Solipse/MSG1 huggingface dataset:
Investment Income

Investment income comprises fair value gains and losses and dividend income. Fair value gains and losses on investments represent the difference between the valuation at the balance sheet date and their valuation at the previous balance sheet date. Interim dividends are recognised when paid and final dividends are booked as a liability when they are approved by the members passing a written resolution.
Interest Income And Expense

Interest income and expense are recognised in profit or loss on an accruals basis.
Taxation

Tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current tax expense is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is recognised on income or expenses from subsidiaries or associates that will be assessed for tax in a future period, except where the Group is able to control the reversal of the timing difference, and it is probable that the timing difference will not reverse in the foreseeable future. Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

For non-depreciable assets measured using the revaluation model and investment properties measured at fair value (except investment property with a limited useful life held by the Group to consume substantially all of its economic benefits), deferred tax is measured using the tax rates and allowances that apply to the sale of the asset or property. Current and deferred tax, other than the tax effects of distributions to owners, is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction and is also charged or credited to other comprehensive income, or equity. The tax expense or income effects of distributions to owners are recognised in profit or loss. Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Intangible Assets Goodwill

Business combinations are accounted for by applying the acquisition method of accounting, which adjusts the net assets of the acquired company to fair value at the date of purchase. The difference between fair value of net assets of the acquired company and the fair value of the consideration given represents goodwill. Positive goodwill arises when the fair value of the consideration given exceeds the fair value of the identifiable assets and liabilities acquired. Positive goodwill is recognised as an asset on consolidation and stated at cost less amortisation. Positive goodwill is amortised through the statement of comprehensive income on a straight line basis over its useful economic life of 10 years as, in the opinion of the Directors, this represents the period over which it is expected to give rise to economic benefits. A provision for impairment is made when necessary.
Notes To The Financial Statements Continued For The Year Ended 31 December 2022 Intangible Assets Acquired Via A Business Combination

Intangible assets arising on a business combination are recognised separately from goodwill if the intangible asset is both separable and arises from legal or contractual rights. The Group has elected to recognise non-contractual customer relationships separately to goodwill. All other intangible assets that either arise from legal or contractual rights, or are separable, are presented within goodwill. Intangible assets are initially recognised at fair value at acquisition date and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets are amortised through comprehensive income on a straight-line basis over their useful lives, as follows:
Software and websites 2-5 years Brand 15 years Customer relationships 5-21 years Intellectual property 5-6 years Amortisation is revised prospectively for any significant change in useful life or residual value. On disposal, the difference between the net disposal proceeds and the carrying amount of the intangible asset is recognised in profit or loss.
Affinity Relationships

Payments of advanced commission in respect to affinity relationships are recognised as intangible assets when the Group has acquired the right to control either directly or jointly with the affinity partner key aspects of the relationship such as pricing, insurer panel selection, product design, marketing or the right to administer insurance policies or other customer contracts for a given period of time. As a result, these rights confer direct probable economic benefits to the Group. The Group initially measures the amounts paid at cost and subsequently at cost less accumulated amortisation and accumulated impairment losses where appropriate. Amortisation is recognised on a systematic basis over the periods during which the related economic benefits arise.

Software development costs The Group capitalises expenditure on software development as an intangible asset when the following can be demonstrated: - the technical feasibility of the development such that the resulting asset will be available for use or sale;
- the intention to complete the development and to use or sell the asset;
- ability to use or sell the asset; - how the asset will generate future economic benefits;
- the availability of adequate technical, financial and other resources to complete the development and to use or sell the asset;
- the ability to reliably measure the expenditure attributable to the asset during its development.

All research expenditure and development expenditure that does not meet the above conditions is expensed as incurred. Capitalised development expenditure is initially recognised at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life, which is between 2 and 5 years.
Other Intangible Assets

Intangible assets purchased other than in a business combination are only recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. The cost of internally generated brands, logos, publishing titles, customer lists and similar items are expensed as incurred.
Tangible Assets

Tangible assets include freehold properties, which are properties owned and occupied by the Group and other tangible assets such as leasehold improvements, fixtures & fittings, equipment and motor vehicles.
Freehold Properties

Freehold properties are initially recognised at cost, including directly attributable expenses incurred in making the asset capable of operating as intended. They are subsequently measured at cost less accumulated depreciation and accumulated impairment losses.
Other Tangible Assets

Other tangible fixed assets are initially recognised at cost, including any directly attributable acquisition expenses. They are subsequently measured at cost less accumulated depreciation and accumulated impairment losses.
Depreciation

Depreciation is calculated so as to recognise the initial cost of the asset, less its estimated residual value, on a straight line basis over its expected useful economic life. The principal annual rates used for this purpose are:
Freehold properties 2.5% - 4% Leasehold improvements 10% - 25% Fixtures, fitting and equipment 10% - 50% Motor vehicles 20% - 25%
Freehold land is not depreciated.
Impairment

For each asset carried at cost less accumulated amortisation and impairment, an assessment is made at each reporting date to determine whether there are any indications that the asset may be impaired, or that any previously recognised impairment loss has fully or partially reversed. If such indications exist, the Group estimates the recoverable amount of the asset or, for goodwill, the recoverable amount of the cash-generating unit to which the goodwill belongs. Any shortfall between the carrying value of the asset and its recoverable amount, being the higher of fair value less costs to sell and value-in-use, is recognised as an impairment loss in profit and loss. Any previously recognised impairment loss for goodwill is not reversed should the assessment indicate a higher value. For fixed assets other than goodwill, recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in profit and loss. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset's revised carrying amount (less any residual value) over its remaining useful life. The carrying amount of the investment in associates is tested for impairment as a single asset at each reporting date. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Investment Properties

Investment properties are initially recognised at cost, including directly attributable expenses incurred in making the asset capable of operating as intended. They are subsequently measured at fair value, with any gains recognised in the revaluation reserve in equity, unless they reverse losses previously recognised in the profit and loss. To the extent that any losses reverse any previously recognised gains in the revaluation reserve, they are offset in equity, otherwise they are recognised in profit and loss. Full valuations are made by independent, professionally qualified valuers at least every three years. The valuations are reviewed by the Directors in the intervening years to ensure properties are carried at their current fair value.
Financial Instruments

The Group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102, in full, to all of its financial instruments. Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.
Other Investments

The Group's investments comprise of financial assets such as equity investments and loans secured by mortgages. With the exception of investments in associates and subsidiaries (see below), equity investments are Notes to the Financial Statements *continued* For the year ended 31 December 2022 recognised initially at fair value, being the purchase consideration excluding any transaction costs, and are subsequently measured at fair value through profit and loss. Loans secured by mortgages are measured at amortised cost. Financial assets recognised at fair value through profit and loss are allocated into the following categories according to the inputs into the method applied to determine the fair value:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Quoted in an active market in this context means quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted price is usually the bid price.

Level 2: when quoted prices are unavailable the instrument is valued using inputs that are observable either directly or indirectly including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs that are observable such as interest rates and yield curves observable at commonly quoted intervals, implied volatility or credit spreads and market-corroborated inputs.

Level 3: when observable inputs are available, unobservable inputs are used to measure fair value by use of valuation techniques. The objective of using the valuation technique is to estimate what the fair value would have been on the measurement date.
Investments In Associates

Undertakings in which the Group has significant influence (i.e. the power to participate in the financial and operating policy decisions but not control or joint control over those policies) are classified as associates. The Group recognises its share of the entity's results in profit and loss and its equity in the statement of financial position. All transactions with the associate are eliminated to the extent of the Group's interest, except where unrealised losses provide evidence of an impairment. Where necessary, adjustments are made to bring the accounting policies of the associate into line with those used by the Group. Dividends received from the associate reduce the carrying amount of the investment. Investment in subsidiary undertakings Investments in subsidiary undertakings are recorded in the Company's statement of financial position at cost less accumulated impairment. An impairment review of the investment in Group undertakings is performed when events or changes in circumstances indicate that the carrying value may not be recoverable.
Trade And Other Debtors

Trade and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows (excluding credit losses) over the expected life of the instrument back to the fair value on initial recognition. When there is objective evidence that the amounts due will not be collected according to the original terms of the contract, impairment losses are recognised in profit and loss to the extent that the carrying value of the asset exceeds the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit and loss.
Financial Liabilities - Trade And Other Creditors, Borrowings And Accruals

Financial liabilities that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the expected life of the instrument back to the fair value on initial recognition. Derecognition of financial assets and liabilities A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) 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. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires. Insurance broking assets and liabilities Financial assets and liabilities are offset, and the net amount reported in the statement of financial position, only where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The Group acts as an agent in broking the insurable risks of its clients and, whilst it is generally not directly liable for premiums due to underwriters or for claims payable to clients, these assets and liabilities are recognised gross in the statement of financial position in line with generally accepted accounting practices.
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined using the standard costing method. All items in stocks are bought from third parties as finished goods. Standard cost is based on the catalogue price of the preferred supplier. Work in progress incorporates labour, parts, materials and a proportion of overheads for incomplete and outstanding works.
Provisions

Provisions are recognised when, at the reporting date, as a result of a past event, the Group has an obligation that can be reliably estimated and it is probable that a transfer of economic benefits will be required to settle that obligation. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest expense.
Foreign Currencies

Functional and presentation currency Items included in these financial statements are measured and presented using British pounds ("£"), the currency of the primary economic environment in which the Group operates ("the functional currency"), which is also the Company's presentation currency. When an overseas subsidiary has a functional currency other than British pounds, exchange gains or losses on translation of balances into the presentation currency for the purposes of consolidation are recognised in other comprehensive income, with the cumulative gain or loss being recognised in a separate foreign currency translation reserve in equity.
Notes To The Financial Statements Continued For The Year Ended 31 December 2022 Transactions And Balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit and loss.
Operating Lease Agreements

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed. Provisions are made against operating leases where the unavoidable costs of meeting the contractual lease obligations exceed the economic benefits expected to be received.
Finance Lease And Hire Purchase Contracts

The amount capitalised is the fair value of the leased asset or if lower, the present value of the minimum lease payments payable during the lease term, both determined at inception of the lease. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit and loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Pension Costs

The Group operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the Group. The annual contributions payable are charged to profit and loss.
Capital And Reserves

Called-up share capital represents the nominal value of the shares that have been issued. Share premium is the difference between the fair value of any other consideration given and the nominal value of the shares issued in exchange. The foreign currency translation reserve represents exchange gains or losses on translation of balances of overseas subsidiaries into the Group presentation currency for the purposes of consolidation.
3. Judgements And Key Sources Of Estimation Uncertainty

The preparation of the financial statements requires the application of judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting 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 are the Group's judgements and key sources of estimation uncertainty:
Recognition Of Intangible Assets

Judgement is exercised in recognition of intangible assets, including the capitalisation of software development costs, through assessment of the probability of expected future economic benefits accruing to the Group using reasonable and supportable assumptions that represent the Group's best estimate of the economic conditions that will exist over the useful life of the asset.
Assessing Recoverability Of Investments In Group Undertakings (Parent Company)

Investments in subsidiary undertakings are recorded in the Company's statement of financial position at cost less impairment. The Company performs an impairment assessment on its investment in group undertakings whenever events or changes in circumstances indicate that the carrying value may not be recoverable. This requires the Company to make an estimate of the expected future cash flows and of a discount rate in order to calculate the present value of those cash flows. The details of investments in group undertakings are disclosed in Note 13.

Deferral of claims handling commission income Commission received and receivable relating to claims handling is deferred and recognised in the profit and loss account in the period in which the performance of the service is performed in accordance with the accounting policy. Historic claims frequency is used to forecast the expected time from policy inception to receipt of a claim, and to final settlement, to determine the amount of commission income to defer.
Taxation

Estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in *Note 8*. Further, current tax liabilities are measured at the amount of tax management expects the Group to pay. Assessing whether income is taxable and whether expenses are allowable for tax involves judgement, particularly where the tax position depends on tax case law. Where appropriate, management obtains views on tax legislation and case law from tax experts and/or from Legal Counsel in forming an opinion on these areas of judgement.