ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
Company registration number: 02467691
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
Introduction
Direct Life and Pension Services Limited (‘the Company’) is a Financial Services Intermediary that was formed in 1990 and has established itself as one of the largest intermediated outsource services companies in the UK. The Company provides a range of systems and services that enable consumer brands and intermediaries to skilfully and profitably market, sell and transact protection insurance. It is directly regulated and authorised by the Financial Conduct Authority (FCA). The Company provides services to both Financial Intermediaries and Direct-to-Consumer distribution companies, such as price comparison websites. These services cover the creation and running of branded websites that market, offer quotations and collect applications for protection insurance; as well as call centre and administration services to sell, complete applications over the phone and manage the administration of applications with the insurers selected. The Company, whilst a key player in the Direct-to-Consumer market space is also a major service provider in the Intermediated market, trading under its LifeQuote brand. Through this it offers Financial Intermediaries services covering the application process and pipeline management of their protection sales, allowing the Intermediary to focus on prospecting and advising clients. In both sectors, the Company strives through innovation to simplify both the customer journey, and client administration. This Strategic report has been prepared specifically for the Company and therefore provides greater emphasis on the matters which are significant to the Company. It has been prepared solely to provide additional information to facilitate an assessment of how the Directors have performed their duty to promote the success of the Company. Business review Despite the pandemic, forcing the company to furlough significant numbers of staff, moving all others to suddenly work from home and contending with huge volatility in trading, we still delivered a 48% increase in profit before tax, ending the year by making £180k. We then ended the year both by signing a four year extension to our largest partnership as well as agreeing a transaction that opened up a significant trading and strategic relationship with one of the UK’s premier property services groups. The spike in demand, followed by a Covid related contraction of the housing market and elongation of the underwriting process with insurers resulted in turnover only marginally growing, whilst furloughing of staff and prudent resource management led to costs reducing compared to 2019. Despite this, investment in IT services to deliver new propositions and improvements to key systems and resourcing continued. The Statement of Financial Position, showing just over £1m of net assets, including cash at bank of £1,378k, again demonstrates a strong company able to sustain such investments for the medium term. The clawback provision has been actively maintained (Note 16) and the Auditors’ review and confirmation of the method of calculation is a reassuring sign of the Company’s continuing prudent approach to potential future liabilities and a robust business. Collaborations with RGAX (owners of 19% of the holding company’s shares) to build optimised online journeys continued, along with an agreement to sell 60% of the remaining shares to LSL Property Services, a deal which concluded in January 2021. This brings opportunity to offer existing and new services to a wider range of Financial Intermediaries and benefit from the scale and breadth of a market leading Mortgage Intermediary distribution group.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Board uses a number of key performance indicators (KPIs) to assess the performance of the business against its plan. These indicators are:
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The Company's activities expose the business to a number of key risks, which have the potential to affect the Company's ability to achieve its business objectives. The Board Governance manual outlines the framework of control ensuring that an appropriate structure for managing these risks is maintained. The key risks and risk mitigation framework are highlighted below:
Operational Risk Operational risk is the risk of loss resulting from inadequate internal processes, human or system errors, or from external events. The Company seeks to mitigate this risk exposure through continual enhancement of the systems and controls, and ensuring appropriately experienced personnel are in place throughout the organisation. Incident reporting and investigation procedures are well established. As we write this we are in the midst of the Covid-19 pandemic crisis and I am relieved to report that we have successfully migrated the operation to home working in order to maintain the safety of our staff. Throughout we have successfully maintained services and coped with a spike in demand (driven by public fear of the impact of the pandemic). Therefore, whilst many aspects of life appear fragile and uncertain I remain confident in the company’s positive outlook. Liquidity Risk Liquidity risk is the risk that sufficient financial resources are not available in cash to enable the Company to meet its obligations to pay cash as they fall due. The Company, through the Board, seeks to limit exposure to liquidity risk by negotiating settlement terms for its outflows that can be managed against its own working capital cycles. A sufficient cash buffer is maintained to mitigate unexpected cash calls. Credit Risk In the context of the Company's service arrangements with its related parties, contractual terms regulate the collection of cash flows for the activities rendered. The timing of these cash flows is one of the factors the Company considers to manage the liquidity risk noted earlier.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Conduct Risk
Conduct Risk refers to the risks attached to how the Company and its staff conduct their business in the marketplace and in respect of our customers and suppliers. Failure to create, manage and monitor the appropriate internal controls to understand and manage the Company's Conduct Risks could result in regulatory sanctions and/or fines, reputation damage and loss of business. The Company has an established Treating Customers Fairly (TCF) regime and culture which is outlined in the Operations Manual and covers many aspects of the business at all levels. This includes annual training for all staff, regular customer surveys and a quarterly report to the Board on defined TCF, Risk and Compliance Management Information measures; as well as other day-to-day actions such as auditing and resolution of any customer detriment. Cyber Information & Security Cyber Information & Security refers to the breach of confidential data or technology disruption, caused by an internal or external attack on our information systems and data or by internal security control failure. In 2019 we achieved accreditation to the ISO27001 standard which demonstrates that our Information Security Management System meets the standards of the ISO model of implementation, maintenance and continual improvement. This gives re-assurance to customers and current and potential business partners in our discipline around data management and operational integrity. Other Risks and Uncertainties A deterioration in the housing and mortgage market, traditionally linked to sales in the Protection market, could result from the current pandemic and its after effects as well as the impact of Brexit which is a potential risk to the business. In many instances, the Company pays commission to Intermediaries on an indemnity basis in advance and the associated underlying risk is that, following a policy cancellation, commission which is due to be paid back to the Company remains unpaid. This risk is mitigated by the careful vetting of the potential partners at the outset including credit checks, financial statement reviews and reference to the FCA Register. Through the pandemic crisis, our business continuity planning has operated allowing us to review its impact daily and continuously monitor the risks associated with it. We have taken swift and decisive actions to mitigate the impact of these and remain confident in our plans going forward. Going Concern The Company has considerable financial resources in the form of cash of £1.38m and trade debtors of £0.3m (see also Note 11). The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.
This report was approved by the board and signed on its behalf by:.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the group's Strategic Report the Company's Strategic Report information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
On 22 January 2021 a transaction was completed whereby 60% of the share capital in Direct Life Quote Holdings Ltd was
acquired by LSL Property Services PLC.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT LIFE AND PENSION SERVICES LIMITED
We have audited the financial statements of Direct Life And Pension Services Limited (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT LIFE AND PENSION SERVICES LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT LIFE AND PENSION SERVICES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including The Companies Act, Health and Safety regulations and Client Money regulations issued by the FCA. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: • Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; • Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; • Challenging assumptions and judgements made by management in its significant accounting estimates; and Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: • Lack of segregation of duties in the accounts department. • Posting of unusual journals. Because of the inherent limitations of an audit, 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. The 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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIRECT LIFE AND PENSION SERVICES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Victoria House
50-58 Victoria Road
Hampshire
GU14 7PG
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2020
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Direct Life and Pension Services Limited is a private limited company, limited by shares, incorporated in the United Kingdom.
The address of the registered office, which is the same as its principal place of business, is 2nd Floor Gateway 2, Holgate Park Drive, York, United Kingdom, YO26 4GB. The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Direct Life Quote Holdings Limited as at 31 December 2020 and these financial statements may be obtained from Companies house.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below:
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors have calculated the claw-back using judgement, based on historical revenue data to get to the net liability in the accounts.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
9.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Profit and loss account
Included within other creditors is a pension commitment of £15,281 (2019: £12,197).
Pension contributions included within the Statement of Income and Retained Earnings as an expense are £85,394 (2019: £83,268).
The company is a wholly owned subsidiary undertaking of Direct Life Quote Holdings Limited and is included in its consolidated accounts. Its registered office is 2nd Floor Gateway 2, Holgate Park Drive, York, United Kingdom, YO26 4GB.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
On 22 January 2021 a transaction was completed whereby 60% of the share capital in Direct Life Quote Holdings Ltd was acquired by LSL Property Services PLC.
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