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REGISTERED NUMBER: 13036309 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COALITION RISK SOLUTIONS LTD.

COALITION RISK SOLUTIONS LTD. (REGISTERED NUMBER: 13036309)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


COALITION RISK SOLUTIONS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J J Motta
T Draper





REGISTERED OFFICE: 34-36 Lime Street
London
United Kingdom
EC3M 7AT





REGISTERED NUMBER: 13036309 (England and Wales)





INDEPENDENT AUDITORS: Byrd Link Audit & Accountancy Services Limited
Honeybourne Place
Jessop Avenue
Cheltenham
Gloucestershire
GL50 3SH

COALITION RISK SOLUTIONS LTD. (REGISTERED NUMBER: 13036309)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors: amounts falling due within
one year

4

3,149,536

2,917,467
Cash at bank 2,623,887 336,048
5,773,423 3,253,515
CREDITORS
Amounts falling due within one year 5 (4,279,586 ) (3,596,709 )
NET CURRENT ASSETS/(LIABILITIES) 1,493,837 (343,194 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,493,837

(343,194

)

CREDITORS
Amounts falling due after more than
one year

6

(800,000

)

-
NET ASSETS/(LIABILITIES) 693,837 (343,194 )

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Capital redemption reserve 3,450,000 -
Other reserves 363,807 103,289
Retained earnings (3,120,970 ) (447,483 )
SHAREHOLDERS' FUNDS 693,837 (343,194 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





J J Motta - Director


COALITION RISK SOLUTIONS LTD. (REGISTERED NUMBER: 13036309)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Coalition Risk Solutions Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to related parties and investments in ordinary shares.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

COALITION RISK SOLUTIONS LTD. (REGISTERED NUMBER: 13036309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have sought and received response from the parent company that financial support will be forthcoming for the next 12 months. On this basis, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on Debtors.

Creditors
Short term creditors are measured at the transaction price.

Interest Income
Interest income is recognised in profit or loss using the effective interest rate method.

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of financial position date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 10 ) .

COALITION RISK SOLUTIONS LTD. (REGISTERED NUMBER: 13036309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 2,847,016 2,821,659
Amounts owed by group undertakings 179,261 -
Other debtors 21,900 20,850
VAT 12,842 35,999
Prepayments 88,517 38,959
3,149,536 2,917,467

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 3,073,802 2,269,638
Amounts owed to group undertakings - 610,388
Other creditors 565,437 382,751
Accruals and deferred income 253,638 89,117
Accrued expenses 386,709 244,815
4,279,586 3,596,709

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£ £
Other creditors 800,000 -

A subordinated loan agreement was entered into on 31st December 2023 with its parent company Coalition Inc., the loan in unsecured and interest is payable at 5% per annum. Unless prior FCA consent received, no repayment can be made earlier than a date, not less than two years after the loan was made or not less than two years from the date the borrower gave notice to the lender and the FCA.

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 65,700 6,100

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary Shares 1 1,000 1,000

COALITION RISK SOLUTIONS LTD. (REGISTERED NUMBER: 13036309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Russel Byrd FCA (Senior Statutory Auditor)
for and on behalf of Byrd Link Audit & Accountancy Services Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', Section 33.1A, not to disclose related party transactions with wholly owned members within the group.

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Coalition, Inc. a company organized in Delaware, USA.
The smallest and largest group in which the results of the company are consolidated is that headed by Coalition, Inc. The consolidated financial statements may be obtained from their address at 44 Montgomery Street, Suite 4210, San Francisco, California, 94104, USA.

12. SHARE-BASED PAYMENT TRANSACTIONS

The company participates in a share option scheme for all employees. Options are exercisable on the shares of the ultimate parent company at a price equal to the estimated fair value of the ultimate parent company's shares on the date of the grant.
The vesting period is four years. If the options remain unexercised after a period of ten years from the date of the grant the options expire. Options are forfeited if the employee leaves the company before the options vest.
The company has taken the exemption provided in FRS 102 Section 1.12D not to disclose details of share-based payment arrangements concerning equity instruments of another group entity.

13. RESERVES

Retained earnings - represents accumulated profits and losses net of distribution to owners.

Other reserves - represents capital contributions in connection with the share-based compensation.

Capital redemption reserve - represents capital contributions from the parent company.