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COMPANY REGISTRATION NUMBER: 07098473
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Financial Statements
31 December 2023
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Independent auditor's report to the members
4
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Officers and Professional Advisers
The board of directors
Mr N Burningham
Mr C King
Mr B Cook - Non-executive
Mr R Hughes - Non-executive
Registered office
145 Leadenhall Street
London
EC3V 4QT
Auditor
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
1st Floor
73 - 81 Southwark Bridge Road
London
SE1 0NQ
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023 .
Principal activities
The Company’s principal activity during the period was that of an insurance broker. The Company operates worldwide as a specialist in transportation insurance. The financial position is considered to be satisfactory.
Directors
The directors who served the company during the year were as follows:
Mr N Burningham
Mr C King
Mr B Cook - Non-executive
Mr R Hughes - Non-executive
Directors' responsibilities statement
The directors are responsible for preparing 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 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 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. Disclosure of information to auditors
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all 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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 10 April 2024 and signed on behalf of the board by:
Mr N Burningham
Director
Registered office:
145 Leadenhall Street
London
EC3V 4QT
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Independent Auditor's Report to the Members of Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Year ended 31 December 2023
Opinion
We have audited the financial statements of Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited) (the 'company') for the year ended 31 December 2023 which comprise the income statement, statement of financial position, statement of changes in equity 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 FRS 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 company's affairs as at 31 December 2023 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the insurance brokerage sector that the company operates in; - The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows; ¡ Companies Act 2006 ¡ FRS102 ¡ Health and Safety legislation ¡ Employment legislation ¡ General Data Protection Regulation ¡ Tax legislation ¡ Financial Conduct Authority regulations - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and relevant correspondence; and - Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; - We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: ¡ Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; ¡ Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; ¡ Reviewing the financial statements and testing the disclosures against supporting documentation; ¡ Performing analytical procedures to identify any unusual or unexpected trends or anomalies; ¡ Inspecting and testing journal entries to identify unusual or unexpected transactions; ¡ Assessing whether judgement and assumptions made in determining significant accounting estimates, including cost accruals, were indicative of management bias; and ¡ Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company's usual course of business. The areas that we identified as being susceptible to misstatement through fraud were: - Management bias in the estimates and judgements made; - Management override of controls; and - Posting of unusual journals or transactions. 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. 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 an auditor's 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.
Duncan Stannett
(Senior Statutory Auditor)
For and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
1st Floor
73 - 81 Southwark Bridge Road
London
SE1 0NQ
10 April 2024
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Income Statement
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
7,055,223
6,626,020
------------
------------
Gross profit
7,055,223
6,626,020
Administrative expenses
( 2,919,178)
( 2,598,006)
------------
------------
Operating profit
4
4,136,045
4,028,014
Interest payable and similar expenses
6
( 2,027)
( 465)
------------
------------
4,134,018
4,027,549
Tax on profit
( 977,454)
( 764,865)
------------
------------
Profit for the financial year
3,156,564
3,262,684
------------
------------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
8
24,482
31,266
Current assets
Debtors
9
5,199,003
8,005,463
Cash at bank and in hand
9,850,846
9,266,424
-------------
-------------
15,049,849
17,271,887
Creditors: amounts falling due within one year
10
( 10,759,095)
( 14,044,481)
-------------
-------------
Net current assets
4,290,754
3,227,406
------------
------------
Total assets less current liabilities
4,315,236
3,258,672
------------
------------
Net assets
4,315,236
3,258,672
------------
------------
Capital and reserves
Called up share capital
11
50,000
50,000
Profit and loss account
4,265,236
3,208,672
------------
------------
Shareholders funds
4,315,236
3,258,672
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
Mr N Burningham
Director
Company registration number: 07098473
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
50,000
3,895,988
3,945,988
Profit for the year
3,262,684
3,262,684
--------
------------
------------
Total comprehensive income for the year
3,262,684
3,262,684
Dividends paid and payable
7
( 3,950,000)
( 3,950,000)
--------
------------
------------
Total investments by and distributions to owners
( 3,950,000)
( 3,950,000)
At 31 December 2022
50,000
3,208,672
3,258,672
Profit for the year
3,156,564
3,156,564
--------
------------
------------
Total comprehensive income for the year
3,156,564
3,156,564
Dividends paid and payable
7
( 2,100,000)
( 2,100,000)
----
------------
------------
Total investments by and distributions to owners
( 2,100,000)
( 2,100,000)
--------
------------
------------
At 31 December 2023
50,000
4,265,236
4,315,236
--------
------------
------------
Intrepid Risk Management Limited (formerly Intrepid Insurance Brokers Limited)
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 145 Leadenhall Street, London, EC3V 4QT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Summary of significant account policies
The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The Directors believe the Company has adequate resources to continue in operational existence for the foreseeable future and therefore they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover and other income
Turnover represents brokerage and profit commission arising from the placement of insurance contracts by the Company, and management fees. Brokerage income is recognised at the date of inception of the underlying insurance contract subject to the policy having been substantially completed and subject to a deferral of brokerage in respect of post placement services that constitute obligations of the Company under those contracts. Adjustments relating to additional premiums and/or return premiums are accounted for as they arise. Income from monthly declarations is recognised when the declarations are received Profit commission arising from the placement of insurance contracts or the exercise of an underwriting agency by the Company is recognised when the right to such profit commission is established through a contract, but only to the extent that a reliable estimate of the amount due can be made. Such estimates are made on a prudent basis that reflects the level of uncertainty involved. Management fees are in respect of services supplied by the Company to other companies within the Group. Management fee income is recognised as the service is supplied.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Trading transactions in US Dollars are recorded at the budget rate of £1 = $1.40 (2022 £1 = $1.40) throughout the year, any other currency transactions are recorded at the actual rate realised; Investments are recorded at actual rates realised. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date, £1 = $1.27 (2022 £1 = $1.20). All differences are taken to the income statement.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
Straight line over period of lease
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Computers
-
25% straight line
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
Operating leases
Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Insurance assets and liabilities
Insurance brokers usually act as agents in placing the insurable risks of their clients and, as such, generally are not liable as principals for amounts arising from such transactions. Notwithstanding the legal relationship with clients and insurers, insurance brokers are entitled to retain investment income on any cash flows arising from insurance broking transactions.
Debit and credit balances arising from insurance broking transaction are reported as separate assets or liabilities unless such balances are due to or from the same party and the offset would survive the insolvency of that party, in which case they are aggregated into a single net balance.
Cash at bank relating to insurance activities is held in a non-statutory trust and is not readily available to meet the Company's day to day working capital requirements. Cash at bank includes £5,485,313 (2022 - £6,025,412) held in client money bank accounts at the balance sheet date.
4. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
12,776
12,628
Foreign exchange differences
( 52,236)
( 52,604)
Fees payable for the audit of the financial statements
14,353
17,004
--------
--------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
6. Interest payable and similar expenses
2023
2022
£
£
Other interest payable and similar charges
2,027
465
-------
----
7. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,100,000
3,950,000
------------
------------
8. Tangible assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
9,395
65,850
21,580
153,896
250,721
Additions
545
5,447
5,992
Disposals
( 609)
( 8,554)
( 9,163)
-------
--------
--------
---------
---------
At 31 December 2023
9,940
65,241
21,580
150,789
247,550
-------
--------
--------
---------
---------
Depreciation
At 1 January 2023
9,395
64,996
1,798
143,266
219,455
Charge for the year
102
854
5,395
6,425
12,776
Disposals
( 609)
( 8,554)
( 9,163)
-------
--------
--------
---------
---------
At 31 December 2023
9,497
65,241
7,193
141,137
223,068
-------
--------
--------
---------
---------
Carrying amount
At 31 December 2023
443
14,387
9,652
24,482
-------
--------
--------
---------
---------
At 31 December 2022
854
19,782
10,630
31,266
-------
--------
--------
---------
---------
9. Debtors
2023
2022
£
£
Insurance debtors
5,150,471
7,942,750
Amounts owed by group undertakings
25,000
Prepayments and accrued income
35,124
27,752
Other debtors
13,408
9,961
------------
------------
5,199,003
8,005,463
------------
------------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Insurance creditors
9,733,705
13,080,121
Accruals and deferred income
25,894
22,030
Corporation tax
485,869
471,865
Social security and other taxes
492,627
449,465
Other creditors
21,000
21,000
-------------
-------------
10,759,095
14,044,481
-------------
-------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
12. Other financial commitments
At the year end the Company had annual commitments under non-cancellable leases as set out below:
2023 2022
£ £
Operating leases: due within 1 year 74,198 89,985
Operating leases: due within 1-5 years 18,550 112,481
-------- ---------
92,748 202,466
-------- ---------
13. Ultimate controlling party
The immediate parent undertaking is NBI Holdings Limited, a company incorporated in the United Kingdom and whose registered office is 145 Leadenhall Street, London, EC3V 4QT. In the opinion of the Directors, N D Burningham is the ultimate controlling party.