement |
for the Period 1 July 2021 to 31 December 2022 |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
Notes | £ | £ |
TURNOVER | 3 | 5,118,218 | 747,849 |
Cost of sales | (1,667,546 | ) | (685,526 | ) |
GROSS PROFIT | 3,450,672 | 62,323 |
Administrative expenses | (3,761,103 | ) | (209,943 | ) |
(310,431 | ) | (147,620 | ) |
Other operating income | 95,945 | 2,543 |
Gain/loss on revaluation of intangible assets | 6,116,000 | - |
OPERATING PROFIT/(LOSS) | 5 | 5,901,514 | (145,077 | ) |
Interest receivable and similar income | 3 | - |
5,901,517 | (145,077 | ) |
Interest payable and similar expenses | 6 | (302,659 | ) | (1,161 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 5,598,858 | (146,238 | ) |
Tax on profit/(loss) | 7 | (1,529,000 | ) | - |
PROFIT/(LOSS) FOR THE FINANCIAL PERIOD |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 4,069,858 | (146,238 | ) |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Consolidated |
Other Comprehensive Income |
for the Period 1 July 2021 to 31 December 2022 |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE PERIOD | 4,069,858 | (146,238 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
4,069,858 |
(146,238 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 4,069,858 | (146,238 | ) |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Consolidated Balance Sheet |
31 December 2022 |
31.12.22 | 30.6.21 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 6,570,072 | - |
Tangible assets | 10 | 21,901 | 3,000 |
Investments | 11 | - | - |
6,591,973 | 3,000 |
CURRENT ASSETS |
Debtors | 12 | 3,504,307 | 62,230 |
Cash at bank and in hand | 1,160,105 | 734,195 |
4,664,412 | 796,425 |
CREDITORS |
Amounts falling due within one year | 13 | (941,611 | ) | (155,888 | ) |
NET CURRENT ASSETS | 3,722,801 | 640,537 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,314,774 |
643,537 |
CREDITORS |
Amounts falling due after more than one year |
14 |
(4,626,348 |
) |
(553,969 |
) |
PROVISIONS FOR LIABILITIES | 17 | (1,529,000 | ) | - |
NET ASSETS | 4,159,426 | 89,568 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 103 | 103 |
Share premium | 19 | 749,997 | 749,997 |
Revaluation reserve | 19 | 3,975,400 | - |
Retained earnings | 19 | (566,074 | ) | (660,532 | ) |
SHAREHOLDERS' FUNDS | 4,159,426 | 89,568 |
The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by: |
C J Donley - Director |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Company Balance Sheet |
31 December 2022 |
31.12.22 | 30.6.21 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Retained earnings | 19 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
Company's loss for the financial year | (439,856 | ) | (23,748 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Consolidated Statement of Changes in Equity |
for the Period 1 July 2021 to 31 December 2022 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2020 | 102 | (514,294 | ) | - | - | (514,192 | ) |
Changes in equity |
Issue of share capital | 1 | - | 749,997 | - | 749,998 |
Total comprehensive income | - | (146,238 | ) | - | - | (146,238 | ) |
Balance at 30 June 2021 | 103 | (660,532 | ) | 749,997 | - | 89,568 |
Changes in equity |
Total comprehensive income | - | 4,069,858 | - | - | 4,069,858 |
Transfer to/from revaluation | - | (3,975,400 | ) | - | 3,975,400 | - |
Balance at 31 December 2022 | 103 | (566,074 | ) | 749,997 | 3,975,400 | 4,159,426 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Company Statement of Changes in Equity |
for the Period 1 July 2021 to 31 December 2022 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 August 2020 | ( |
) | ( |
) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 June 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Consolidated Cash Flow Statement |
for the Period 1 July 2021 to 31 December 2022 |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (2,183,392 | ) | 702,269 |
Interest paid | (302,659 | ) | (1,161 | ) |
Net cash from operating activities | (2,486,051 | ) | 701,108 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (1,184,080 | ) | - |
Purchase of tangible fixed assets | (25,752 | ) | - |
Interest received | 3 | - |
Net cash from investing activities | (1,209,829 | ) | - |
Cash flows from financing activities |
Proceeds from borrowings | 4,594,045 | - |
Amount introduced/withdrawn by directors | (472,255 | ) | (13,865 | ) |
Share issue | - | 1 |
Net cash from financing activities | 4,121,790 | (13,864 | ) |
Increase in cash and cash equivalents | 425,910 | 687,244 |
Cash and cash equivalents at beginning of period |
2 |
734,195 |
46,951 |
Cash and cash equivalents at end of period |
2 |
1,160,105 |
734,195 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Cash Flow Statement |
for the Period 1 July 2021 to 31 December 2022 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
£ | £ |
Profit/(loss) before taxation | 5,598,858 | (146,238 | ) |
Depreciation charges | 736,859 | 1,000 |
Gain on revaluation of fixed assets | (6,116,000 | ) | - |
Government grants | - | (1,146 | ) |
Finance costs | 302,659 | 1,161 |
Finance income | (3 | ) | - |
522,373 | (145,223 | ) |
(Increase)/decrease in trade and other debtors | (3,491,488 | ) | 879,345 |
Increase/(decrease) in trade and other creditors | 785,723 | (31,853 | ) |
Cash generated from operations | (2,183,392 | ) | 702,269 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2022 |
31.12.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 1,160,105 | 734,195 |
Period ended 30 June 2021 |
30.6.21 | 1.8.20 |
£ | £ |
Cash and cash equivalents | 734,195 | 46,951 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.7.21 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 734,195 | 425,910 | 1,160,105 |
734,195 | 425,910 | 1,160,105 |
Debt |
Debts falling due within 1 year | (953 | ) | (10,297 | ) | (11,250 | ) |
Debts falling due after 1 year | (53,969 | ) | (4,572,379 | ) | (4,626,348 | ) |
(54,922 | ) | (4,582,676 | ) | (4,637,598 | ) |
Total | 679,273 | (4,156,766 | ) | (3,477,493 | ) |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements |
for the Period 1 July 2021 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Assura Protect Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements: |
Trade debtors: The recoverability of trade debtors has been assessed as at the year end and up until the date of signing these financial statements. Management have based their decision to provide for any amounts based on their judgement of all the available information, and their experience of the specific nature of trade debtors in question. |
Data assets: The revaluation of data assets is supported by assumptions prepared by Management based on publicly available data and their judgement of market values. |
Polocy lapses: Policy lapses relating to policies in force at the year end and is based on experience of lapses over the year. |
Turnover |
Turnover comprises non-indeminity commssion on policies sold. It is measured at the fair value of the consideration received or receivable, excluding discountss, rebates, value added tax and other taxes. Lapses and other clawbacks are included in cost of sales. |
Debtors |
The non-indemnity commssion is receivable in equal installments over a 48 month period. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at open market value less accumulated amortisation. |
Intangible assets are being amortised evenly over its estimated useful life of ten years |
Deferred tax is provided on any revaluation amonts. |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Computer equipment | - |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position 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 |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at |
transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, are initially recognised at transaction price unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
Research and development |
Expenditure on research is written off in the year in which it is incurred. Develoment expenditure meeting the capitalisation requirements of paragraph of FRS102 Section 18.8H is capitalised within intangible assets. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The financial statements have been prepared on a going concern basis, which assumes the group will continue to trade. The validity in this assumption is dependent on the continued support from the company's financiers/creditors and shareholders. |
Consequently the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and consider that the going concern basis of accounting is appropriate in preparing the financial statements. |
3. | TURNOVER |
The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
£ | £ |
United Kingdom | 5,118,218 | 747,849 |
5,118,218 | 747,849 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
£ | £ |
Wages and salaries | 1,650,563 | - |
Social security costs | 141,292 | - |
Other pension costs | 6,651 | - |
1,798,506 | - |
The average number of employees during the period was as follows: |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
Management | 4 | 4 |
Other | 44 | 3 |
The average number of employees by undertakings that were proportionately consolidated during the period was 48 (2021 - 7 ) . |
Directors remuneration has been included in the cost of data assets of £43,750 (£2021: £nil) and pension contribution of £770 (2021: £nil). |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2021 - operating loss) is stated after charging: |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
£ | £ |
Other operating leases | 102,551 | 41,611 |
Depreciation - owned assets | 6,851 | 1,000 |
Data assets amortisation | 730,008 | - |
Audit fees | 28,400 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
£ | £ |
Bank interest | - | 5 |
Bank loan interest | 302,659 | 1,156 |
302,659 | 1,161 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period | Period |
1.7.21 | 1.8.20 |
to | to |
31.12.22 | 30.6.21 |
£ | £ |
Deferred tax | 1,529,000 | - |
Tax on profit/(loss) | 1,529,000 | - |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Data |
Goodwill | assets | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2021 | 22,807 | - | 22,807 |
Additions | - | 1,184,080 | 1,184,080 |
Revaluations | - | 6,116,000 | 6,116,000 |
At 31 December 2022 | 22,807 | 7,300,080 | 7,322,887 |
AMORTISATION |
At 1 July 2021 | 22,807 | - | 22,807 |
Amortisation for period | - | 730,008 | 730,008 |
At 31 December 2022 | 22,807 | 730,008 | 752,815 |
NET BOOK VALUE |
At 31 December 2022 | - | 6,570,072 | 6,570,072 |
At 30 June 2021 | - | - | - |
Cost or valuation at 31 December 2022 is represented by: |
Data |
Goodwill | assets | Totals |
£ | £ | £ |
Valuation in 2022 | - | 6,116,000 | 6,116,000 |
Cost | 22,807 | 1,184,080 | 1,206,887 |
22,807 | 7,300,080 | 7,322,887 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
9. | INTANGIBLE FIXED ASSETS - continued |
Group |
If data assets and website had not been revalued they would have been included at the following historical cost: |
31.12.22 | 30.6.21 |
£ | £ |
Cost | 1,184,000 | - |
Aggregate amortisation | (118,408 | ) | - |
Data assets and website were valued on on an open market basis on 31 December 2022 by the directors . |
Company |
Goodwill |
£ |
COST |
At 1 July 2021 |
and 31 December 2022 |
AMORTISATION |
At 1 July 2021 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 30 June 2021 |
10. | TANGIBLE FIXED ASSETS |
Group |
Computer |
equipment |
£ |
COST |
At 1 July 2021 | 5,000 |
Additions | 25,752 |
At 31 December 2022 | 30,752 |
DEPRECIATION |
At 1 July 2021 | 2,000 |
Charge for period | 6,851 |
At 31 December 2022 | 8,851 |
NET BOOK VALUE |
At 31 December 2022 | 21,901 |
At 30 June 2021 | 3,000 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Computer |
equipment |
£ |
COST |
Additions |
At 31 December 2022 |
DEPRECIATION |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Assura Financial Ltd |
Registered office: England |
Nature of business: Insurance |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 | 30.6.21 |
£ | £ |
Aggregate capital and reserves | 1,430,774 | (33,116 | ) |
Profit/(loss) for the period | 1,463,890 | (20,779 | ) |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
11. | FIXED ASSET INVESTMENTS - continued |
Assura Protect Services Ltd |
Registered office: England |
Nature of business: Insurance |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 | 30.6.21 |
£ | £ |
Aggregate capital and reserves | (859,909 | ) | (105,205 | ) |
Loss for the period | (754,704 | ) | (101,710 | ) |
APG Digital Limited |
Registered office: England |
Nature of business: Insurance |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 |
£ |
Aggregate capital and reserves | (30,486 | ) |
Loss for the period | (30,586 | ) |
APG Technologies Limited |
Registered office: England |
Nature of business: Insurance |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 |
£ |
Aggregate capital and reserves | 3,831,215 |
Profit for the period | 3,831,115 |
Mortgage Cloud Limited |
Registered office: England |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
31.12.22 | 30.6.21 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.22 | 30.6.21 | 31.12.22 | 30.6.21 |
£ | £ | £ | £ |
Trade debtors | 3,338,014 | 12,000 |
Amounts owed by group undertakings | - | - |
Other debtors | 132,989 | 41,992 |
VAT | 25,066 | - |
Prepayments | 8,238 | 8,238 |
3,504,307 | 62,230 |
Included in Trade debtors of £3,338,014 is £2,709,729 due beween one and four year |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.22 | 30.6.21 | 31.12.22 | 30.6.21 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 11,250 | 953 |
Trade creditors | 1 | - |
Amounts owed to group undertakings | - | 15,393 |
Social security and other taxes | 44,865 | - |
Other creditors | 3,380 | 99,844 |
Directors' current accounts | 64,218 | 36,473 | 64,218 | 24,452 |
Provision for known |
post year end CFO's/lapse's | 416,222 | - |
Accruals and deferred income | 401,675 | 3,225 |
941,611 | 155,888 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.12.22 | 30.6.21 | 31.12.22 | 30.6.21 |
£ | £ | £ | £ |
Bank loans (see note 15) | 4,626,348 | 53,969 |
Directors' loan accounts | - | 500,000 | - | 500,000 |
4,626,348 | 553,969 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.12.22 | 30.6.21 | 31.12.22 | 30.6.21 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 11,250 | 953 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 2,585,000 | 3,969 |
Amounts falling due between two and five | years: |
Bank loans | 2,041,348 | 50,000 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.12.22 | 30.6.21 | 31.12.22 | 30.6.21 |
£ | £ | £ | £ |
Bank loans | 4,637,598 | - |
The bank loans are secured by a fixed and floating charge over the assets of the group. |
17. | PROVISIONS FOR LIABILITIES |
Group |
31.12.22 | 30.6.21 |
£ | £ |
Deferred tax | 1,529,000 | - |
Group |
Deferred |
tax |
£ |
Provided during period | 1,529,000 |
Balance at 31 December 2022 | 1,529,000 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 30.6.21 |
value: | £ | £ |
Ordinary share | £0.0001 | 103 | 103 |
ASSURA PROTECT LIMITED (REGISTERED NUMBER: 08403633) |
Notes to the Consolidated Financial Statements - continued |
for the Period 1 July 2021 to 31 December 2022 |
19. | RESERVES |
Group |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2021 | (660,532 | ) | 749,997 | - | 89,465 |
Profit for the period | 4,069,858 | 4,069,858 |
Transfer to/from revaluation | (3,975,400 | ) | - | 3,975,400 | - |
At 31 December 2022 | (566,074 | ) | 749,997 | 3,975,400 | 4,159,323 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 July 2021 | ( |
) | 227,789 |
Deficit for the period | ( |
) | ( |
) |
At 31 December 2022 | ( |
) | (212,067 | ) |
20. | RELATED PARTY DISCLOSURES |
The company has taken advantage of 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. |
21. | ULTIMATE CONTROLLING PARTY |
The group was under the control of Mr C J Donley throughout the year. |