Company No:
Contents
DIRECTORS | E S Comley |
N I Stoesser |
REGISTERED OFFICE | First Floor Lee House |
90 Great Bridgewater Street | |
Manchester | |
M1 5JW | |
United Kingdom |
COMPANY NUMBER | 05121320 (England and Wales) |
The directors present their annual report on the affairs of the Company, together with the financial statements, for the financial year ended 31 December 2022.
PRINCIPAL ACTIVITIES
GOING CONCERN
REVIEW OF THE BUSINESS
The Company did not trade during the current financial year. For the preceding financial year, turnover amounted to £Nil and the Company incurred a loss after taxation totalling £1 thousand, with the costs of £1 thousand relating to operating expenses.
The net current asset position of the Company as at the financial year end amounted to £9 thousand (2021: net current asset £9 thousand).
The net asset position of the Company as at the financial year end amounted to £9 thousand (2021: net asset £9 thousand).
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 08 February 2022) |
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(Appointed 01 July 2022) |
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(Resigned 01 July 2022) |
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(Resigned 31 January 2022) |
EXEMPTION FROM PREPARING A STRATEGIC REPORT
The Company has taken advantage of the exemption in Section 414 A(2) of the Companies Act 2006 from the requirement to prepare a Strategic Report and in preparing the Directors' Report on the basis that it would be entitled to prepare financial statements for the year in accordance with the small companies regime but for being a member of an ineligible group.
Approved by the Board of Directors and signed on its behalf by:
N I Stoesser
Director |
Note | 2022 | 2021 | ||
£'000 | £'000 | |||
Administrative expenses |
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Operating loss and loss before taxation |
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Tax on loss | 4 |
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Loss for the financial year |
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Other comprehensive income | 0 | 0 | ||
Total comprehensive loss |
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Note | 2022 | 2021 | ||
£'000 | £'000 | |||
Current assets | ||||
Debtors | 5 |
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184 | 184 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 9 | 9 | ||
Total assets less current liabilities | 9 | 9 | ||
Net assets | 9 | 9 | ||
Capital and reserves | 7 | |||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds | 9 | 9 |
Directors’ responsibilities:
The financial statements of Accident Advice Insurance Management Group Limited (registered number:
N I Stoesser
Director |
Called-up share capital | Profit and loss account | Total | |||
£'000 | £'000 | £'000 | |||
At 01 January 2021 |
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Loss for the financial year |
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Total comprehensive loss |
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At 31 December 2021 |
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At 01 January 2022 |
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Total comprehensive income |
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At 31 December 2022 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Accident Advice Insurance Management Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is First Floor, Lee House, 90 Great Bridgewater Street, Manchester, M1 5JW, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006. Previously the financial statements were prepared in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' ("FRS 101"). The Company transitioned to Financial Reporting Standard 102 ("FRS 102") for the year ended 31 December 2022. The transition date was 1 January 2021, being the first day of the comparative period included in these financial statements, and no transition adjustments have been required.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £'000.
The Company's ultimate parent undertaking, Slater and Gordon UK Holdings Limited includes the Company in its consolidated financial statements, see note 9 for further details. In these financial statements, the Company is considered to be a qualifying entity (for the purposes of this FRS) and has applied the exemptions available under FRS 102 in respect of the following disclosures:
- Reconciliation of the number of shares outstanding from the beginning to end of the period;
- Cash Flow Statement and related notes; and
- Key Management Personnel compensation.
The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. Given the Company is dormant and has no external liabilities, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
The directors do not consider that any critical judgements have been made in the application of the Company's accounting policies and no key sources of estimation uncertainty have been identified that have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the financial year.
2022 | 2021 | ||
Number | Number | ||
The average monthly number of employees (including directors) was: |
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2022 | 2021 | ||
£'000 | £'000 | ||
Current tax on loss | |||
UK corporation tax |
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Total current tax |
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Total tax on loss |
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The March 2021 Budget announced a further increase to the main rate of corporation tax to 25% from April 2023 as well as introducing a small profits rate of 19%. These rates were substantively enacted via the Finance Bill 2021 on 24 May 2021.
At the Balance Sheet date, it was estimated that the Company’s future profits will be applicable to the small profits rate and therefore deferred tax balances as at 31 December 2022 continue to be measured at 19%.
The tax assessed for the year is the same as (2021: same as) the standard rate of corporation tax in the UK:
2022 | 2021 | ||
£'000 | £'000 | ||
Loss before taxation | 0 | (1) | |
Tax on loss at standard UK corporation tax rate of 19.00% (2021: 19.00%) |
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Total tax charge for year | 0 | 0 |
2022 | 2021 | ||
£'000 | £'000 | ||
Amounts owed by related parties |
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2022 | 2021 | ||
£'000 | £'000 | ||
Amounts owed to related parties |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Presented as follows: | |||
Called-up share capital presented as equity | 5,000 | 5,000 |
The immediate parent is Accident Advice Helpline Limited, a company registered in England and Wales.
The ultimate parent undertaking and controlling party is Slater and Gordon UK Holdings Limited, a company incorporated in England and Wales and is both the smallest and largest parent company preparing group financial statements. Copies of the consolidated accounts of Slater and Gordon UK Holdings Limited can be obtained from First Floor Lee House, 90 Great Bridgewater Street, Manchester, M1 5JW.