for the Period Ended 31 December 2022
Directors report | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2022
Principal activities of the company
Political and charitable donations
Additional information
ResultsThe results of the company for the period are shown in the statement of comprehensive income on page 6. The Company made a loss of USD 14,726 (2021: loss of USD 2,229,839).Directors' third party indemnity provisionsThe directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force through out the last financial year and is currently in force.Going concernThe directors have prepared these financial statements on a going concern basis, as they are of the opinion that the Company will be able to pay its debts as and when they fall due. Financing is provided by DARAG Guernsey Limited through capital contributions in order to meet liabilities as they fall due and for the purposes of investment activity.Subsequent events There are no subsequent events to report as at signing date.Russia-Ukraine conflictThe geopolitical situation in Eastern Europe with Russia’s military action against Ukraine has continued throughout 2022. The Company and its subsidiaries have not been directly impacted by the current war in Ukraine and sanctions imposed on the Russian Federation, but the macroeconomic challenges impacting the wider insurance industry such as rising interestrates, increasing inflation, hardening (re)insurance pricing as a result of the conflict, has put pressure on the company and its subsidiaries, including volatility in asset prices. The directors will continue to monitor the evolution of this situation.Statement of directors’ responsibilities for the financial statementsThe directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. The Companies Act 2006 requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A, 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 of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:-select suitable accounting policies and then apply them consistently;-state whether applicable United Kingdom Accounting Standards, comprising FRS 102 Section 1A, have been followed;-make judgements and accounting estimates that are reasonable and prudent; and-prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.The directors 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006.The directors are responsible for the maintenance and integrity of the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.Disclosure of information to auditorhe Directors who held office at the date of approval of this directors’ report confirm that, so far as they are each aware, there is no relevant information of which the Company’s auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.
Directors
The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
As at
Notes | 2022 | 2021 | |
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| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | | | |
Investments: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 4 | ( | ( |
Net current assets (liabilities): | ( | ( | |
Total assets less current liabilities: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Profit and loss account: | ( | ( | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2022
Basis of measurement and preparation
Other accounting policies
for the Period Ended 31 December 2022
2022 | 2021 | |
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Average number of employees during the period | | |
for the Period Ended 31 December 2022
Investment in subsidiariesInvestment in subsidiaries are stated at cost less impairment in value.For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). As a result, assets are tested for impairment either individually or at the cash generating unit level.Impairment loss is recognized in profit or loss for the amount by which the asset’s or cash generating unit’s carrying amount exceeds its recoverable amounts which is the higher of its fair value less costs to sell and its value in use. In determining value in use, management estimates the expected future cash flows from each cash generating unit and determines the suitable interest rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Company’s latest approved budget, adjusted as necessary to exclude the effects of asset enhancements. Discount factors are determined individually for each cash generating unit and reflect management’s assessment of respective risk profiles, such as market and asset specific risk factors. All assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment loss is reversed if the asset’s or cash generating unit’s recoverable amount exceeds its carrying amount.
for the Period Ended 31 December 2022
2022 | 2021 | |
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£ | £ | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |